Luxury property market records more than €6.11B in demand

According to the latest Market Report by Greece Sotheby’s International Realty, expressed demand exceeded €6.11 billion, recording a performance 19% higher than the average of the previous five years.

The report, which is based on a transaction history exceeding €650 million in total value, depicts a market that has become more mature, with larger and increasingly institutional buyers, as well as higher expectations regarding property pricing.

Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, notes that the market has returned to its long-term growth trajectory, while even the geopolitical uncertainty triggered by the conflict in Iran failed to weaken demand momentum.

Larger Budgets and Renewed Market Momentum

The data shows that buyers are allocating higher investment budgets compared with the previous year. The average value of purchase enquiries reached €5.89 million, compared with €5.12 million in the first half of 2025, while the median value increased by 28% to €2.95 million.

This trend reinforces the view that the market slowdown in 2025 represented a temporary correction rather than a shift in the long-term direction of the sector.

Geopolitical Uncertainty Did Not Disrupt Demand

The report highlights the impact of the Iran crisis, which represented the most significant geopolitical event of the period.

According to the analysis, the first weeks of the conflict saw a limited slowdown in the number of enquiries, without any substantial decline in the value of demand. Within approximately 40 days, the market had fully absorbed the disruption, and by mid-April it had returned to an upward trajectory. In June, the value of demand was 64% higher than in the same month of the previous year.

The report notes that Greece did not experience any “geopolitical risk discount,” a development attributed to the increasing maturity of the domestic luxury property market.

Correct Pricing Now Determines Sales Velocity

One of the report’s key conclusions concerns the importance of realistic pricing.

The average time required from the listing of a property until completion of the sale stands at 238 days, while 41% of transactions are completed within six months.

At the same time, among properties that adjusted their asking prices between 2025 and 2026, 72% recorded a downward revision, with an average reduction of approximately 8%. According to Greece Sotheby’s International Realty analysts, properties that remain on the market for extended periods without attracting interest risk acquiring the perception of being “unsold” assets, ultimately making them even more difficult to sell.

British and American Buyers Drive International Demand

The domestic market remains the largest individual buyer segment, accounting for 18.8% of total demand.

However, the return of British investors is particularly notable. They now represent 17.4% of purchase enquiries, recording an annual increase of 60%. They are followed by buyers from the United States, who account for 14.5%.

According to the report, the strengthening of British demand is linked to the abolition of the non-dom tax regime in the United Kingdom and the subsequent shift of high-net-worth individuals towards Greece’s tax residency framework. Greece’s Non-Dom programme already accounted for 29% of the total transaction volume in the market in 2025, with British buyers responsible for more than half of these investments.

The Athens Riviera Remains the Leading Market

The report identifies the Athens Riviera as the main growth engine of Greece’s mainland luxury residential market.

The progress of major developments such as The Ellinikon and Apollo Hills is creating a new profile of high-net-worth buyers, with average asking prices in the area reaching €10,213 per square metre. In branded, under-development (off-plan) properties, prices now exceed €26,000 per square metre, confirming the transformation of the Riviera into one of the most expensive residential markets in the Mediterranean.

Macroeconomic Conditions Support the Market

The positive outlook is also supported by improving macroeconomic conditions. Greece’s achievement of investment-grade status from all major international credit rating agencies, combined with a significant reduction in public debt as a percentage of GDP, is strengthening foreign investor confidence and creating favourable conditions for the continued growth of the Greek luxury real estate market throughout the remainder of 2026.