Greece is currently experiencing a favorable position within the global luxury real estate market, as highlighted by Sotheby's International Realty's fourth annual Luxury Outlook report.
The publication of this report, as every year, captures the developments that are expected to shape the industry on a global level, serving as a reference point for the 83 markets in which Sotheby's International Realty operates and for more than 1,100 offices around the world, providing important data on the behavioral patterns of Ultra High Net Worth Individuals and luxury residential markets.
Luxury Homes: The Future Lies in Sustainable Residences and Artificial Intelligence
This year's report examines the dynamics of the industry, the trends and preferences of buyers, and among other things, refers to the positive prospects for the luxury real estate sector in Greece for 2024, highlighting the country as an attractive investment destination.
A Magnet for Luxury Real Estate
In 2024, the Greek real estate landscape continues to show positive development, creating both challenges and opportunities for investors and owners of luxury properties.
According to Savvas Savvaidis, President & CEO of Greece Sotheby's International Realty, "The Greek luxury real estate market is undergoing a transformation, attracting a broad and international spectrum of buyers." Specifically, he adds, it is attracting international investors from regions such as Central Europe, Egypt, and Australia, opening up new prospects for the sector in the country.
Decisive Role
In contrast to other foreign markets where attention is focused on economic uncertainty, Mr. Savvaidis emphasizes Greece's economic recovery.
As he states in the report, "Improved access to financing tools is expected to play a decisive 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 luxury properties in Greece."
Emerging Trends
At the forefront of developments are sustainable homes and advanced technologies, particularly artificial intelligence. According to Mr. Savvaidis, "a renaissance is unfolding with timeless materials like marble and stone making a comeback, while modern designs with clean lines remain dominant."
As he notes, the shift towards smaller and more manageable homes is helping to grow the urban housing market and allowing buyers to consider some of the less developed areas of Greece, including island regions.
However, the focus on smaller homes does not mean compromising on amenities. "Apartments and buildings that offer hotel-level services and amenities are redefining the concept of luxury living."