G
reece’s luxury property market has finally reached the same price levels as the most prestigious Mediterranean destinations, a first‑time study by Greece Sotheby’s International Realty confirms. Yet the research shows the country only captures a small slice of the region’s overall demand.
The report, titled “Voices of Affluence,” surveyed 250 ultra‑high‑net‑worth individuals drawn from a proprietary database of 14,300 qualified subscribers built over ten years. Respondents came from more than thirty countries, with 63 % expressing a strong intent to buy Greek real estate.
Despite this enthusiasm, Greece’s annual luxury market is estimated at just €1 billion—only 2 % of the €50 billion Mediterranean luxury market. The gap signals vast untapped potential. The study cross‑checked its findings against €550 million ($636.5 million) in prime and super‑prime sales, revealing a shift in buyer profiles and pricing dynamics. Ten percent of respondents are centi‑millionaires, each with a budget exceeding €10 million ($11.5 million).
Price comparisons across Sotheby’s global network show Greek destinations now match long‑established luxury hubs:
- Mykonos: €10,800/m² (vs. Ibiza €11,600/m²)
- Athens Riviera: €10,500/m² (vs. Dubai coastal €12,600/m²)
- Corfu: €8,900/m² (vs. Mallorca €9,900/m²)
- Peloponnese: €5,500/m² (vs. Tuscany €4,000/m²)
A new buyer archetype emerges: the Romantic Affluent. Averaging 54 years old with a median budget of €2.5 million ($2.89 million), they value authenticity, harmony, and emotional connection over ostentation. They seek properties that blend architectural integrity, natural landscapes, and distinct aesthetic identity—qualities that Greece’s light, terrain, and timeless simplicity provide.
International buyers constitute 67 % of respondents, led by the United States (12 %), United Kingdom (10 %), France (8 %), and Germany (7 %). Greek buyers make up the remaining 33 %, underscoring strong domestic interest.
Confidence in Greece’s economic outlook is high: 83 % expect stability or improvement in the next year, and 76 % foresee property values staying flat or rising, driven by lifestyle demand rather than speculation. However, 52 % of international buyers also consider other Mediterranean markets—primarily Italy (15 %), France (10 %), and Spain (9 %). This positions Greece among the region’s leaders while highlighting fierce competition.
Savvas Savvaidis, President & CEO of Greece Sotheby’s International Realty, notes, “This is the first time Greek luxury real estate has been examined through a blend of primary survey data and validated transaction evidence. Prices now rival mature markets like Mallorca and Ibiza, yet our 2 % share of the Mediterranean market reveals significant growth potential. Completing the urban planning framework and enhancing market transparency will attract institutional investment, filling the depth gap Greece currently faces.”
Regional preferences differ: international buyers favor the Cyclades (40 %) and Ionian Islands (20 %), while Greek buyers lean toward the Athens Riviera and Northern Suburbs (42 %) and the Cyclades (28 %).
