Luxury home prices in Greece have doubled in five years, driven by strong demand in Mykonos, Santorini, and the Ionian and Dodecanese islands, with properties fetching up to €20,000 per square meter. Foreign buyers from the US and Asia are fueling this booming market.
Tag: foreign buyers
From investors in Dubai-style developments to Greek expats returning home, the Athens Riviera is now a global hotspot for luxury real estate, with each suburb attracting its own type of buyer.
The Athenian Riviera, a stunning 60-kilometre coastal gem from Piraeus to Sounio, is witnessing a property boom, with prices in Vouliagmeni soaring to €7,441 per square metre. Driven by luxury developments like the Elliniko project and growing interest from international investors, the southern suburbs of Athens are leading Greece’s real estate surge, offering a blend of seaside charm and modern convenience at a fraction of the cost of other Mediterranean hotspots.
Greece is considering a 100% property tax on non-EU buyers, following Spain’s move to curb speculation. The policy could impact British retirees and international investors, prompting interest in alternative destinations like Cyprus.
An OECD report highlights a staggering 69% rise in Greek housing prices since 2017, worsening the affordability crisis for local families. With nearly 27% of households spending over 40% of their income on housing—compared to a eurozone average of 9.4%—Greece faces the highest housing cost burden in the EU. The report also examines the impact of foreign buyers, rising mortgage risks, and government measures like the golden visa reforms and renovation subsidies.
