A subtle yet notable shift is occurring in the luxury home market in Greece. The first half of 2023 has seen Corfu retaining its crown as the premier choice for high-end residences in Greece, as indicated by data from the reputed Greece Sotheby’s International Realty. Yet, in a turn of events that might be characterised as a gentle ripple altering the calm surface of a serene Aegean sea, for the first time, the Athenian Riviera has nudged legendary Mykonos, witnessing a significant 25.8% uptick in demand.
This emerging trend is complemented by a burgeoning interest in places such as Athens and the popular Cycladic island of Paros. Not too far behind in capturing the imaginations (and perhaps soon, the investments) of the affluent are the Lefkada, Crete, Kea, Tinos, and Rhodes.
In a recent report, the second of its kind, from Greece Sotheby’s International Realty, a thorough analysis paints the evolving landscape of the luxury home market. This seminal report, created for the first time in the sector, embraces quality evaluations from eight other regional branches of the Sotheby’s International Realty network across the Mediterranean. In a concerted effort to delve deeper into the behavioural patterns of individuals with a high net worth on a regional scale, the analytical unit in Athens joined forces with counterparts in the French Riviera, Croatia, Cyprus, Italy, Spain, Montenegro, Portugal, and Egypt.
In the context of the publication of the research and the 2nd Market Report, Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, notes: “Regarding the Greek market, the data substantiates in the most tangible way that we are in a period of selective buyers. Observing the market of 2020 – 2022 calmly and with a long-term perspective, it is now confirmed that many purchasing decisions were accelerated and came much earlier in the timeline. Buyers who intended to position themselves in 2023-2025 made more immediate moves given the broader macroeconomic framework. Having a clear picture of the first half of the fiscal year, we can confidently say that interest is strong, however, sales close for those properties that meet all the criteria in the mind of a demanding buyer. Properties by the sea, properties in the – now autonomous – Athenian Riviera, and properties in truly unique locations on the islands or mainland Greece are especially attractive.”
Moreover, the report presents a first glimpse into quantitative data concerning the Greek market in the initial semester of 2023. This data harvests particularly useful insights, offering a nuanced view of the prevailing trajectory of luxury home sales as well as casting a thoughtful glance on the broader canvas of buyers with a mid-term horizon in mind.
In most markets within the Mediterranean basin, the interest of high-net-worth individuals in luxury residences remains steadfast. Specifically, the offices in Italy, Greece, Cyprus, Egypt, and Croatia report no change in the pattern of demand from 2022 to 2023. Montenegro stands as the lone market observing an upswing, while the offices of Sotheby’s International Realty in Portugal, Spain, and the French Riviera note a decrease.
Posed with a query regarding the future demand for luxury residences, a majority of the offices manifested optimism, with those in Portugal, Spain, Montenegro, Italy, Greece, Egypt, and Croatia anticipating a surge in buyer interest. The offices in Cyprus and the French Riviera envisage the pattern of interest maintaining a steady keel, aligning with the levels observed in 2023.
A palpable interest in luxury properties is coming from various European nations. For instance, Germany and the United Kingdom emerge as sources of inquiries in many markets, including those of Portugal, Spain, Greece, and Cyprus. France exhibits a keenness towards Portugal, Italy, and Greece, whereas the United States shows a penchant for luxury homes in Portugal, Spain, Italy, and Greece.
