Greece becomes new hotspot for the world’s ultra-rich

·

Greece’s luxury holiday home market is evolving into a new hotspot for the planet’s ultra-rich. The country has appeared on the radars of individuals on the Forbes lists of the wealthiest people, property professionals say. Even more importantly, this is happening while the pandemic is ongoing and despite its consequences on the global economy.

“In the period from May 1 to 25, we recorded a 53.5 percent increase in expressions of interest for the purchase of luxurious holiday residences in Greece, compared to the same period last year,” Savvas Savvaidis, Chairman and CEO at Greece Sotheby’s International Realty, said.

According to Savvaidis, the pandemic has not only failed to hamper demand for Greece, as one might have expected, but has in fact strengthened interest in the country thanks to its successful management of the health crisis.

After all, buyers in this particular category have managed to increase their incomes at this juncture thanks to investment portfolios that include a multitude of tech enterprises, which have benefited considerably from the swing toward teleworking.

“What those investors have always sought after, and even more so today due to the pandemic, is privacy and security. In Greece these are both available in abundance, with the properties being offered to them located on major plots or in isolated areas, and definitely not within major holiday settlements as is the case in other regions in the Mediterranean, such as Spain or the South of France,” Savvaidis explains.

In this context, Sotheby’s data shows that visitor numbers to Greek real estate websites have soared compared with 2019, with a potential market of some 122,400 private investors seen over the next few years.

Another important development is that this year, interested parties have been inquiring about properties that are 25.53 percent more expensive, totaling 3.11 million euros.

Source: Ekathimerini.

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Latest News

Maria Sakkari ends Iga Swiatek’s streak to reach Doha semi-finals

Maria Sakkari produced a comeback to defeat world No. 2 Iga Swiatek 2–6, 6–4, 7–5 in the quarter-finals of the Qatar TotalEnergies Open.

Sussan Ley ousted as Angus Taylor takes helm of Liberal Party

Angus Taylor has been elected the new leader of the Liberal Party, securing a decisive 34–17 victory in a dramatic party room ballot.

Krama Brass Band enchants guests at Cyprus EU Presidency event in Canberra

The High Commission of the Republic of Cyprus in Australia held a cultural event on February 10 at the Hellenic Club’s main function hall.

Alphington Grammar honours Class of 2025 at Scholars Assembly

Alphington Grammar School celebrated the academic achievements of its high-performing Class of 2025 at the annual Scholars Assembly.

Ties strengthened at diplomatic reception in Perth attended by Greek Consul

Consul General Eleni Georgopoulou joined diplomatic and civic leaders at the City of Canning’s inaugural Consul Generals’ Reception.

You May Also Like

Greek Film Festival in Sydney set to close with screening of ‘IMAN’

This year's Greek Film Festival in Sydney is set to come to a close on October 29 with the screening of IMAN.

‘Massive question mark’ over Nick Kyrgios’ Australian Open participation after mental blowout

Australian sports star Nick Kyrgios lashed out at everything but the water bottle after his 6-3, 6-4 loss to Borna Coric in today's Australian Open warmup competition.

The Lygoyris family hope to reunite with their 99-year-old great grandfather this Christmas

Selina and George Lygoyris say their greatest Christmas wish was for their three children to see their 99-year-old great grandfather.