The headlines from the Greek luxury property market

Around 1100 foreign millionaires settled in Greece in 2023 and another 1200 are predicted to arrive in 2024*. Many of those will have invested in Greek property in order to obtain Greece’s golden visa.

Greece has certainly made a strong comeback, following the financial crisis of 2009, with real estate prices and the number of millionaires in the country rising significantly. This now places Greece among the top 10 countries globally in terms of projected net inflows of millionaires.

Swimming pool at the modern luxury villa, Crete, Greece

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Investing in Greece

The rise in millionaire migration is also triggering a boom in the investment migration sector. This is a good indication that the Greek economy is healthy and competitive. In fact, the country’s economic growth forecast for 2024 currently stands at 2.2%, which is above the EU average of 1.0%. (Sept 2024).

It also has to be a good sign when other countries are investing in Greece. Luxembourg, Germany, Netherlands, and Switzerland are among those that have Foreign Direct Investment (FDI) Stocks in Greece.

From hospitality groups to technology giants, the number of multinationals investing in Greece is growing. Global companies like Microsoft, Amazon, Google, JP Morgan, Goldman Sachs, Mondelez and Chubb are now investing in the country.

Why are millionaires moving to Greece?

As a member of the EU, Greece offers its new wealthy residents a number of reassuring benefits including a safe environment to raise a family, with good healthcare and schooling options. In Greece they will experience a strong community atmosphere, rich cultural heritage, and many historical sites to explore.

Millionaires are often attracted by the country’s favourable tax regime and investment incentives. They may also find that property prices, and the general cost of living, are lower than they are used to in their current country of residence.

Greece’s golden visa

The Greece residence by investment program, also known as Greece’s golden visa, offers residency to individuals who make significant investments in the country. Benefits of the golden visa include the right to live and study in Greece, and visa-free travel within Europe’s Schengen Area.

New applications for a five-year residence permit through the Golden Visa program grew in the first half of 2024. Around 1,300 new applications were submitted in the first two months of the year alone, compared to 1,248 applications submitted in the corresponding two months in the previous year.

See the latest rules & regulations on the Greece golden visa.

Investing in Greece

Around 20% of millionaires coming to live in Greece are entrepreneurs and company founders who may start new businesses and therefore create local jobs in their new country.

There are various schemes available to people who have money to invest in Greece, and want to obtain the Golden Visa. These include investing over a required amount in a property, a hotel, government bonds, and making capital investments in Greek businesses.

British Hellenic Chamber of Commerce

To promote bilateral Greek-British trade and to provide business and investment services for its members the British Hellenic Chamber of Commerce (BHCC) was created. It is an independent, autonomous, non-profit organisation, funded solely by its membership fees and profits from events and functions organised by the Chamber.

The BHCC represents members’ interests in both Greece and the UK. Among its members are accountants, business advisors, car rental firms, bankers, hotel owners, lawyers and people from many other fields.

The Chamber organises a variety of activities. These include conferences, seminars, webinars, business luncheons and dinners, round table discussions, social events, such as a Business Dinner and Christmas Party.

Who is moving to Greece?

Greece is increasingly becoming a destination for highly skilled and high net worth individuals from around the world, that want to live in Europe. It is also popular with retirees, digital nomads and expatriate Greeks.

The UK is expected to see a net loss of 9,500 millionaires in 2024, more than double the 4,200 who left the country the previous year. Some of these are sure to be heading to Greece.

Americans, looking for lower living costs in a safe European country that offers residency, are also heading to Greece. Many are of working age and are looking for property in Athens.

Where in Greece are millionaires living?

Athens, Mykonos, and Crete are all hotspots among wealthy migrants. The most affluent area in Athens is considered to be the northern suburbs, such as Kifisia, Ekali, and Psychiko. According to data from the Finance Ministry, the Athens suburb of Palaio Psychiko is home to the richest people in Greece. It is full of mansions, nature and spectacular views.

Greece’s luxury tourism

Statistical data from Greece’s national authorities place the country as the thirteenth most visited globally, attracting over thirty million international tourists annually. Mostly they come from European countries and the United States. More recently, there has also been increased interest from Asia, especially China.

Upmarket holiday companies have been upgrading the accommodation facilities to a higher standard and improving their technology, in order to grow the luxury travel industry in Greece. When a country attracts more wealthy tourists, it naturally follows that some will be tempted to buy property there. They may even decide to invest in Greece’s tourist facilities, such as hotels, holiday rental properties etc.

Exquisite villas

However, it is the luxury villas that appeal to the wealthy house buyers and tourists the most. These private villas with their immaculate gardens, large pool and lavish garden furniture create the perfect setting for those wanting to spend special moments with their loved ones.

Some of these villas have all the extra comforts, such as a helipad, tennis court, children’s playground, stylish interiors, in-house chef, and lots of space to invite guests. Plus, they are often situated in an elevated location with panoramic sea views.

Where do the rich and famous buy holiday homes?

The rich and famous tend to either choose classy locations, with lots of restaurants and bars, where they can be seen. Or, they look for relaxation and privacy in a unique setting. Mykonos, Crete, Paros, and Corfu are among the favourite islands.

Celebrities in Greece 2024

Among the A listers that holidayed in Greece in 2024, were actors, rappers, singers, and footballers. Billionaire Jeff Bezos was seen on the small Greek island of Pserimos, which lies between Kalymnos and Kos.

Kylie Minogue came to Greece to see the Coldplay concert at the Olympic stadium in Athens. While in Athens, she was a guest at Aesthesis, a new hotel on the Athenian Riviera. Following Athens, Kylie went to Mykonos, which she showed off on her social media.

Goldie Hawn, Kurt Russell, and Kate Hudson spent their summer holiday in Skiathos, while Claudia Schiffer enjoyed the scenic beauty of Santorini. Kim Kardashian arrived in Spetses on a yacht and Oxford United footballer Marcus McGuane shared on social media his holiday on Mykonos.

Mykonos

Mykonos is a top location for millionaires. The island offers Private clubs, boutique shops, and fine restaurants overlooking the sea. It also has wonderful beaches with excellent amenities even for the most demanding guests.

Two-bedroom home a private resort with tennis court, beach and pool in Mykonos.

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Corfu

The Queen of the Ionian Sea, Corfu is an island that has everything you desire. An elegant Italian-style town, astonishing beaches, delicious local cuisine and stunning scenery.

Many billionaires have villas on Corfu, as they can combine the relaxation of a private villa with trips into the vibrant atmosphere of the islands towns. Families, and groups of friends enjoy summer life on Corfu.

Four-bedroom ground floor villa for sale with a swimming pool and sea views.

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Your Overseas Home has some beautiful examples of luxury villas for sale on Corfu.

Paros

Paros is an up-and-coming island among the wealthy. Located in the heart of the Aegean sea, it is giving Mykonos some big competition. Known for its traditional Cycladic architecture and enchanting sandy beaches with transparent waters, this beautiful island boasts numerous stunning beaches. Naoussa, the second town of Paros, has a reputation for lively nightlife, attracting young millionaires who want to live the Greek dream to the full.

Crete

Elounda, has become the most fashionable part of Crete. What was once a traditional Greek fishing village, has since become a playground for the rich and famous. Many resorts and hotels have popped up here, as well as nightclubs and bars to keep the party going well into the night.