Investors choose Greece to buy luxury real estate

Photo source: Greece Sotheby’s International Realty

Investors interested in acquiring luxury real estate see Greece as a top destination in the market, according to data published by Greece Sotheby’s International Realtya leading luxury real estate agency specializing in the promotion and sale of holiday homes on the Greek islands and in selected mainland locations.

According to the agency, 2022 is so far the “best year” for the Greek luxury real estate marketwith transactions having reached record amounts both in areas where interest is constant, such as Mykonosand in other destinations in the country, such as Syros and Lefkadawhich gradually gain their own momentum.

Mykonos in the lead

Photo by Shutterstock

Photo by Shutterstock

According to data from Greece Sotheby’s International Realty, the popular island of Mykonos holds the top spot in terms of the highest amount for which a detached residence in Greece has been sold, 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 tourist destinations in Greece, such as Syros, Lefkada and Paxos, where not only has strong interest been registered this year, but where many transactions have also been made.

On Syrosthe highest 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 deal value is about three times higher than the average level of deals of this magnitude in previous years.

Lefkada.  Photo source: Ionian Islands Region

Lefkada. Photo source: Ionian Islands Region

Lefkada in the Ionian Sea saw the sale of two luxury properties with transactions reaching 4.1 and 5.4 million euros. It should be noted that luxury real estate transactions are minimal in Lefkada and these properties are generally not acquired for more than 1.5 million euros.

As it concerns PaxiGreece Sotheby’s International Realty said the island can be seen as a “case study” of Greek destination dynamics, as the values ​​of the biggest deals have multiplied in just four years.

Specifically, from May 2018 to July 2021, thanks to transactions by Greece Sotheby’s International Realty, the island’s record was broken six times in a row, going from 1.6 million euros in 2018 to 1.9 and 2 .5 million euros in 2019 then to 3.5 million, 5 million and 5.2 million euros in 2021.

The most requested destinations

Photo source: Greece Sotheby’s International Realty

Corfu saw the highest investor demand for luxury real estate in the January-August period, followed by Mykonosthe Athens Riviera, paros and Rhodes.

With regard to the countries of origin of the investors, the UK remained in first place in 2022, with the WE and France respectively in second and third place of requests. Both markets, however, showed great interest with an increase in requests up 76% and 74% respectively compared to the same period in 2021.

Source: Greece Sotheby's International Realty

Source: Greece Sotheby’s International Realty

“We have succeeded in bringing Greek luxury real estate to an audience outside of Greece and attracting the attention of ultra-high net worth individuals… The direct result is that we achieve much higher returns for investors every year. who trust us”, Savvas SavvaidisChairman and CEO of Greece Sotheby’s International Realty, said.

According to Savvaidis, the agency has achieved a dozen all-time national luxury real estate transaction records in recent years.

“These are proof of the international reach of the brand, of the effect it has on the buyers who trust us, but also of the effectiveness of extensive marketing actions in all key international markets”, said he added.

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