Welcome to the Sotheby’s International Realty® 2022 Luxury Outlook report. A thorough study of the world’s residential markets in the past year and the trends that are likely to shape the global housing markets in the coming months.
2021 has exceeded all expectations in the global luxury property market. As Philip White, President and CEO, Sotheby’s International Realty, notes: “…buyers were returning to cities, energized by the strong housing market fundamentals, the rollout of the coronavirus vaccine, and the transition to in-office work.”
The past years have made people care for their houses and quality of life more than ever. Greece reflected this trend in 2021 with enquiries from international second-home buyers growing by 120%, year-over-year.
“The real estate market has continued to register an unprecedented increase of interest for luxury homes. Our leading position in the Greek market is stronger than ever. Our Sales Associates have recorded for 2021 demand levels of €4,2 billion, twice as last years’ record numbers while our volume of sales has increased by an astonishing two and a half times year on year. ” Savvas Savvaidis, President & CEO, Greece Sotheby’s International Realty reports.
“With significant sales in Paxos, Crete, Paros and Lefkada our firm now holds 18 national all time sales records in nearly all prime real estate locations in the country. 2021 saw historic transactions up to €16,700 per m2 in waterfront homes, as well as three record deals in developers condominiums in Athens Riviera.” Savvas Savvaidis continues.
In 2022 millennials are set to make their mark. Property investment is a chosen way of validating life milestones, selecting the suburbs rather than urban and rural neighbourhoods, according to market data from Zillow.
“In Greece, Americans, British, French, Swiss and Germans still lead the demand for the 2022 sales season and we are now seeing Greek ex-pats returning to the luxury market.” Savvas Savvaidis observes.
With continuous investments in public infrastructure, renovated airports, ultra-fast 5G internet and state of the art new marinas, Greece is one of the most popular destinations for Ultra High Net Worth Individuals in the Mediterranean.
Corfu and Mykonos are the most sought after locations while Athens Riviera elegantly combines the perks of a cosmopolitan capital with the ambiance of a seaside destination. Demand for intriguing islands like Folegandros or Ithaca and Syros is emerging, where sustainability is in focus and privacy is the name of the game.
Peloponnese, featuring landscapes of unparalleled beauty, is expected to become the next big thing. Significant investments are being registered in 5* Luxury Resorts, new high-quality golf courses and wellness services in that part of the country’s mainland.
As sales and demand are evidently on the rise, inventory scarcity remains the top challenge for the luxury real estate market in Greece in 2022. Fortunately enough, our 2022 curated catalogue features a comprehensive selection of some of the finest homes in the country, turn-key and readily available to become a dream home in the sun.
Read the full Luxury Outlook 2022 report here.