ATHENS – Greek luxury properties, especially on islands and on the water, are being bought up by rich foreigners for personal use but also to be put on the short-term rental market at astronomical prices.

The phenomenon is expanding, said Kathimerini, with more of the wealthy from other countries turning to platforms for short rentals at prices up to 20,000 euros ($20,073) a week and more to recover investments in buying that run into the millions for choice properties.

Coupled with investors and companies also buying the best location land properties to build high-end resorts the market in Greece is becoming even more oriented toward the super-rich.

They can also benefit from the Golden Visa program that gives them residency permits and European Union passports if they buy property of at least 250,000 euros ($250,914) which is pocket change for most of them.

The paper noted that a German businessman not identified, who makes solar-powered yachts, is moving into the area of Preveza in northern Greece to develop super-luxury properties for the uber-rich.

“This man has developed a very special business and wishes to expand it on land as well, implementing an investment of 50 million euros ($50.18 million.) Its aim is to acquire land on the coast of​Preveza, where a model high-luxury settlement will be developed, consisting of 20 homes with bioclimatic characteristics and full energy and irrigation autonomy,”Giorgos Gavrielidis, Managing Director and founder of Elxis, a brokerage and advisory services company specializing in luxury holiday homes told the paper.

Each property is expected to be sold for an amount of 2-3 million euros ($2.01-$3.01 million) indicating the belief by investors that the market for the rich is sustainable in Greece and goes on.

“Foreign investors never left the Greek luxury holiday home market, not even during the pandemic. What has changed, however, is that those investing nowadays have a full awareness and understanding of the advantage that the country offers, in terms of price levels and the property quality offered in comparison to southern Europe rivals, such as Spain, Italy, Croatia and Portugal,” said Gavrielidis