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Economy

World’s Super-Rich Buying Up Greece’s Luxury Real Estate

September 4, 2022

ATHENS – The Greek luxury real estate market is red hot, with the wealthy around the world eager to buy villas and even inner-city properties with an eye toward investing in short-term rentals or flipping buildings through sales.

The sale of high-end properties and real estate is breaking records during the waning COVID-19 pandemic with Greece one of the world’s hottest tickets and on a path to set new numbers in tourist arrivals and revenues too.

Greece Sotheby’s International Realty said sales are soaring for those with very deep pockets and for whom money is no object, ironically pricing out Greeks in their own country especially on islands such as Mykonos, Syros and Lefkada.

Mykonos had the highest ever price for a sale, a buyer not named purchasing a second home on the island noted for hedonism for 23 million euros ($22.89 million) although Corfu is the island most desired, it was said.

The so-called Athens Riviera where many public beaches have been taken over by private enterprises and the stretch from Piraeus past the Stavros Niarchos Foundation Cultural Center and the ongoing 8-billion euro ($7.96 billion) development of the abandoned Hellenikon International Airport is hot too.

Then comes the islands of Paros and Rhodes in the top five areas in Greece that the super-rich are eying for properties and second homes and investments, which ironically is leaving Greeks out of their own islands in spots.

In July, the paper noted that wealthy foreigners were just as keen as buying properties in the Greek capital in areas seen as up-and-coming, including the anarchist stronghold of Exarchia where a metro stop is being built.

The phenomenon was expanding with rich investors 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 and 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 more super-luxury properties for the uber-rich.

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