Foreigners eye luxury homes
The prospects of the Greek luxury housing market remain particularly positive for 2024, based on a relevant report by Sotheby’s International Realty, which analyzes the picture in 83 markets internationally.
As stated by the chairman and chief executive officer of Greece Sotheby’s International Realty, Savvas Savvaidis, “the Greek luxury real estate market is in a phase of transformation, attracting a wide and international range of buyers. In particular, it attracts international investors from regions such as Central Europe, Egypt and Australia, opening up new prospects for the sector.”
These are people who, until recently, did not have Greece on the “list” of possible investment countries for the purchase of a luxury residence.
An important role for this development is played by the fact that the Greek economy remains on the path of recovery, in contrast to the uncertainty that has affected other economies.
At the same time, as Savvaidis pointed out, “the easier access to loans, compared to previous years, is estimated to be an incentive for more buyers to invest in Greece’s luxury properties.”
According to Savvaidis, an emerging trend in the international market is the shift of interested parties to smaller and more usable homes, a development that allows buyers to consider options in some of the less developed areas of the country, as well as islands.
The influx of high-income buyers to the Greek real estate market was projected to have increased by 20% in 2023 annually, reaching 1,200 investors, according to a related report by Berkshire Hathaway HomeServices, in which the Greek market is in seventh place in the world rankings of the most popular countries for the acquisition of luxury homes. In fact, the Greek market surpassed both Portugal and Spain, which were in ninth and 14th place respectively.
Berkshire Hathaway also noted the increase of American buyers by 15-20% compared to 2022. Buyers from the US are targeting properties on the Athenian Riviera, the northern suburbs of Attica and popular islands, such as Mykonos, Santorini and Paros in the Cyclades, as well as Crete, Corfu and Rhodes.
