Athens Riviera Outshines Greek Islands as Luxury Real Estate Demand Shifts

08:31 9/2/2025 - Πηγή: Dikaiologitika

In a surprising turn for Greece’s luxury real estate market, demand for high-end properties in the Athens Riviera has surged, while the once sought-after Cyclades islands, including Mykonos, have seen a decline.

Additionally, Greek buyers

are now leading the market, surpassing international investors for the first time.

These trends, highlighted in the 2024 annual report by Greece Sotheby’s International Realty, underscore a shift in preference toward urban and mainland luxury living, particularly in Athens and its upscale suburbs.

According to the report, the Athens Riviera remains the top destination for luxury property buyers, accounting for 17% of total demand—a staggering 87.2% increase from 2023. With its seafront location, world-class marinas, luxury developments, and proximity to Athens’ international airport, the Riviera has become a prime investment hotspot.

Meanwhile, Mykonos, once a perennial favorite, has dropped to sixth place in demand, registering a 17.6% decline in 2024. This marks a significant shift, as the island had consistently ranked among the top three most sought-after destinations in previous years.

In contrast, Corfu secured the second spot with a 15.6% market share, while Athens’ city center followed in third place, capturing 8.1% of demand—a 35.7% rise from the previous year. Notably, Athens’ northern suburbs experienced explosive growth, with demand soaring 130%, pushing the area to seventh place in the rankings.

One of the most striking findings in the report is the rise of Greek buyers, who now represent 16.2% of all luxury property purchases, making them the largest single group of buyers for the first time. Their demand surged 51.8% year-over-year, reflecting growing local confidence in high-end real estate.

Greek buyers are followed closely by investors from the United States, which includes a significant number of Greek expatriates. The United Kingdom ranks third, with British buyers increasing their demand by 17.2%, accounting for 16.1% of total transactions. France and Denmark round out the top five, while interest from the United Arab Emirates grew by 32.6%.

Collectively, buyers from Greece, the U.S., and the U.K. now account for 51% of total luxury real estate demand in Greece.

The report also highlights a significant acceleration in sales activity, with the conversion rate of property viewings to actual purchases soaring from 6.5% in 2023 to 14.2% in 2024. This jump suggests that buyers are acting with a greater sense of urgency, particularly as supply remains tight.

#ENGLISH_EDITION #REAL_ESTATE