Luxury Homes: Record Demand in the First Half of the Year Reaches €6.11 Billion – Athens Riviera and Mykonos Lead the Market
Who is buying and why Greece continues to attract international investors
Demand for properties valued above €5 million increased by 45%, according to Greece Sotheby’s International Realty.
Greece’s luxury residential market is entering a new phase of growth, with strong interest from both Greek buyers and international investors from the United Kingdom, the United States, and France.
According to the latest Market Report by Greece Sotheby’s International Realty for the first half of 2026, buyers are now committing larger budgets, applying stricter evaluation criteria, and placing greater importance on accurate pricing.
As Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, notes, the market has now entered a more mature phase.
Total expressed buyer demand (POA-normalised enquiry volume) reached €6.11 billion, the highest level ever recorded by the firm for a first half of the year.
This represents a 35% increase compared with the same period in 2025 and stands 19% above the five-year average, confirming that last year’s slowdown was a temporary adjustment rather than a structural shift in the market.
The median value of properties sought by buyers increased by 28%, rising from €2.30 million to €2.95 million, while the average value per buyer enquiry reached €5.89 million, compared with €5.12 million a year earlier.
The report is based on a transaction history exceeding €650 million, combined with continuous monitoring of buyer enquiries, allowing the firm to capture not only completed sales but also the underlying market momentum before transactions are finalized.
Limited impact from the Middle East crisis
One of the most significant external events of the first half of the year was the conflict involving Iran.
However, according to Greece Sotheby’s data, the Greek luxury property market was affected far less than initially expected.
During the first 20 days following the outbreak of the crisis, the number of new buyer enquiries declined by just 5%. Even during that period, however, the total value of demand remained 36% higher than in the same period of 2025.
The market quickly recovered, with May maintaining strong momentum and June closing with a 64% increase in demand value compared with June 2025.
A key conclusion of the report is that Greece did not experience what is internationally referred to as a “Mediterranean security discount.”
Despite Greece’s geographic proximity to the region affected by the crisis, buyers did not demand lower prices or avoid the country due to geopolitical concerns.
Properties above €5 million dominate demand
Properties valued above €5 million continue to be the main driver of the market, accounting for approximately 70% of total expressed buyer demand during the first half of 2026.
This segment is also showing the strongest recovery momentum.
Compared with the first half of 2025, demand for homes above €5 million increased by 45%, compared with growth of 18% for properties below €2 million and 16% for homes priced between €2 million and €5 million.
The trend indicates that the higher the property value, the stronger the return of buyers.
According to the report, this demonstrates that the Greek market is increasingly attracting high-net-worth investors who are less affected by interest rate fluctuations or short-term economic uncertainty.
The importance of The Ellinikon and the Athens Riviera
Among all regions of Greece, the Athens Riviera is now attracting the greatest level of interest.
The development of The Ellinikon, Apollo Hills, and new branded residences is creating an entirely new category of luxury living for the Greek market.
Buyers are seeking high-end primary or second homes offering premium services, international construction standards, modern infrastructure, security, and easy access to the airport, international schools, and Athens’ business district.
Mykonos and the Riviera lead the luxury market
In the islands, property value is closely linked to the identity of the destination, aesthetics, and the overall lifestyle experience.
In contrast, buyers on the Athens Riviera place greater emphasis on construction quality, services, functionality, and the ability to use the property year-round.
The median asking price on the Athens Riviera stands at €10,213 per square meter, while the average reaches €11,268 per square meter.
For branded residences currently under development, prices exceed €26,000 per square meter, creating a new ultra-luxury residential category in Greece.
Despite the strong momentum of the Athens Riviera, Mykonos remains the leading market in terms of asking prices, with a median asking price of €10,938 per square meter.
Other leading locations include:
- Athens Riviera: €10,213/sq.m.
- Athens city center: €9,489/sq.m.
- Lefkada: €9,130/sq.m.
- Paros: €9,028/sq.m.
- Corfu: €8,716/sq.m.
By comparison, Crete and Kefalonia remain at lower price levels, suggesting further potential for future growth.
Who is buying Greek luxury homes?
Greek buyers remain the largest group, accounting for 18.8% of all buyer enquiries.
They are followed by:
- British buyers: 17.4%
- American buyers: 14.5%
- French buyers: 6.3%
Strong interest is also coming from buyers in Australia, Germany, Switzerland, Canada, the Netherlands, and the United Arab Emirates.
The Greek buyer base is primarily made up of three groups:
- affluent families from Athens,
- members of the Greek diaspora returning or investing in Greece,
- entrepreneurs from the shipping sector.
One of the most notable developments is the strong comeback of British buyers, whose share increased by 60% compared with the previous year.
The impact of the Non-Dom regime
According to the report, the increase in British demand is closely linked to changes in the UK’s Non-Dom tax regime, which encouraged a number of wealthy individuals to explore new tax residences and high-quality homes in Greece.
At the same time, Greece’s own Non-Dom program has become an increasingly important driver of the luxury property market.
After having little presence until 2023, the program expanded rapidly and accounted for 29% of total transaction volume in 2025, creating an entirely new category of international buyers.
British investors now represent approximately 53% of transactions within this category, followed by buyers from the United Arab Emirates, Switzerland, and other countries.
The report emphasizes that the Non-Dom program is not competing with the domestic market but instead bringing additional international buyers who may otherwise not have invested in Greek real estate.
Growing international markets
Beyond the United Kingdom, several other markets are showing strong momentum:
- France: +45%
- Australia: +60%
- Canada: +54%
- Spain: +470%
- Netherlands: +199%
- Belgium: +101%
- South Africa: +264%
The United Arab Emirates recorded a slight decline compared with the exceptionally strong performance of 2025, but demand remains above the five-year average.
Outlook for the second half of 2026
Greece Sotheby’s International Realty believes the overall outlook for the luxury property market remains positive, with five key factors expected to shape its future direction:
- The completion of major developments on the Athens Riviera, including The Ellinikon and Apollo Hills.
- The evolution of demand from the United Arab Emirates following a period of normalization.
- Further expansion of the Non-Dom program, which continues to attract wealthy international investors.
- Changes in interest rates and energy prices, which may influence wealth creation across Europe.
- Continued realistic pricing strategies, as sellers with accurate valuations are expected to attract buyers more effectively, while overpriced properties may remain on the market longer.
Greece’s luxury residential sector appears to be entering a period of sustained growth, with Mykonos and the Athens Riviera remaining the country’s two most sought-after destinations for high-value real estate investment.
Content Manager: Ambassador Mykonos Promo Kostas Skagias
