Luxury home sales prices in Greece are now up to double what they were five years ago, estate agents say, a sign of the rapid growth of this segment of the housing market.
The big increases are not limited to Mykonos and Santorini but also affect the Ionian and Dodecanese islands: Properties on Meganisi and Kefalonia sell for up to 20,000 euros per square meter.
Often the big problem is finding the right property and not finding a buyer, agents emphasize.
Foreign buyers have increased significantly and now come from a broad geographical base, with many wealthy investors from the US and Asia – quite a recent phenomenon.
Property prices are rising in general across Greece which is causing issues for teh domestic market.
The discrepancy between property value and disposable income has become considerable, real estate market insiders reported this week at the Prodexpo 2025 conference.
The number of domestic buyers who can meet the current price level has significantly decreased, as the gap between property value and disposable income has widened this makes the market vulnerable to a crisis, as it relies more on demand from abroad in order to function, while it is also more “shallow.” A shortage is housing stock for sale is driving prices up which is a problem in many EU countries
Deputy Minister of Economy and Finance Giorgos Kotsiras said: “Actions are already being implemented to bring new properties to the market, we want to see how the measures that will be voted will work, there is a tax deduction in progress in relation to home renovations, while an extension will be granted for two more years. All of this together we believe will contribute to there being more properties on the market.”
“A large mass of Greek buyers cannot buy properties over 200,000 euros,” noted Kostas Georgakos, CEO and co-founder of Prelevits & Georgakos Real Estate. According to him, the “My Home” programs have increased prices by 20% and in some cases even by 30%, creating a problem for many interested parties.
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