Investors prefer Greece for purchasing luxury real estate.

Investors interested in acquiring luxury real estate consider Greece a leading destination in the market, according to data published by Greece Sotheby’s International Realty, a leading agency for selling luxury homes on the Greek islands and in selected locations on the mainland.

According to the agency, 2022 has been the "best year" so far for the luxury real estate market in Greece, with turnover reaching record amounts in both areas with consistent demand, such as Mykonos, and in other popular destinations across the country, such as Syros and Lefkada.

Mykonos is leading.

According to Greece Sotheby’s International Realty, the popular island of Mykonos ranks first for the highest amount ever paid for a single house in Greece, with a transaction exceeding 23 million euros. Greece Sotheby’s International Realty states that this is about four times the average transaction value on the Cyclades island. Following Mykonos are other popular tourist destinations in Greece, such as Syros, Lefkada, and Paxos, where there is not only high interest but also significant transactions taking place. This year, Syros recorded the most expensive deal in the island's history - a property sold by Greece Sotheby’s International Realty for 3.7 million euros. This amount is approximately three times higher than the average value of transactions of this scale in previous years.

Lefkada

In the Ionian Sea on the island of Lefkada, two expensive properties have been sold, with transactions amounting to 4.1 and 5.4 million euros. It is worth noting that deals involving luxury real estate on Lefkada are rare; typically, such properties do not sell for more than 1.5 million euros.

According to Greece Sotheby’s International Realty, the island of Paxos can be seen as a "textbook" example of the dynamics of Greek destinations, as the value of the largest transactions has doubled in just four years.

Popular areas of demand

The city of Corfu showed the highest demand from investors for luxury real estate from January to August, followed by Mykonos, the Athens Riviera, Paros, and Rhodes. In terms of countries of origin, the United Kingdom remains in first place in 2022, while the United States and France occupy the second and third places respectively in the number of applications. However, both markets have shown great interest, with an increase in applications of 76 and 74 percent respectively compared to the same period in 2021.

Source: Greece Sotheby’s International Realty

“We have successfully raised awareness of luxury real estate in Greece beyond the country's borders and attracted the attention of high-net-worth individuals... The direct result of this is that we generate significantly higher returns for the investors who trust us every year,” said Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty. According to Savvaidis, the agency has set dozens of national records in luxury real estate transactions in recent years. “This reflects the international influence of the brand, its effect on buyers who trust us, as well as the effectiveness of extensive marketing campaigns in all key international markets,” he added.

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