2024 Market Report GREEK LUXURY HOMES
The Global pulse
For the first time a global insight survey from 17 regional Sotheby’s International Realty Offices [p. 6 onwards].
Viewings-to-Deals ratio rises from 6.5% in 2023 to 14.2% in 2024 highlighting the presence of determined byers Closing ratio doubles
Explosive growth in sales
2024 was marked by a surge in luxury residential sales volume in Greece based on a combination of economic, political, and social factors.
Taking our commitment further
Dear Partners, Clients, and Friends of Greece Sotheby’s International Realty,
As we reflect on the remarkable achievements of 2024, I am delighted to share with you the highlights of what has been a truly exceptional year. In terms of sales and closing deals, we experienced a recordbreaking surge, driven by the resilience and determination of our buyers. The improvement in the Viewings-to-Deals ratio—from 6.5% in 2023 to 14.2% in 2024—speaks volumes about the confidence and decisiveness of the market this past year.
Equally noteworthy is the progress of Greece’s luxury homes market, which continues to mature and evolve, positioning itself among the most sought-after destinations globally. The Athenian Riviera, in particular, has established itself as a prime area for luxury living, reflecting the growing appeal of Greece as both a lifestyle and investment destination.
At Greece Sotheby’s International Realty, our commitment to advancing awareness of the Greek luxury real estate market has been unwavering. This year, we expanded our annual survey initiative, first launched in collaboration with 8 other Mediterranean Sotheby’s International Realty offices, to encompass insights from 17 offices across the globe, including key markets such as New York, Dubai, Miami, and Hong Kong. This global perspective has allowed us to provide unparalleled data and insights, ensuring that our partners and clients are equipped with a comprehensive understanding of the market trends shaping the decisions of High Net Worth Individuals.
I would like to express my deepest gratitude to our network of Affiliates, whose collaboration and shared vision have been instrumental in creating this market report. Together, we are shaping the future of luxury real estate in Greece, one exceptional transaction at a time.
Sincerely,
Savvas Savvaidis President & CEO, Greece Sotheby’s International Realty
FY 2024
Greek Market Insights
The sales performance in 2024 reflects a record-breaking year, marked by notable trends in key metrics that highlight evolving buyer behavior.
The Viewings-to-Deals ratio in 2024 saw a significant improvement, rising from 6.5% in 2023 to 14.2%, indicating a remarkable shift in buyer intent and decisiveness. Despite a decline in the overall number of viewings, the total number of deals doubled compared to the previous year, showcasing a market driven by more determined buyers who were ready to act once they engaged in property viewings. This trend highlights the strength of buyer commitment in 2024, leading to a historic peak in sales activity.
This remarkable surge in luxury residential sales volume in Greece during 2024 is a complex phenomenon, shaped by a combination of economic, political, and social factors. Below is a comprehensive analysis of the key parameters that contributed to this impressive growth.
1. Political Stability and Economic Confidence
2023 elections: The national elections of 2023 resulted in a strong governmental majority, delivering political stability and boosting the confidence of investors and buyers in the Greek economy.
Investment Grade upgrades: In 2024, major rating agencies such as Fitch and S&P upgraded Greece to "investment grade" status for the first time in years, solidifying its reputation as a credible investment destination.
Positive international coverage: Esteemed media outlets like the Financial Times and Bloomberg published glowing reports on Greece’s unexpected economic progress, highlighting its growth, investment appeal, and enhanced competitiveness.
Leads to Viewings
Source: Greece Sotheby’s International Realty
FY 2024
Greek Market Insights
2. The law of supply and demand
Scarcity of high-quality properties: The supply of luxury residences built to high standards has been steadily shrinking, especially on the islands and in popular locations. This limited availability has intensified demand and prompted swift action by buyers.
The exception of the Athenian Riviera: The Athenian Riviera continues to deliver new, high-quality properties, sustaining and even amplifying demand. The area is establishing itself as a premier destination for luxury living.
