Real Estate: Popular Luxury Homes in Greece

There is a strong interest in the luxury real estate market, both from foreign investors and among Greeks, including locals and non-citizens. Areas such as the Athens Riviera, the center of Athens with views of the Acropolis, as well as Crete, Corfu, Porto Heli in Argolis, and Cycladic islands like Mykonos, Santorini, and Paros are considered particularly attractive. All these locations are at the "forefront" of buyer interest, as noted.Korina SayaManaging Director of Premier Realty Greece. Looking into the details, it can be observed that potential buyers are seeking solutions with high quality standards, with a budget starting from approximately 900,000 euros and reaching a threshold of 2 million euros.

Korina Saya explains that "preference is given to new real estate objects with an area of about 150 square meters, which can provide a high-quality living experience combined with various amenities." The average asking price for such properties usually ranges around 8,000 euros per square meter. However, if a property can offer investment appeal, the price may start from 6,000 euros per square meter and go up to 12,500 euros, depending on specific characteristics. Of course, there are also deals with prices above this range, but they are not typical for the overall market in Greece," she clarifies.

It is also important to note what specific features buyers expect from real estate. The most sought-after amenities include:

• Privacy
• Gyms
• Availability of swimming pools
• Well-maintained open spaces
• Picturesque views
• Energy-efficient fireplaces
• Charging stations for electric vehicles
• Bioclimatic structures
• Security systems
• Modern technologies, such as "smart home"

As Corina Saja emphasizes, "the new EU directives on the energy renovation of residential properties show that sustainable features are becoming important criteria for attracting buyers. We remind you that starting from 2028, all new buildings in the EU must have a zero carbon footprint."

Maintaining a high level of demand is linked to the desire of foreign investors to diversify their portfolios due to volatility and instability in certain external markets. Additionally, in Greece, the returns from such real estate are higher than in the countries from which buyers come. Investors from many European countries, such as Germany, Switzerland, and the UK, as well as from the USA and Australia, are particularly active.

The greatest interest in purchasing luxury real estate comes from millennials, those born between 1981 and 1996, as well as members of Generation X (1965-1980), especially those working remotely. This trend in demand has led to active investment activities in the construction of new residential complexes in the southern suburbs and along the coast of Attica, including areas such as Elliniko, Glyfada, and Voula. This trend is also evident in the ongoing project to transform the former airport area in Elliniko. In this context, Lamda Development has accelerated its investment plans, increasing the number of construction projects compared to initial estimates.

Recently, the development of a new area called Little Athens was announced, which will be located in the Alimos area, on Poseidonos Avenue. The project includes 10 residential blocks with a total announcement area of 1,100 apartments and 100 commercial units, which will meet the needs of local residents. In the first phase, five blocks will be created with 460 newly built units, of which 160 are expected in the coming months. According to the plan, preliminary reservations will be completed by the end of 2024, and construction is scheduled to be finished by 2027. The initial price offers for these residential units will start at around 6,000-6,500 euros per square meter, or from 350,000 euros and above, which will be particularly interesting for both local residents and foreigners looking to own property in Athens.

There is also a growing interest from foreign investors in the luxury housing market in Greece in 2023. The ultra-luxury real estate market is also noteworthy, as it presents numerous investment opportunities for both Greeks and foreigners. These new trends indicate how foreigners are becoming more interested in Greece and are seeking unique spots to purchase.

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