Engel & Völkers at the Real Estate Forum in Thessaloniki: Global trends, local opportunities and the momentum of a maturing market

A landmark event for Greek-German real estate dialogue

The Real Estate Forum – German-Greek Real Estate Dialogues took place on Thursday, 11 June 2026, in Thessaloniki, bringing together senior executives from the real estate sector, investment firms, financial institutions and advisory companies from Greece and Germany.

Hosted at the Hyatt Regency Thessaloniki, the event was organised by the German-Hellenic Chamber of Industry and Commerce, an institution with more than 95 years of history in strengthening business relations between 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.

Speakers also highlighted the role of public-sector digitalisation and improved economic confidence in creating a more predictable business environment.

Within this context, Engel & Völkers Greece played a prominent role. Petros Aggos, Head of Marketing & Communications, was one of the keynote speakers, presenting an in-depth analysis titled Global Trends, Local Opportunities: Market Intelligence in Luxury Real Estate.

According to the Engel & Völkers 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 — individuals with a net worth exceeding $100 million — 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. As Mr Aggos noted, “this capital is looking for opportunities”, with real estate emerging as one of its primary destinations.

What luxury property buyers are looking for

One of the most insightful parts of the presentation focused on the preferences of high-net-worth buyers.

According to Engel & Völkers 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. This trend is increasingly evident as energy-efficient A and A+ rated properties continue to gain value, while older, non-upgraded assets face growing pressure.

Today’s 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’s property market is entering a phase of structured and sustainable long-term growth.

The figures speak for themselves: annual price growth of 10% and an average city-centre price of €3,500 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’s 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's Hospital.

• The city's emergence as a major technology and logistics hub.

Combined with a shortage of quality new-build properties and strong demand from expatriates and European buyers, these factors continue to support upward pressure on prices.

The price map and the city’s three investment hotspots

The forum provided a detailed overview of pricing across Thessaloniki, highlighting three distinct investment zones.

In the historic centre, the market is clearly divided. South of Egnatia Street, average prices stand at €3,500 per sq.m., making it particularly attractive for investors and short-term rental opportunities. North of Egnatia, prices average €2,300 per sq.m., creating an appealing value proposition. Special attention was given to Vardaris, described as a “success story”, with average prices of €2,250 per sq.m. and strong capital growth prospects thanks to its proximity to Metro stations.

The eastern suburbs remain the focal point of premium residential development. Kalamaria continues to be Thessaloniki’s leading coastal market, with average prices around €3,000 per sq.m., while new-build properties with sea views range between €3,400 and €4,700 per sq.m. Thermi is one of the fastest-growing municipalities in eastern Thessaloniki, with average prices close to €3,000 per sq.m. Pylaia averages €3,200 per sq.m., while premium enclaves such as Elaiones can reach €4,800 per sq.m.

Panorama, the city’s most prestigious residential destination, typically records prices between €3,300 and €3,500 per sq.m. High-specification new-build homes and villas with panoramic views command between €3,800 and €5,500 per sq.m., with exceptional properties exceeding €6,000 per sq.m.

Thessaloniki vs Athens: The investment opportunity

One of the most compelling discussions centred on the comparison between Thessaloniki and Athens.

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 per sq.m. and Syntagma €5,638 per sq.m.

Against this backdrop, Thessaloniki offers a compelling opportunity: substantially lower entry costs and greater upside potential. As highlighted during the presentation, “Thessaloniki’s city centre is today where Athens was several years ago in terms of capital appreciation 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.

The dominant trend across all buyer groups is a shift from emotional purchasing decisions to rational, investment-driven acquisitions.

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.

Market intelligence: The Engel & Völkers approach

Mr Aggos concluded his presentation by addressing a central question: what does market intelligence mean in luxury real estate today?

The answer was simple: knowing when and where to invest.

With 49 years of experience in the premium property sector, more than 16,700 professionals, over 1,100 locations and a presence in more than 35 countries, Engel & Völkers combines global reach with local expertise.

The company’s approach is built on data-driven storytelling rather than emotion, drawing on international reports, cross-market comparisons and risk-reward analysis. The goal is to transform the dream of owning a home in the sun into a thoroughly researched and strategically sound investment decision.

A strategy for Thessaloniki’s urban real estate market

In the short term, attention is focused on Vardaris and centrally located studios, where strong rental demand from students and tourists supports attractive returns.

Over the medium term, Thermi offers one of the best value propositions in the market.

For long-term capital preservation and appreciation, Panorama and the Kalamaria waterfront remain the city’s premier investment destinations.

At the same time, Greece’s second-home market - particularly across the Cyclades, Ionian Islands, Peloponnese and Halkidiki - continues to attract international capital, strengthening the country’s position alongside established Mediterranean competitors such as Spain, Italy and southern France.

Making an impact

Engel & Völkers’ participation in the Real Estate Forum – German-Greek Real Estate Dialogues was more than a corporate presence. It was a strategic, data-backed presentation that demonstrated why Greece - and Thessaloniki in particular - continues to attract growing international investor interest.

As one of the world’s leading luxury real estate consultancies, with a strong presence in Greece since 2010, Engel & Völkers remains at the forefront of the conversation shaping the future of the Greek property market.