Greece Luxury Property Market Winning Over Buyers

Mykonos, Greece. Photo © Greek Travel Pages (GTP)

Greece’s luxury property market is gaining ground winning over more high-net-worth investors, found the “2023 Global Luxury Landscape” released by Berkshire Hathaway Home Services.

According to the report, global investor interest in luxury real estate is resilient despite geopolitical instability and fluctuating exchange rates with Greece, Portugal and Spain being the top European destinations attracting interest.

Greece’s real estate market continues to maintain its strong momentum attracting foreign investors keen on acquiring luxury homes. According to the Henley Private Wealth Migration Report 2023, Greece ranked 7th among the Top 15 countries with a projected inflow of 1,200 high-net-worth buyers for 2023, up by 20 percent over 2022.

“Global investment interest in Greece is on an upward trend,” said Berkshire Hathaway HomeServices Athens Properties Managing Partner Kyriakos Xydis, attributing the demand to the low cost compared to Spain, the south of France, Italy and Portugal and to the “lifestyle promoted through the rich cultural wealth, natural beauty and Greece’s geographical location”.

Indicative of the demand, Xydis said, is a 15 to 20 percent increase in American buyers in just a year compared to 2022 who are interested in purchasing luxury homes and properties along the Athenian Riviera, in the northern suburbs of Attica and on Greek islands such as Mykonos, Santorini, Paros, Crete, Corfu, and Rhodes.

Another factor improving Greece’s position on the luxury real estate market is the country’s investor-friendly Golden Visa, which despite the threshold increase last August is still attracting buyers. Indicative of the popularity of the investor visa program, the number of applications submitted by high-net-worth investors from the US increased by 740% since 2021.