3. International buying power
Greece’s competitive edge: Greece combines unique advantages, including an exceptional climate, natural beauty, a strategic geographic location, and attractive fiscal incentives (e.g., non-dom status, Golden Visa). These factors remain powerful drivers for international buyers.
Buyer expertise and expectations: Wealthy international buyers, while capable of closing deals quickly, are discerning and value-oriented. If Greece doesn’t offer "value for money," buyers may turn to competitive markets like Spain or Portugal.
4. Post-pandemic trends and buyer psychology
A “carpe diem" mindset: The pandemic experience has encouraged buyers to prioritize quality of life and lifestyle. Luxury homes in areas like the Athenian Riviera and the Greek islands offer an ideal blend of both.
Lifestyle investments: Buyers perceive properties not only as investment opportunities but also as avenues for enjoyment and social status.
5. Market recovery and financial stability
Stock market resurgence: The significant recovery of international stock markets in 2024, particularly in the U.S. and Europe, increased the net worth of High Net Worth Individuals (HNWI).
Inflation stabilization: The decline in inflation provided a sense of stability, reinforcing confidence and the willingness to invest in real estate.
6. Improvement in commercial practices
Pricing adjustments: Sellers have tempered their high expectations, offering properties at more realistic prices. This has created a more fluid and efficient sales environment.
Advanced marketing strategies: The use of data-driven insights, targeted advertising, and an emphasis on premium platforms like Sotheby’s International Realty have boosted market dynamics.
The success of 2024 resulted from a unique confluence of factors: political stability, international confidence in the Greek economy, limited supply of high-quality properties, and strategies blending lifestyle and investment value. Greece has skillfully balanced the high expectations of international buyers with the creation of an environment that fosters sales, marking 2024 as a milestone year for the luxury residential market.
2
Greek buyers take the lead
For the first time, domestic buyers have emerged as the leading source of demand, with Greece ranking as the top feeder market, accounting for 16.2% of total leads. This marks a significant shift, highlighting the growing interest in luxury real estate within the Greek market.
The United States follows closely in second place, contributing an equal 16.2% of leads but showing a slight decline of 4.3% compared to FY 2023. The United Kingdom secures the third position, with a robust growth of 17.2% and a near-equal share of 16.1%. Notably, these top three markets collectively represent almost half of the total demand.
Top countries | FY 2024
Beyond the top three, France and Germany round out the top five, though both experienced modest declines of 1.6% and 5.8%, respectively. Switzerland, however, demonstrated a notable increase of 14.1%, while the UAE surged by 32.6%, showcasing an emerging trend from this market. Meanwhile, Australian and Canadian interest declined by 16.2% and 18.3%, respectively.
From coast to capital
Athens continues to dominate the demand for luxury properties, with requests for the broader Athens region comprising almost one-third of all inquiries. Athens Riviera remains a key growth driver, solidifying its position as the top destination with an impressive 87.2% increase in demand, accounting for 17% of the total share.
Athens North saw remarkable momentum, with requests nearly doubling (+130%), highlighting its growing appeal. Meanwhile, Athens Center retained its strong trajectory, climbing to 3rd place with a 35.7% increase, further showcasing the allure of urban luxury living.
Corfu holds steady as a perennial favorite, maintaining its second-place rank with a consistent share of 15.6%, cementing its reputation as a reliable and enduring value.
Conversely, some island destinations faced challenges, with Mykonos slipping to 6th place (-17.6%) and Paros, Kea, and Tinos all experiencing declines. Crete and Lefkada, however, displayed moderate growth, rounding out the top five destinations.
