The Real Estate Forum - German-Greek Real Estate Dialogues took place recently in Thessaloniki, bringing together leading real estate professionals, investors, financial institutions, and advisors from Greece and Germany. The key message of the forum was clear: Greece is now viewed by real estate investors as a mature market, ready to capitalise on its competitive advantages, rather than simply an attractive tourism destination.
According to the Engel and Volkers Private Office Market Report, Greece ranks 8th worldwide for temporary net millionaire inflows in 2025, with cumulative growth of 24% over the past decade. The country is now home to 115 centi-millionaires, while 1,200 new high-net-worth individuals are expected to relocate to Greece in 2025. Their combined investable wealth is estimated at $7.7 billion. These figures reflect a fundamental shift: Greece is no longer just a tourism destination. It has become a strategic hub for international capital.
What luxury property buyers are looking for
According to Engel and Volkers data from the past 12 months, 66.7% of buyers are motivated primarily by lifestyle enhancement, while 33.3% are driven by downsizing needs. Privacy and security, outdoor living, and flexible space remain among the most sought-after features. Particular emphasis was placed on sustainability and energy efficiency, which have evolved from desirable extras into essential requirements.
The modern Central European buyer is often younger - a tech entrepreneur or remote C-level executive - seeking smart-home technology, high-speed internet, dedicated workspace, and full legal transparency. The transition from the charming holiday home to a data-driven investment decision is now well underway.
Thessaloniki as a mature, high-demand market
Thessaloniki property market is entering a phase of structured and sustainable long-term growth. Annual price growth of 10% and an average city-centre price of 3,500 euros per sq.m. Thessaloniki is evolving into a mature, high-demand market and represents an attractive entry point into Greece for property investors.
Three key catalysts are driving this growth: The Thessaloniki Metro, which is reshaping the city investment map and enhancing values across the historic centre. Major urban regeneration projects, including the waterfront redevelopment, the Thessaloniki International Fair (HELEXPO) redevelopment, and the new Children Hospital. The city emergence as a major technology and logistics hub.
The price map and the three investment hotspots
In the historic centre, south of Egnatia Street, average prices stand at 3,500 euros per sq.m. North of Egnatia, prices average 2,300 euros per sq.m. Special attention was given to Vardaris, with average prices of 2,250 euros per sq.m. and strong capital growth prospects. Kalamaria continues to be the leading coastal market, with average prices around 3,000 euros per sq.m., while new-build properties with sea views range between 3,400 and 4,700 euros per sq.m. Panorama, the most prestigious residential destination, typically records prices between 3,300 and 3,500 euros per sq.m., with exceptional properties exceeding 6,000 euros per sq.m.
Thessaloniki vs Athens: The investment opportunity
The Greek capital has moved from a phase of rapid expansion to one of strategic maturity, with foreign and domestic investors accounting for 80% of buyers in Athens historic centre. Property values are significantly higher, with Kolonaki averaging 6,086 euros per sq.m. and Syntagma 5,638 euros per sq.m. Against this backdrop, Thessaloniki offers a compelling opportunity: substantially lower entry costs and greater upside potential.
Who is buying in Thessaloniki today?
According to the data presented, 35% of buyers are local Thessaloniki families, 22% come from the Greek diaspora, 15% are young professionals, 15% are international investors, and the remaining 13% relate to student housing demand. German investors in particular, who have traditionally focused on the Peloponnese, Crete, and Halkidiki, are no longer searching for a holiday home for the summer. Instead, they seek turnkey solutions such as energy-efficient villas of 150-300 sq.m. that offer privacy and professional property management services.
Source: Engel and Volkers - https://www.engelvoelkers.com/gr/en/resources/engel-voelkers-at-the-real-estate-forum-in-thessaloniki-global-trends-local-opportunities-and-the-momentum-of-a-maturing-market
