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Big French Real Estate Investor Moving Into Greek Luxury Market

January 25, 2018

A major French realty company is planning to snap up luxury homes in Greece and appointed the sister of major opposition New Democracy leader Kyriakos Mitsotakis to help the effort.

Barnes International Realty said it was a share of the lucrative market that has seen a rush of foreign investors poised to take over the sector, which is still drawing the wealthy during the country’s nearly eight-year-long economic crisis.

The company said its offices in Greece would be headed by Katerina Mitsotaki, whom it said has experience in the property market having founded and managed the Real Est8 property agency, Kathimerini reported.

Barnes has offices in more than 60 cities around the world, with a network of 85 branches and transactions last year came to 4.2 billion euros, some $5.21 billion, and now wants a bigger presence in Greece and Athens.

Even luxury properties in Greece are a bargain during a depressed real estate market that has seen banks buried under bad loans cutting back on business loans and mortgages and going after people who can’t pay because of brutal austerity measures continued by the ruling Radical Left SYRIZA-led coalition which promised to stop them.

Besides Barnes, other major international realtors are looking at stepping more into the Greek luxury market, the paper said, including Christie’s International Real Estate, a long-time partner of local agency Ploumis-Sotiropoulos, while Sotheby’s International Realty is working with Savvaidis & Associates.

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