Returning demand for luxury real estate

Since the summer of 2021, there has been a renewed demand for luxury homes from foreign investors and buyers, both in Attica and in popular resorts in Greece.

According to the Athens bureau Berkshire Hathaway Home Services (BHHS), “In the southern suburbs of Athens, the Athenian Riviera is experiencing a new peak in demand, which has now begun to be reflected in other areas traditionally associated with luxury residences, such as Kolonaki, Filotei, Paleio Psychico and Kifisia / Ekali “.

He adds that “at the same time, the demand for inexpensive modern luxury homes is clearly growing in areas such as Paleo Faliro, Alimos, Elliniko, Vrilissia, Marousi, Halandri, Agia Paraskevi and Holargos,” noting that in these areas he, in mostly comes from Greek buyers.

Nevertheless, the main demand is still from Asia. Available budgets are often determined by the proposed assets and mainly relate to homes on the Athenian Riviera, in the northern suburbs of Athens and on the islands. Of course, foreign investors don’t have infinite liquidity: “Buyers don’t waste money. However, they trust large international companies to make sure they are buying at the right price and making an informed choice. Considering that they have many options throughout the Mediterranean besides Greece – in Spain, southern France, Italy and Cyprus. “

BHHS notes that there are different profiles of buyers: there are those who buy very expensive properties in the southern suburbs of Athens and on the most popular Greek islands. “They mostly come from the US and the Middle East,” says BHHS. Then there are buyers focused on obtaining a residence permit under the Golden Visa program. Most of them are immigrants from China, Southeast Asia, the Middle East, Russia and Turkey. They are mainly interested in good investments, focusing on capital gains from the expected increase in the value of assets. The third category of buyers comes mainly from Northern Europe, as well as from France, Austria and Italy. They primarily monitor income investments, and secondly, capital gains, so they buy at rates related to short-term or long-term rentals.

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