When thinking about luxury real estate in Greece, the Athenian Riviera likely comes to mind first, followed by northern Athens, and then a selection of islands—perhaps Mykonos, Santorini, Paros, or Tinos. While these are well-known hotspots, recent market trends reveal an unexpected leader in luxury home demand after the Athenian Riviera.
The Rising Demand for Luxury Homes in Greece
According to the third Market Report by Greece Sotheby’s International Realty, Athens’ city center ranks third in demand for high-end properties, followed by Crete in fourth place. However, the second and fifth spots on this list may come as a surprise to many.
Over the past five years, the luxury property market in Greece has grown into a €500 million industry, with the Athenian Riviera accounting for 17% of demand. Following closely behind is Corfu, the island that has seen a remarkable increase in interest from Greek investors based within the country. This contrasts with the Athenian Riviera, where foreign buyers and members of the Greek diaspora dominate the market.
A Year of Increased Activity in 2024
The past year has seen a significant rise in activity, with the rate of on-site visits converting into sales jumping from 6.5% in 2023 to 14.2% in 2024. This sharp increase highlights the presence of more determined buyers who are ready to invest.
Corfu’s Market Boom and the Strong Performance of the Ionian and Central Aegean Regions
In 2023, the Ionian and Central Aegean regions recorded record-breaking sales. Notably, 16% of these transactions came from Greek investors, slightly edging out buyers from the United States, followed by the United Kingdom, France, and Germany.
Corfu has emerged as the second most sought-after luxury real estate market after the Athenian Riviera. The island has defied expectations, outperforming even traditionally popular destinations like Mykonos, which saw an 18% decline in demand compared to the previous year. Following Corfu, Lefkada has also seen substantial growth, making it a key player in the luxury property market.
The Ionian Islands Lead the Way, While New Hotspots Emerge
While Mykonos still holds a position in the top rankings, it has dropped to sixth place, with Tinos, Paros, and Kea also experiencing a decline. Meanwhile, Paxos is showing strong upward momentum, partly due to the influence of the television series Maestro, which has boosted its international visibility. Other emerging hotspots include Rhodes and Syros, which are gaining traction as potential investment destinations.
A Long-Term Strategy Behind the Success
The rise of these new luxury real estate destinations is not solely driven by an increase in tourism. Each of these islands has implemented long-term strategies aimed at boosting their appeal to high-end investors. The success of Corfu, Lefkada, and Paxos has positioned the Ionian region as the number one luxury real estate hotspot in Greece, rivaling even Athens and its coastal areas. Among the Cyclades, Syros stands out as the island with the most promising growth potential in the years to come.
As the luxury property market in Greece continues to evolve, these emerging locations are set to redefine the landscape of high-end real estate investments in the country.