Top destination requests | FY 2024
THE GLOBAL PULSE
A collaborative insight survey into HNWI perspectives from 17 regional Sotheby’s International Realty Offices
Europe
Italy SIR
United Kingdom SIR
Croatia SIR
Paris Quest SIR
Propriétés Parisiennes SIR
Spain Viva SIR
Malta SIR
Cyprus SIR
Portugal SIR
Côte d'Azur SIR
Montenegro SIR
Monte Carlo SIR
Middle East & Africa
Dubai SIR
Egypt SIR
North America
NYC SIR
Miami - One SIR
Asia-Pacific
List SIR, Hong Kong
MARKET MOMENTUM
The interest of HNWI in
luxury real estate
Interest in luxury properties among High Net Worth Individuals (HNWI) remains a dynamic and influential factor across global real estate markets. The data from the participating Sotheby’s International Realty offices highlights that in 2024, demand from HNWIs continues to show a robust presence across many regions. Notably, markets such as Italy, the United Kingdom, Spain, and Dubai report a "Very High" interest level, reflecting strong momentum. High interest was reported by offices in Malta, Paris (Quest), Portugal, Côte d’Azur, Egypt, and Montenegro, while moderate interest was observed in Croatia and Cyprus.
Looking ahead to 2025, the survey data reveals widespread optimism about increasing interest from HNWIs. Offices in Italy, the United Kingdom, Spain, Malta, Dubai, Egypt, and Montenegro predict an upward trend in HNWI interest. Particularly notable are the projections from Spain and Dubai, signaling sustained appeal in these already high-performing markets. Meanwhile, Miami anticipates a stable market, with no significant shifts in HNWI interest.
A key takeaway from these predictions is the continued diversification of HNWI demand across regions. While traditional strongholds like Italy, the United Kingdom, and Côte d’Azur remain solid, emerging or revitalized markets such as Dubai, Montenegro, and Egypt are garnering increasing attention, likely driven by favorable economic conditions, lifestyle offerings, and investment opportunities.
“How would you rate the interest of High Net Worth Individuals (HNWI) in luxury properties in your country”
SIR Office 2024 2025 [est] Δ Europe
Italy SIR Very High Increase
United Kingdom SIR Very High Increase
Croatia SIR Moderate Increase
Paris Quest SIR High Increase
Propriétés Parisiennes SIR High Stay the same
Spain Viva SIR Very High Increase
Malta SIR High Increase
Cyprus SIR Moderate Stay the same -
Portugal SIR High Increase
Côte d'Azur SIR High n/a -
Montenegro SIR High Increase
Monte Carlo SIR Very High Increase
Middle East & Africa
Dubai SIR Very High Increase
Egypt SIR High Increase
North America
NYC SIR Very High Increase
Miami - One SIR High Stay the same -
Asia-Pacific
List SIR, Hong Kong
Market Insights: Italy
Diletta Giorgolo Spinola Head of Residential Italy | Sotheby’s International Realty
Market demmand
How would you describe the interest of high-net-worth individuals (HNWI) in Italy’s luxury residential market throughout 2024? Are there any notable regions or property types experiencing increased demand?
Italy’s real estate market's biggest change has been the shift from second homes to first home buyers, while at the same time, taxation trends are fueling demand.
Termination of the UK’s "Res Non-Dom" taxation
The recent termination of the "res non-dom" taxation in the UK has significantly impacted the relocation of HNWIs to Italy. Many wealthy individuals, previously enjoying tax advantages in the UK, have sought Italy as a more favorable jurisdiction to establish residency.
Italy’s flat tax for new residents
Italy’s flat tax of €200,000 for HNWIs relocating to the country has proven to be a major draw. This tax regime offers an attractive fiscal incentive for affluent buyers and renters seeking to establish Italy as their primary residence, especially those coming from higher-tax countries.
These fiscal policies have led to a surge in interest from international buyers and renters, particularly from the UK, Northern Europe, and the United States.
Before the introduction of Italy’s flat tax, the market mainly attracted international buyers looking for second homes for
“Italy’s real estate market's biggest change has been the shift from second homes to first home buyers”
holidays and leisure. However, the flat tax, combined with Italy’s political stability and reputation as one of the safest nations in terms of social stability, has shifted the trend. Now, the country is increasingly appealing to high-net-worth individuals (HNWIs) relocating to Italy for primary residences, drawn by its unique blend of lifestyle and security.
Focus on first-home buyers relocating to Italy
HNWIs relocating to Italy primarily focus on cities and regions that offer a mix of lifestyle appeal, infrastructure, and prestige. Notable locations include:
‣ Milan: A financial and cultural hub attracting HNWIs for its work opportunities and vibrant urban life.
