Greece Sotheby’s International Realty’s 3rd market report

€500 million in sales, Athens Riviera on top, and a global look at HNWI behaviour

February 12, 2025 – Athens, Greece

The Greek luxury residential market kept up its momentum in 2024, with Greece Sotheby’s International Realty recording €500 million in total sales over the past five years. The Athenian Riviera held onto the top spot in demand, while Mykonos slipped to 6th place, one of several shifts revealed in the company’s 3rd Market Report, this year expanded with an international survey conducted alongside 17 Sotheby’s International Realty offices across three continents.

A stronger, more committed buyer pool

Perhaps the clearest signal from 2024 is the jump in the viewing-to-transaction conversion rate, from 6.5% in 2023 to 14.2% in 2024. That’s more than double, and it points to buyers who are further along in their decision-making by the time they walk through the door. Sales records were also set in the Ionian and Central Aegean regions, reinforcing sustained demand for Greece’s prime locations.

Who’s driving demand

Domestic interest saw a substantial rise in 2024, with Greek buyers now leading the market at 16% of total demand. The United States follows closely, also at 16%, though down 4.3% year-on-year. The United Kingdom climbed to third place with a 17% increase, while France (9%) and Germany (4%) round out the top five, both posting minor declines.

Athens Riviera stays on top, Mykonos drops to 6th

By geography, the Athenian Riviera remains the most requested area, accounting for 17% of total demand, with the wider Athens metro area representing 30% of overall interest. Corfu holds onto second place as a consistently preferred destination, followed by central Athens, Crete and Lefkada to round out the top five. Mykonos, by contrast, dropped to 6th place, with requests down 18% compared to 2023, a decline also seen on Tinos, Paros and Kea.

What 17 international offices are seeing

This year’s report goes beyond the Greek market alone. In collaboration with Sotheby’s International Realty offices across Europe, the US, the Middle East and Asia, the research confirms that High Net Worth Individuals continue to show strong appetite for luxury residential purchases, increasingly drawn to properties that combine quality of life, strategic location and attractive tax or financial incentives.

Offices in Italy, the UK, Spain and Dubai reported “very high” interest in the luxury market for 2024, while Mediterranean destinations such as Malta, Portugal and the French Riviera are also seeing significant activity, confirming the lasting pull of coastal, lifestyle-driven markets.

Looking ahead to 2025, most offices expect demand from HNWIs to keep rising, particularly in locations offering strong investment prospects and an elevated lifestyle. The only offices forecasting stable (rather than rising) demand for 2025 are Paris (Propriétés Parisiennes SIR), Miami, Hong Kong and Cyprus, notably, the first two already rank 2024 demand as high.

Leadership commentary

Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, called 2024 a milestone year for the company, marked by record-breaking sales and rising investment interest both in Greece and abroad. He pointed to a combination of factors shaping the market’s momentum, macroeconomic stability, the availability of high-quality properties, and growing demand for locations that offer both investment value and a high standard of living. He also noted that this year’s research, expanded to 17 international Sotheby’s International Realty offices, gives the company deeper insight into global dynamics and helps keep the Greek luxury market firmly on the map for HNWIs worldwide.

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