The two coming years shall be critical for establishing Greece on the map of luxury real estate

According to the international house Sotheby's International Realty, which publishes for the first time in the Greek market the "Luxury Outlook" report, interest rates, even if they do not have a direct correlation with real estate sales to Ultra High Net Worth Individuals (UHNWI), continue to be indirectly part of the equation for buyers and sellers.

At the same time, internationally, the limited existing inventory of luxury properties - especially in high-demand markets - is increasingly becoming a concern on both sides of the market. Finally, according to the report, both at the Greek and pan-European level the strong US dollar lays a solid foundation for increased interest in luxury homes.

At the local level, as the President and CEO of Greece Sotheby's International Realty Mr. Savvas Savvaidis typically states, the Greek market is still facing the same challenges as last year, which are based on three axes: interest rate increases, energy supply management and geo- political agenda. In this context, however, the Greek luxury housing market is recording a positive course, confirming in practice the fact that as UHNWIs turn their priorities to quality of life issues after the pandemic, Greece is gaining an ever greater lead in second or even first home options.

Greece, a destination with high growth potential  

As Mr. Philip A. White Jr., President and CEO of Sotheby's International Realty notes in his introductory note, Greece is particularly attractive to international buyers and is included along with Italy, Portugal, France and Dubai in the destinations that have garnered market attention and are expected to show substantial growth in 2023.

This fact is also certified by the continuous upward trend of Greece Sotheby's International Realty for 2022 as well, with total demand reaching €10.4 billion for the entire year, an impressive increase compared to previous years.

Commenting on the event, Mr. Savvaidis notes: "If 2020 and 2021 were milestone years for the Greek luxury housing market based on increased sales, 2022 and 2023 are years - a criterion for the long-term positioning of the country on the international map of luxury real estate.

The records continued in the previous year, with our office in Athens now counting 22 all-time sales records, including the one of 23 million euros for a single house in Mykonos. Mykonos traditionally maintains first place with Corfu, Paros and the Athenian Riviera following closely behind, however it is worth noting that alternative destinations such as Lefkada, Syros or Milos are also making an appearance".