‣ The Lakes (Lake Como, Lake Garda): These areas offer tranquility and luxury close to Milan, making them a favorite for wealthy professionals and families.
‣ Rome: The capital remains a key destination for its history, charm, and access to international networks.
‣ Turin and Verona: These emerging cities attract buyers seeking high-quality living with a lower cost and slower pace and more sustainable lifestyle compared to Milan or Rome.
long-term financial asset. Popular areas include:
‣ Tuscany: Renowned for its countryside estates and farmhouses.
‣ Amalfi Coast and Capri: Coveted for their breathtaking views and exclusivity.
‣ Sicily and Puglia: Emerging destinations offering unique Mediterranean charm and value for money.
‣ Piedmont: Increasing interest in vineyard estates and properties tied to wine production.
Investment drivers
What factors do you believe are most compelling in attracting HNWI to invest in luxury properties in Italy? Have you observed any emerging trends or preferences influencing their decisions?
Italy's combination of tax advantages, unparalleled lifestyle appeal, and diverse property options continues to attract HNWIs. Italy can offer top resorts with seafront villas, mountain, city life and country life, historic and contemporary. Emerging trends include a growing preference for historic redevelopments, for eco-friendly homes, properties offering remote work facilities, and investment opportunities in up-and-coming regions like Sicily and Piedmont, Lake Garda and Veneto.
Italy's appeal to those who value land and space is strengthened by its conservative policies that prevent land exploitation and over-cementification. This ensures the preservation of natural landscapes and aligns with a healthy, sustainable lifestyle—a key draw for discerning HNWIs.
As we start 2025, what are your expectations for Italy’s luxury residential market? Are there any key developments or challenges that you foresee shaping the market this year?
As we start 2025, we expect demand from international buyers to continue growing, driven not only by favorable taxation policies for HNWIs but also by Italy's renowned lifestyle and its political stability. These factors, combined with the enduring appeal of its cultural heritage and preserved landscapes, position Italy as a top destination for luxury residential investments.
Another key factor shaping the market is the significant investment by luxury hospitality brands in Italy, which is driving interest in branded residences. These developments offer buyers a unique combination of high-end living and five-star services, further enhancing Italy's appeal to HNWIs seeking exclusive lifestyle experiences.
Shifting trends
Have you noticed any significant changes in buyer preferences or priorities over the past year, particularly concerning property features, locations, or investment strategies?
Over the past year, significant shifts in buyer preferences include a growing demand for ready-to-move-in properties, as fewer buyers are interested in renovating older homes. There is also increased interest in areas near cities, such as the lakes and countryside, offering a balance of convenience and tranquility. Additionally, the appeal of branded residences has surged, as buyers prioritize luxury living with high-end services and management provided by renowned hospitality brands.
Positano, Italy | Photo © travnikovstudio
MARKET MAPPING
The key feeder markets per real estate destination
A recurring trend is the consistent presence of interest from the United States (US), which continues to dominate as a key feeder market in a wide range of regions. For example, the US is a significant source of demand in Italy, Spain, Portugal, Malta, and even further afield in markets like the Côte d'Azur and Montenegro. This indicates the enduring appeal of European luxury properties to American buyers, many of whom are drawn to the cultural, historical, and lifestyle offerings of these destinations.
European countries also feature prominently as feeder markets Germany (DE), the United Kingdom (UK), and France (FR) stand out as frequent contributors to property demand across markets such as Portugal, Spain, and Cyprus. Notably, German interest extends to Malta, while UK buyers have a marked presence in Italy and Mediterranean markets, highlighting Europe’s internal connectivity and fluid real estate demand.
The Middle East has emerged as a dynamic feeder region, with the United Arab Emirates (UAE) driving interest in destinations such as the UK, Côte d'Azur, and Egypt. Saudi Arabia (SA), Qatar (QA), and Oman (OM) also contribute significantly to the demand for Egyptian luxury real estate.
