Greece Sotheby’s International Realty has just published a groundbreaking endeavour to provide an in-depth look into the behaviour of High Net Worth Individuals (HNWI) in the Mediterranean’s luxury real estate market. In their latest Market Report for H1 2023, GSIR extends its reach by collaborating with eight other regional Sotheby’s International Realty offices across the Mediterranean, elevating the industry standard for market analysis.
For the first time in the industry, GSIR has joined forces with Sotheby’s International Realty offices from Côte d’Azur in France, Croatia, Cyprus, Italy, Spain, Montenegro, Portugal, and Egypt. This collaboration aimed to delve deep into the regional nuances and behavioural patterns of HNWI.
The report offers a wealth of insights, including both quantitative and qualitative data. It not only sheds light on the luxury real estate market in Greece but also provides the first quantitative data for the Greek market for H1 2023. These findings hold valuable information for luxury home sellers and buyers with a medium-term perspective.
“Savvas Savvaidis, President & CEO of Greece Sotheby’s International Realty expressed his gratitude to partners and stakeholders while presenting the report. He highlighted several key findings:
Increased Viewings and Leads: The report reveals a rise in property viewings and leads, indicating a healthy market.
Improved Conversion Rate: While the conversion rate has improved slightly, it remains below the levels seen in 2021.
Supply and Demand Dynamics: Unique homes, particularly beachfront properties, face high demand with limited supply, which has led to elevated prices.
Market Context: Savvas Savvaidis emphasized the impact of the pandemic, accelerated purchase decisions, and sellers’ expectations on pricing.”
High Demand Persists
In H1 2023, demand for luxury homes in Greece remained robust. Both Requests for Demand and On-Site Real Estate Indications experienced a marginal decrease, mainly attributed to discerning buyers’ stricter criteria and a decline in prime beachfront luxury home availability.
Improved Closing Rate
The “close” rate improved slightly in H1 2023, reflecting an increase in property indications leading to contracts. However, this figure remains below the peak levels observed in H1 2021.
Athenian Riviera Rising
Corfu continues to lead in preferences, but the Athenian Riviera surpassed Mykonos in demand for the first time. Other top destinations include the centre of Athens, Paros, Lefkada, Crete, Kea, Tinos, and Rhodes.
Across most Mediterranean markets, the interest of HNWI in luxury homes remains stable. Italy, Greece, Cyprus, Egypt, and Croatia reported no significant change in demand patterns from 2022 to 2023. Montenegro witnessed an increase, while offices in Portugal, Spain, and Côte d’Azur reported a decrease.
Positive Future Outlook
Most offices anticipate increased interest from HNWI in luxury homes, with Portugal, Spain, Montenegro, Italy, Greece, and Egypt expecting significant growth. Cyprus and Côte d’Azur offices anticipate stable interest levels.
Global Buyers’ Landscape
European countries, including Germany and the United Kingdom, are key sources of requests in many markets, including Portugal, Spain, Greece, and Cyprus. France shows interest in Portugal, Italy, and Greece, while the United States expresses interest in several Mediterranean countries. Central European countries like the Czech Republic and Slovakia show interest in Adriatic markets like Croatia and Montenegro.
Greece Sotheby’s International Realty comprehensive report for H1 2023 paints a vivid picture of Greece’s luxury real estate market and the wider Mediterranean region. The data reveals a dynamic landscape characterized by strong demand, evolving buyer behaviour, and positive future prospects. As the market grows, this report will serve as an invaluable resource for all stakeholders in the luxury real estate sector, offering strategic insights to navigate the evolving landscape of luxury real estate in the Mediterranean.
Read the full report here