Investors Picking Greece to Buy Luxury Real Estate
Investors interested in acquiring luxury real estate consider Greece a top destination in the market, according to data released by Greece Sotheby’s International Realty, a leading luxury real estate agency that specializes in the promotion and sale of holiday homes on the Greek islands and in selected locations on the mainland.
According to the agency, 2022 is to date the “best year” for the Greek luxury real estate market, with transactions having reached record amounts both in areas where there is constant interest, such as Mykonos, and in other destinations of the country, such as Syros and Lefkada, which are gradually gaining their own momentum.
Mykonos in the lead
According to data by Greece Sotheby’s International Realty, the popular island of Mykonos holds the top spot in terms of the highest amount an individual residence in Greece was sold for with the transaction exceeding 23 million euros. According to Greece Sotheby’s International Realty, the amount is approximately four times the value of the average transactions recorded on the Cyclades island.
Mykonos is followed by other popular tourism destinations in Greece, such as Syros, Lefkada and Paxos, where not only a strong interest was registered this year, but also high transactions were carried out.
On Syros, the highest value transaction in the island’s history was recorded this year, with the sale of a property by Greece Sotheby’s International Realty for 3.7 million euros. The particular transaction value is approximately three times higher than the average level of deals of this scale in previous years.
Lefkada in the Ionian saw the sale of two luxury properties with transactions reaching 4.1 and 5.4 million euros. It is noted that luxury real estate transactions are minimal on Lefkada and usually such properties are not acquired for more than 1.5 million euros.
With regard to Paxi, Greece Sotheby’s International Realty said the island can be considered a “case study” of the dynamics of Greek destinations, as the values of the largest transactions multiplied in just four years time.
More specifically, from May 2018 until July 2021, through transactions by Greece Sotheby’s International Realty, the island’s record was broken six times in a row, rising from 1.6 million euros in 2018 to 1.9 and 2.5 million euros in 2019 and then to 3.5 million, 5 million and 5.2 million euros in 2021.
Top destinations in demand
Corfu saw the highest demand by investors for luxury real estate during the January-August period followed by Mykonos, the Athenian Riviera, Paros and Rhodes.
Regarding the countries of origin of the investors, the UK remained in first place in 2022, with the US and France in the second and third places in requests respectively. The two markets, however, showed high interest with the increase in requests up by 76 percent and 74 percent respectively compared to the same period in 2021.
“We have effectively succeeded in spreading awareness on Greece’s luxury real estate to audiences outside of Greece and attracted attention of ultra high net worth individuals… The direct result of this is that we achieve much higher returns every year for the investors that trust us,” Savvas Savvaidis, president and CEO of Greece Sotheby’s International Realty, said.
According to Savvaidis, the agency has achieved a dozen national records of all-time high luxury real estate transactions in recent years.
“These are proof of the international reach of the brand, the effect it has on buyers who trust us but also the effectiveness of extensive marketing actions in all key international markets,” he added.
So, the rich and the real estate companies continue to destroy Greece’s traditional landscapes to make way for their ridiculous “luxury” properties. That’s very bad news for Greece and only good for the people making lots of money from destroying Greece!