Veko Hoti conquers the northern Greek market

During one of the most severe housing market downturns in Europe, Swedish entrepreneur Beko Hoti turned his gaze to Spain and Greece to better serve his clients. These sunny countries have long been popular among Scandinavians who can afford only the best thanks to their high income levels.

At the beginning of2021, Hoti founded the real estateagency Shaza Luxury Real Estate, which was able to gain recognition and become the best luxury real estateagency in Sweden according to the Luxury Lifestyle Awards.

Born in Kosovo, Hoti came to Sweden with his parents when he was just over a year old. He grew up in Malmö, at the eastern end of the Øresund Bridge, which connects Sweden and Denmark. We met the former professional footballer when he arrived in Riyadh, Saudi Arabia, for meetings that could help expand his international network.

Sales have been affected by the pandemic, inflation, and the proximity of your market to the Russo-Ukrainian war. How are you overcoming these challenges?

The gap between sellers and buyers is still very large - sellers want prices that were in place two years ago, while new buyers want to take advantage of the situation and drive prices down even further. In Stockholm, most of our clients are in Östermalm, where the most expensive properties are located. Also in Djurgården, Djursholm, and Lidingö. Nevertheless, we have had notable transactions. Recently, we sold a house built in 1690 in the center of Amsterdam for 2.2 million dollars, with an area of 163 square meters and a rooftop terrace. It is rare for a foreign buyer to acquire a property protected as a historical monument, so this was a unique deal.

The connection of Scandinavians with second homes seems to be the most reasonable step considering the market conditions. During the pandemic, wealthy individuals with penthouses or expensive apartments in central Stockholm wanted to move; they sought seclusion away from the city. This trend continues, and as always, the best solution is to expand my network by connecting Scandinavians with other markets such as Greece, the Middle East, and even the USA. I also stay on trend by participating in the tokenization of real estate [blockchain is used to store real estate assets in the form of digital tokens, providing ownership in the form of equity shares].

Why did you name your company Shaza Luxury Real Estate?

Shaza is my mother's nickname. We were very close. She had cancer for 10 years and passed away in 2019 at the age of 52. In fact, we both fought cancer at the same time. Mine started with a tumor and spread. Ten years ago, on my birthday, I had an eight-and-a-half-hour surgery, followed by 32 rounds of chemotherapy. When I woke up after the surgery, my mom was holding my hand and praying. She was right there with me. This year, my doctor told me that I am currently cancer-free - there is no longer a need for check-ups.

How has her memory influenced your business today?

Well, this is getting emotional, but my mom was very kind and caring. She always put everyone first. She had an angelic smile and was very sociable - that's something I inherited from her. So I honor her with my company, with my life. She told me, "To honor the deceased, you must continue to live." I wanted to have her by my side all the time; it gave me a different, broader perspective on things. Her presence supports the goals I achieve.

How has your career as a semi-professional and professional football player influenced your business strategy? (Hoti played football in Sweden and then played as a midfielder in Brazil and Australia.)

When I played, I had a very strong winning mentality. I hated losing. And I'm one of those guys who never gives up. People didn't like playing against me because I never stopped running. Today, this mentality carries over to my team because I want to win.

What were your "Ted Lasso moments" while playing football?

You know, I was lucky in victories, in league wins. When I was a boy playing in Sweden, we reached the semifinals of the Youth World Cup, Gothia, which was amazing. When I played professionally, we reached very high levels, and that was my "Ted Lasso moment" - a great unified feeling of working with a team to achieve high results, just like I do with real estate today. I still play football, but not at the same level.

We know that you have obtained Scandinavian rights to sell the new Elounda Hills resort in Crete - a development with 600 residential units and hotels that looks almost utopian. This is truly a great achievement. I believe it took them 12 years just to acquire the land for this project. It is completely eco-friendly and magical, with the land perfectly located on the bay's shore. The beautiful surroundings feature crystal-clear blue water, and it is very peaceful here because it is a lagoon-type bay. The weather is also ideal - in other countries, it can be very hot and humid, but there is no such humidity issue in Crete. The airport is about a 40-minute drive away, but a new one is being built that will be even closer and equipped with a separate business lounge for the owners of Elounda Hills Resort.

Greece has just raised the limit for the "golden visa" when purchasing real estate from €250,000 to €500,000. How does this affect your project? (The visa grants a 5-year residency right to foreigners who purchase real estate).

He was only promoted in Athens, Mykonos, and Santorini, but in Crete and other areas, it still stands at €250,000. There is a significant shift in trend among international buyers looking for second homes in Greece. New streams of tourists are arriving. The sales director told me that over the past year and a half, about 80%-90% of flights were filled with foreigners. And in the last six months, around 90% of passengers have been Americans. It's a simple game of supply and demand. Mykonos and Santorini are true gems, dream destinations for many. And now we are seeing this in Crete as well. It's incredible how many inquiries we have received.

We know how important relationships and networks are in your business. How else do you develop and expand them?

In February, I attended the World Government Summit in Dubai, where heads of state and government gather. Representatives from the private sector and leaders' opinions are also present. A financial advisor to a member of the Saudi royal family invited me. I met politicians, government officials, and people from various companies around the world. It was a great opportunity to connect with people.

What is your favorite place to relax?

That's a good question - when was the last time I took a vacation? It was actually South Africa. The nature there has remained untouched for thousands of years. The air, the culture, the food - everything is different. I feel a different sensation, a different feeling in my body when I'm there.