BUSINESS

Luxury homes market attracts foreign companies and investors

NIKOS ROUSSANOGLOU

TAGS: Property, Business

French group Barnes International Realty is expected to seek a share of Greece’s ever growing luxury homes market, which promises investors greater capital gains than rival markets abroad.

Last week Barnes, one of the world’s top five companies in the sector, announced its entry into the local market with the foundation of Barnes Greece, under the management of Katerina Mitsotaki, who has considerable experience in the property market having founded and managed the Real Est8 property agency.

Barnes is present in over 60 cities around the world, with a network of 85 branches. It manages more than 36,000 properties, and the value of transactions implemented last year came to 4.2 billion euros. Through its Greek subsidiary, Barnes is present in areas of high interest across Greece, including Athens.

Barnes International Realty’s arrival is ample proof of the rise of international interest in the local luxury homes market, as demand from abroad has soared, particularly in the last couple of years.

That rise is attributed to two main factors: The gradual restoration of political and economic stability with the elimination of the risk of a Greek exit from the eurozone, and the realization by candidate buyers abroad that Greek luxury properties are available at particularly attractive prices, compared to other popular destinations, with no shortcomings in quality. Algean Property analyst Constantinos Sideris stresses that in many cases, Greek properties in this category are more luxurious and in much more privileged locations than similarly priced real estate abroad.

Barnes will not be alone in Greece: Christie’s International Real Estate has long been a partner of local agency Ploumis-Sotiropoulos, while Sotheby’s International Realty has secured a significant presence in the country through Savvaidis & Associates.

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