Luxury Property Market in Greece Gaining Momentum in 2024
The Greek luxury property market is gaining significant ground attracting investors and ultra high net worth individuals, according to the findings of the annual Luxury Outlook released by Sotheby’s International Realty.
Assessing data collected in 83 markets, the report found that Greece has great potential offering opportunities for buyers. According to Greece Sotheby’s International Realty President and CEO Savvas Savvaidis, all the more international buyers have their sights set on Greek destinations, which he attributes in large part to the political stability and easier access to loans and credit.
“Greece’s luxury real estate market is currently undergoing a transformation, attracting a diverse and international range of buyers,” said Savvaidis. At the moment, investors from Central Europe, Egypt and Australia are expressing interest in real estate, he said.
The report goes on to add that Greece’s improved financing options are expected to increase demand. More specifically, demand is growing for smaller sustainable homes, equipped with the latest AI technologies and amenities and decorated with traditional materials such as marble and stone. At the same time, interest in smaller homes will help boost the urban housing market enabling buyers to consider some of the less developed areas of Greece, including island areas.
In the meantime, million-euro investments in luxury hospitality and high-end products are positioning Greece as a leading player in the ultra-luxury tourism market.
Its all very well to have ‘growing demand’ but when a huge number of potential building plots are currently unable to obtain permits due to the lack of clarity on which plots qualify for planning permits, the market will find it hard to substantially expand. There are a finite number of existing, high end properties, and much of the demand is for new build or off plan projects. Until the ruling is clarified, and developers etc. can know that a plot is definitely buildable then a massive part of the market is stalled.