Central and Eastern European countries, such as Poland (PL), Czech Republic (CZ), and Hungary (HU), are key contributors to the demand for properties in Croatia and Montenegro.
Interest from Asia-Pacific markets is also noteworthy. Buyers from China (CN) and India (IN) are particularly active in regions such as Dubai and the UK, signaling their growing role in global luxury real estate investment.
“Can you specify the top 5 feeder markets for requests in your market?”
SIR Office Market
Europe
Italy SIR US / UK / FR / DE / CH / BE
United Kingdom SIR US / UAE / SA / CN / IN
Croatia SIR PL / CZ / HU / SK / US
Paris Quest SIR US / UK / DE / LB / UAE
Propriétés Parisiennes SIR FR / US / Europe / Middle East / Asia
Spain Viva SIR UK / DE / FR / Nordics / IT / Americas
Malta SIR MT / DE / US
Cyprus SIR IL / RU / UK / DE / CY
Portugal SIR US / UK / FR / DE / IE
Côte d'Azur SIR US / UAE / UK / CH / Scandinavia
Montenegro SIR RS / UK / TR / RU / US / UAE
Middle East & Africa
Dubai SIR UK / IN / RU / Europe / Levant Region
Egypt SIR UAE / SA / QA / OM / BH / EU / CN
North America
NYC SIR CN / Latin America / UAE / RU / US
Miami - One SIR US
Asia-Pacific
List SIR, Hong Kong
STATE OF AFFAIRS
Geopolitical tensions affecting demand
The survey reveals notable variations in how geopolitical tensions influenced property demand across markets in 2024 and the expectations for 2025.
2024: A year of diverse market responses
Geopolitical tensions significantly influenced property demand in specific markets during 2024.
Regions such as the United Kingdom, Croatia, Dubai, and Egypt reported a high to very high impact.
Conversely, other regions experienced minimal disruption. For instance, Italy and Malta reported a very low impact. Similarly, Portugal saw a low impact.
Markets such as Paris, Spain, Montenegro, and the Côte d'Azur fell into the moderate impact category.
2025: Anticipated trends amid persistent uncertainty
Looking ahead to 2025, many markets foresee continued or slightly moderated influences from geopolitical tensions. For instance:
The United Kingdom, Croatia, Hong Kong, and Dubai expect a high or very high impact.
Cyprus and Paris Quest anticipate a moderate impact, reflecting cautious optimism despite lingering uncertainty.
Markets such as Malta and Miami predict a low to very low impact, suggesting a stabilization of demand as geopolitical concerns potentially ease.
NYC, which experienced low impact in 2024, foresees a moderate rise in 2025.
“How have geopolitical tensions influenced property demand in your market”
SIR Office 2024 2025 [est]
Europe
Italy SIR Very Low Very Low
United Kingdom SIR High High
Croatia SIR High High
Paris Quest SIR High Moderate
Propriétés Parisiennes SIR Moderate Moderate
Spain Viva SIR Moderate Moderate
Malta SIR Very Low Low
Cyprus SIR High Moderate
Portugal SIR Low Low
Côte d'Azur SIR Moderate Moderate
Montenegro SIR Moderate Moderate
Monte Carlo SIR Very Low
Middle East & Africa
Dubai SIR Very High Very High
Egypt SIR High High
North America
NYC SIR Low Moderate
Miami - One SIR Low Very Low
Asia-Pacific
List SIR, Hong Kong High High
Global macroeconomic turbulences
The key rationale behind the specific survey questions was to assess how macroeconomic turbulence—such as inflationary pressures, rising interest rates, and shifting currency values—has impacted property demand across different markets.
2024: Observed impacts
Minimal impact in select markets: Markets like Italy, Malta, and Miami experienced very low to low impact from macroeconomic disruptions in 2024.
Moderate impact across Europe: Countries such as France (Paris Quest and Propriétés Parisiennes), Spain, Portugal, and the Côte d’Azur reported moderate effects, indicative of some resilience despite broader turbulence.
