A recent sale in the top tourist destination of Corfu confirms the strong demand in Greece for luxury housing, which remains unabated with ever-increasing interest. The luxury villa in Corfu, "Emerald Bay," recently changed hands for a price of 6.75 million euros, or approx 12,300 euros per sq.m., through the network of Greece Sotheby's International Realty.
Information from the island indicates that the buyer of the 500 sq.m. villa, located on the beach in one of Corfu's emerald bays, as its name suggests (Emerald Bay), is a British businessman. It is said that he has a great love especially for Corfu, the top destination in the Ionian Sea, but also has very good knowledge of other destinations in our country, having traveled many times across Greece.
The inflow of capital for the purchase of luxury real estate in our country is constantly increasing from abroad, whether it concerns Athens, and especially the southern suburbs, which are the number 1 target for those seeking to buy a luxury home in the country's largest urban center, or the popular islands. It is no coincidence that significant investments are now being planned in the southern suburbs, and specifically within the Ellinikon project, in the field of private education for schools with international curricula, with the aim of serving the growing audience of families moving to the south, either within "The Ellinikon" or in the wider area.
Mrs Despina Laou, head of the major transactions sector, of the well-known company Greece Sotheby's International Realty, reported to "Business Stories" - "step by step, the country is establishing its position on the global map of luxury real estate. It is a great satisfaction to see transactions of this level happening more and more often in Greece. As a company, we are particularly pleased because this year we exceeded 400 million euros in sales over five years, in a new and emerging market in the real estate sector, such as that of luxury homes for Greece. In this period, we have recorded over 25 records of historic sales in the most important regions of the country, such as in Mykonos, Paros, Syros, Crete, Rhodes, Corfu, Lefkada, Paxos, etc.," she says.
Greece Sotheby's International Realty, whose portfolio includes some of the most expensive properties in all of Greece, had a 68% increase in sales this year, focusing on the most expensive properties. As the company reports, despite the rise in prices in recent years, our country remains one of the cheapest destinations in the Mediterranean in the category of luxury homes. "While prices in established markets for second homes in the Mediterranean, such as Italy, the South of France and the Balearic Islands, range from 25,000 euros per sq.m. to over 60,000 euros per sq.m., in Greece they are still on average between 12,000-15,000 euros per sq.m.," the company typically states.
Where Millionaires are Looking for Homes
Greece, whether it's Athens, the popular islands, or the coastal mainland, is indeed rising in the preferences of millionaires around the world who are interested in buying a luxury home. However, our country still remains lower compared to other established destinations in Europe. The main reason is that the supply of such million-euro homes in our country is clearly lower compared to other Western European markets.
Excerpts taken from Article: New Money | Foreign millionaires are buying luxury homes in Greece, by Stefania Souki.