Luxury assets woo foreigners
Sotheby’s Int’l Realty recorded considerable demand in upmarket property in Greece in 2022
The demand for luxury homes in various regions of Greece last year recorded by Sotheby’s International Realty reached 10.4 billion euros. This is an impressive increase over previous years, which has created optimism for further growth in the luxury housing market both this year and in the years to come.
According to the head of the office in Greece, Savvas Savvaidis, “if 2020 and 2021 were milestone years for the Greek luxury housing market based on increased sales, 2022 and 2023 are benchmark years for the long-term positioning of the country on the international luxury real estate market map. The records continued last year, with our Athens office now boasting 22 all-time sales records, including €23 million for a single house on Mykonos.”
Savvaidis says that Mykonos has traditionally maintained first place, with Corfu, Paros and the Athenian Riviera following closely; however, it is worth noting that alternative destinations such as Lefkada, Syros and Milos are also making an appearance.
As the head of Sotheby’s International Realty in Greece notes, the Greek market is still facing the same challenges as in 2022. These are the increase in interest rates, the management of energy supply and the prevailing geopolitical agenda. “In this context, however, the Greek luxury housing market registers a positive course, confirming in practice the fact that Greece is gaining an ever greater lead in second or even first home options among very high income individuals,” he states.
After the pandemic, the latter turned their priorities to issues of quality of life, which the Greek market is able to offer, even having a competitive advantage compared to other Mediterranean countries, where there is a property development saturation.
As the Sotheby’s report points out, interest rates – while not strongly and directly correlated with sales of luxury properties to very high net worth individuals – continue to be, indirectly, part of the equation for both buyers and sellers.