Significant challenges in key regions: High to very high impacts were observed in Cyprus, Croatia, and Montenegro, highlighting their sensitivity to macroeconomic shifts. Similarly, Dubai saw very high impact, reflecting its unique position as a global financial and property hub.
2025: Anticipated Trends
Most markets expect similar trends in 2025, with regions like Italy and Miami maintaining stability, while more volatile markets such as the United Kingdom, Croatia, and Dubai foresee continued challenges. Select markets, including Malta and Egypt, anticipate slight improvements, highlighting optimism for a gradual recovery.
“What
was the impact of the global macroeconomic turbulences in property demand in your market?”
SIR Office 2024 2025 [est]
Europe
Italy SIR Very Low Very Low
United Kingdom SIR High High
Croatia SIR High High
Paris Quest SIR Moderate Moderate
Propriétés Parisiennes SIR Moderate Moderate
Spain Viva SIR Moderate Moderate
Malta SIR Very Low Low
Cyprus SIR High High
Portugal SIR Moderate Moderate
Côte d'Azur SIR Moderate Moderate
Montenegro SIR High High
Monte Carlo SIR Very Low
Middle East & Africa
Dubai SIR Very High Very High
Egypt SIR High Moderate
North America
NYC SIR Low Moderate
Miami - One SIR Low Low
Asia-Pacific
List SIR, Hong Kong High High
TRENDS ANALYSIS
Key trends that marked 2024 in the luxury homes market.
The preferences of High Net Worth Individuals (HNWIs) towards luxury properties have undergone notable shifts across global markets in the past year. Insights gathered from Sotheby’s International Realty offices highlight key trends that reflect evolving priorities in lifestyle, investment strategies, and property features.
Lifestyle-driven purchases and turnkey convenience
In several markets, HNWIs are increasingly prioritizing properties that cater to lifestyle and convenience over pure investment. Markets like the UK and Paris report high demand for turnkey properties in prime locations, with buyers favoring brand-new, fully renovated homes that offer high-quality finishes and require minimal effort post-purchase. This trend aligns with the growing preference for properties equipped with lifestyleenhancing amenities, such as concierge services and hotel-style facilities.
Family-oriented acquisitions and legacy purchases
A significant trend observed, particularly in London, is the rise in family-oriented acquisitions. Parents are purchasing properties for their children, indicating confidence in long-term market
stability and the appeal of cities as lifestyle and education hubs. Similarly, in New York, legacy purchases are becoming more common, with HNWIs showing greater interest in securing properties for future generations.
Eco-conscious luxury and sustainability
Sustainability is a rising priority in markets like Spain, Portugal, and Montenegro, where HNWIs are showing increased interest in eco-friendly luxury properties. Buyers are gravitating toward sustainable materials, energy-efficient designs, and properties aligned with a discreet, understated luxury aesthetic rather than overt displays of wealth.
Demand for coastal and countryside properties
The allure of waterfront and countryside properties remains strong in several regions, including Croatia and Montenegro. Seafront locations, functional modern homes, and larger living spaces are particularly attractive.
TRENDS ANALYSIS
Key trends that marked 2024 in the luxury homes market
Rise
of
branded residences and modern smart homes
Markets like Dubai and Montenegro report heightened demand for branded residences and properties incorporating smart home technology. HNWIs increasingly value exclusive, luxury-branded developments that offer a combination of prestige and cutting-edge technology, enhancing convenience and security.
Focus on privacy, security, and prime locations
In Miami, privacy and security are major factors influencing HNWI preferences. Single-family homes with no close neighbors and luxury condominiums with strict regulations are highly sought after. Additionally, prime urban locations, continue to attract affluent buyers due to their exclusivity and investment potential.
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FY 2024 Market Report GREEK LUXURY HOMES is published by Greece Sotheby's International Realty. All rights reserved. Full or partial reproduction without written permission is strictly prohibited.
Disclaimer
Although every effort has been made to provide data that is current and verified, the author of this document does not guarantee or take responsibility for the accuracy of any information included in the report. The content is for informational purposes only and it should not be construed as investment advice.
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Cover Photo
Elvira, Athenian Riviera