Greece is in an advantageous position, given the conditions, in the global luxury real estate market, according to the fourth annual report Luxury Outlook by Sotheby’s International Realty.
The report outlines the developments that are expected to shape the industry at a global level, being a point of reference for the 83 markets where the company operates and for more than 1,100 offices around the world, providing important data about the behavioral patterns of Ultra High Net Worth Individuals and luxury home purchases.
This year’s report examines the industry’s dynamics, trends and buyer preferences and, among other things, refers to the positive outlook for the luxury real estate sector in Greece for 2024, highlighting the country as an attractive investment destination.
Greece: Luxury real estate a pole of attraction for international investors
In 2024, the real estate landscape in Greece continues to show positive developments, creating challenges and opportunities for investors and owners of luxury properties. According to the president and CEO of Greece Sotheby’s International Realty, Savvas Savvaidis, “the Greek luxury real estate market is in a phase of transformation, attracting a wide range of buyers, even foreign ones.” In particular, he added, it attracts international investors from regions such as Central Europe, Egypt and Australia, opening new perspectives for the sector in the country.
Access to credit is crucial to boost demand
In contrast to other foreign markets where attention is directed to the uncertainty of the economies, Savvaidis focuses on the economic recovery of Greece. As stated in the report, “improved conditions of access to financing tools are expected to play a key role in increasing demand and closing deals in the luxury real estate sector. Easier access to loans, compared to previous years, is estimated to be an incentive for more buyers to invest in Greece’s luxury real estate.”
