Foreign Buyers Drive Luxury Boom on Athens Riviera

The Athens Riviera has become one of Greece’s most expensive real estate markets, with luxury homes selling for as much as €32,000 per square meter and wealthy foreign buyers investing millions of euros in properties along the Attica coastline.

From Glyfada and Voula to Vouliagmeni and Sounio, newly built apartments overlooking the sea, penthouses with private pools and luxury villas are attracting buyers from Europe, the United States and the Middle East.

The large-scale redevelopment of the former Athens airport at Ellinikon, combined with limited housing supply, is helping push prices higher. At the same time, an upcoming increase in property transfer tax for certain non-EU buyers is expected to prompt a surge in transactions during the first half of 2027, as investors seek to complete purchases before the new rate takes effect on July 1.

Property prices across the Athens Riviera

Vouliagmeni remains the most expensive area of the Athens Riviera. According to Spitogatos data for the third quarter of 2026, the average asking price for residential properties stood at €7,442 per square meter.

It was followed by Voula at €6,389 per square meter, Ellinikon at €5,849 and Glyfada at €5,758.

At these asking prices, a 100-square-meter home would cost approximately €744,000 in Vouliagmeni, nearly €639,000 in Voula and €576,000 in Glyfada, excluding taxes and transaction costs. These figures reflect advertised prices and do not necessarily correspond to the final amounts agreed between buyers and sellers.

In the luxury segment, prices are considerably higher.

According to Engel & Volkers, residential properties in Vouliagmeni range from €8,500 to more than €12,000 per square meter, representing annual increases of 5% to 7%. In the ultra-luxury market, prices reach as high as €29,000 per square meter, according to Savills.

In Glyfada, where buyer interest remains strong, prices range from €5,300 to more than €9,000 per square meter, up 8% to 9% year over year. Luxury homes sell for between €10,000 and €16,000 per square meter. The area accounts for 27.5% of new construction activity in Athens’ southern suburbs.

In Voula, prices range from €6,000 to €8,000 per square meter, with annual increases of 7% to 8%. High-end properties can reach €18,000 per square meter.

In Ellinikon, prices range from €6,500 to more than €8,500 per square meter, marking annual increases of 10% to 12%. Prices in new residential developments within the major redevelopment project often start at €10,000 per square meter.

Further along the coast, prices range from €4,800 to €7,000 per square meter in Varkiza, €3,000 to €5,500 in Lagonisi, and €5,500 to more than €7,500 in Sounio. Luxury homes in Palaio Faliro and Alimos sell for between €6,000 and €12,000 per square meter.

Luxury homes listed for millions

The prices of some properties currently on the market illustrate the scale of the luxury segment.

In Glyfada, a 276-square-meter penthouse with a private swimming pool is listed for €3.4 million. In Vouliagmeni, Engel & Volkers is offering a 500-square-meter residence near the sea for €6.75 million. The property includes a swimming pool, gym and private cinema.

Ellinikon has emerged as another focal point for high-end buyers. The average selling price of homes in the first phase of the redevelopment project stands at approximately €10,600 per square meter, while prices at Riviera Tower reach as high as €32,000 per square meter.

Foreign buyers account for most luxury market activity

Increasing numbers of foreign buyers are looking to acquire homes on the Athens Riviera, not only for vacations but also as permanent residences in Greece.

Business owners, executives at multinational companies, investors and wealthy members of the Greek diaspora are turning to the southern suburbs, seeking homes near the sea with convenient access to central Athens and the airport.

Engel & Volkers estimates that foreign buyers account for 55% to 60% of activity in the southern suburbs’ luxury housing market. The strongest demand comes from the United States, Israel, Turkey and the United Arab Emirates, alongside a significant number of European buyers, particularly from the United Kingdom.

Newly built apartments and penthouses with A+ energy ratings, sea views, high security standards and luxury services are among their preferred properties.

Data from Greece Sotheby’s International Realty for the first half of 2026 show that, across the luxury residential market monitored by the company, 17.4% of purchase inquiries came from the United Kingdom, 14.5% from the United States, 6.3% from France and 4.2% from Australia.

The median value of properties attracting interest reached €2.95 million, an increase of 28% compared with the first half of 2025.

Wealthy foreigners who transfer their tax residence to Greece under the country’s special non-domiciled, or non-dom, tax regime are also playing a significant role.

Under the scheme, eligible individuals can pay a flat annual tax of €100,000 on foreign-sourced income, regardless of its amount, for up to 15 years. Participation requires an investment of at least €500,000 in Greece.

According to Greece Sotheby’s, buyers benefiting from this tax regime accounted for 29% of the value of the company’s transactions in 2025, up from 14% in 2024. The Athens Riviera represented 88% of their transactions, with British buyers making up the strongest group.

The growing interest among wealthy foreigners in relocating to Athens was also highlighted recently by the Financial Times, which linked the trend to the tax incentives Greece offers business owners, investors and corporate executives.

Ellinikon attracts Greek and international investors

The Ellinikon redevelopment is claiming a growing share of the luxury housing market, attracting both Greek and foreign buyers.

According to Lamda Development figures for the end of August 2026, all 315 homes released for sale along the coastal front had been sold. At the Little Athens residential complex, 81% of the 750 homes had either been sold or reserved.

Greek residents account for 49% of buyers, while 19% come from the Greek diaspora and 28% are international purchasers.

Regarding intended use, 37% of buyers plan to use their properties as vacation homes, 31% intend to purchase for investment or rental purposes, and 30% plan to use them as primary residences.

The first homes are expected to be delivered in 2027.

Tax increase could trigger buying rush in 2027

Real estate professionals expect a new wave of transactions ahead of a planned increase in property transfer tax for individuals whose tax residence is outside the European Union and the European Economic Area.

The tax rate is set to rise from 3% to 15% for qualifying residential property purchases under final contracts signed from July 1, 2027.

Until then, affected buyers have a strong financial incentive to complete transactions before the higher rate takes effect. The market is therefore anticipating an increase in purchases during the first six months of 2027.

The additional cost could be substantial. For a property with a taxable value of €1 million, the transfer tax, including the municipal levy, would rise from €30,900 to €154,500 — an increase of €123,600.

For a property worth €3 million, the additional tax burden would reach €370,800.

The expected change is likely to encourage eligible foreign buyers to bring forward purchases to avoid the fivefold increase.

Foreign real estate investment tops €1 billion

Foreign investment in Greece’s property market exceeded €1 billion in the first half of 2026.

According to Bank of Greece data, direct foreign investment in real estate reached €1.027 billion, up 9.5% from €938.3 million in the same period of 2025.

Capital inflows surged by 43.4% year over year in the first quarter, reaching €511.6 million. In the second quarter, however, they fell by 11.3% compared with the same period a year earlier, to €515.8 million.

The figures underscore the scale of international investment in Greek real estate, with the Athens Riviera emerging as one of the main destinations for high-value residential purchases.

Source: tovima.com