Greece: Increasing Demand from Billionaires is giving Impetus to the Luxury Property Market.
The natural environment, the traditional architecture, the mild climate, the quality of the entertainment and accommodation standards combined with Greece’s progressively sustainable development path create a growing demand for luxury real estate.
This increasing demand comes mainly from foreigners for luxury and exclusive residences (where integrated hosting, facility management, etc.) are giving impetus to the luxury property market.
At the focus of international multibillionaires are the 13 luxuriously designed residences, which will be an independent part of the Vouliagmeni Hotel Resort, managed by the Four Seasons Hotel Group, and the 12 villas to be built on the Scorpios island site intended to be sold only to extremely high level of income individuals. In the Nisaki area of Corfu, a villa of 1000 sqm was recently built for 2018, for € 10 million,
Corresponding buying interest has raised for the 17 luxurious villas with an area of 400-450 sq.m. and a price tag of 2 to 11m euros each, developed by Russian company Mirum Hellas in Elounda, Crete, led by the Russian businessman Vitaly Borisov. It is noted that these villas are part of the tourist holiday village planned in the area.
Mykonos, is known for its beautiful beaches, the picturesque villages, its exceptional quality of services, offers the highest yields of real estate in the Mediterranean, leaving far behind the famous, cosmopolitan resorts loved by demanding wealth lovers, such as S Tropez, Sardinia, Capri, Costa Rica Amalfitana, Marbella, Ibiza, Sardinia or the Cote d’Azur, where a square meter costs around 6,500 euros!
Last summer thirty houses were sold on the island at prices ranging from six hundred thousand euros to seven million, and the Turnover in luxury home sales is estimated to have exceeded fifty million last summer. The sale price per sq.m. It is estimated to have reached seven thousand euros.
High wealth individuals from Lebanon, Dubai and the UAE rush to the island every year paying up to 12,000 euros a night for full serviced accommodation in a luxury villa. Mykonos has the highest return on real estate sales in the Mediterranean at 8.5%, followed by Santorini and Paros.