During 2022, Greece Sotheby’s International Realty registered a demand that reached 10.4 billion euros for the acquisition of luxury homes in various regions of Greece. This is an impressive increase compared to previous years, which has created clear optimism for further growth in the luxury housing market both this year and in the years to come.

According to the head of the office in Greece, Mr. Savva Savvaidis, “if 2020 and 2021 were milestone years for the Greek luxury housing market based on increased sales, 2022 and 2023 are benchmark years for the long-term positioning of country on the international map of the luxury real estate market. The records continued last year as well, with our office in Athens now having 22 all-time sales records, including that 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” based on his words Mr. Savvaidis.

The Greek market still faces the same challenges as in 2022, according to the head of Greece Sotheby’s International Realty. These are interest rate hikes, energy supply management and the prevailing geopolitical agenda.

“In this context, however, the Greek luxury housing market registers a positive course, confirming in practice the fact that Greece is gaining an ever greater lead in second or even first home options among very high income individuals.” After the pandemic, the latter turn their priorities to issues of quality of life, which the Greek market is able to offer, even having a competitive advantage compared to other Mediterranean countries, where there is a saturation of developments.

As the Sotheby’s report points out, interest rates, while not strongly and directly correlated to sales of luxury properties to very high net worth individuals, continue to be, indirectly, part of the equation for buyers and sellers. At the same time, internationally the limited existing inventory of luxury real estate, especially in high-demand markets, is increasingly beginning to concern both sides of the market.

Finally, according to the report, both at the Greek and pan-European level the strong US dollar is laying a solid foundation for increased interest in luxury homes.

Indicative of the importance that the Greek market has begun to acquire in the Sotheby’s network is that the Luxury Outlook report, edited by the international house on an annual basis and covering 81 markets worldwide, with data from over 1,000 offices around the world was published for the first time once in Greece.

Source: kathimerini.gr