Investors Picking Greece to Buy Luxury Real Estate

Investors who are interested in acquiring luxury real estate, consider Greece as their top destination!

According to data released by Greece Sotheby’s International Realty, a leading luxury real estate agency that specializes in the promotion and sale of holiday homes on the Greek islands and in selected locations on the mainland, 2022 was to date the best year for the Greek luxury real estate market.

Transactions reached record amounts both in areas where there is constant interest, such as Mykonos, and in other destinations of the country, such as Syros and Lefkada, which are gradually gaining their own momentum.

According to data by Greece Sotheby’s International Realty, Mykonos held the top spot in terms of the highest amount an individual residence in Greece was sold for with the transaction exceeding 23 million euros. Τhe amount was approximately four times the value of the average transactions recorded on the Cyclades island.

Syros, Lefkada, Paxos

Mykonos is followed by other popular tourism destinations in Greece, such as Syros, Lefkada and Paxos, where not only a strong interest was registered this year, but also high transactions were carried out.

On Syros, the highest value transaction in the island’s history was recorded this year, with the sale of a property by Greece Sotheby’s International Realty for 3.7 million euros. The particular transaction value was approximately three times higher than the average level of deals of this scale in previous years.

Lefkada in the Ionian saw the sale of two luxury properties with transactions reaching 4.1 and 5.4 million euros. Regarding Paxi, Greece Sotheby’s International Realty said the island can be considered a case study of the dynamics of Greek destinations, as the values ​​of the largest transactions multiplied in just four years’ time.

More specifically, from May 2018 until July 2021, through transactions by Greece Sotheby’s International Realty, the island’s record was broken six times in a row, rising from 1.6 million euros in 2018 to 1.9 and 2.5 million euros in 2019 and then to 3.5 million, 5 million and 5.2 million euros in 2021.

Top destinations in demand

Corfu saw the highest demand by investors for luxury real estate during the January-August period followed by Mykonos, the Athenian Riviera, Paros and Rhodes.