Wealthy foreigners snatch luxury Greek villas to use and rent
ATHENS – Greek luxury properties, especially on the islands and on the water, are being bought by wealthy foreigners for personal use but also to be put on the short-term rental market at astronomical prices.
The phenomenon is spreading, Kathimerini said, with more and more wealthy people from other countries turning to short-rental platforms at prices of up to 20,000 euros ($20,073) per week and more to pick up assets. purchase investments that run into the millions for prime properties.
Coupled with investors and corporations also buying up the best land properties to build high-end resorts, the Greek market is becoming even more geared towards the super-rich.
They can also benefit from the Golden Visa program which gives them residence permits and European Union passports if they buy a property for at least 250,000 euros ($250,914), which is pocket change. for most of them.
The newspaper notes that an unidentified German businessman, who makes solar-powered yachts, is moving to the Preveza region in northern Greece to develop luxury properties for the wealthy.
“This man has developed a very special business and wants to expand it also on land, implementing an investment of 50 million euros (50.18 million dollars). His goal is to acquire land on the coast of Preveza, where a high-end model will be developed, consisting of 20 houses with bioclimatic characteristics and total autonomy in energy and irrigation,” Giorgos Gavrielidis, managing director and founder of Elxis, a brokerage firm, told the newspaper. and consultancy services specializing in luxury vacation homes.
Each property is expected to sell for 2-3 million euros ($2.01-3.01 million), indicating that investors believe the affluent market in Greece is sustainable and ongoing.
“Foreign investors have never left the Greek luxury vacation home market, not even during the pandemic. What has changed, however, is that those who invest today are fully aware and understand the advantage that the country offers, in terms of price levels and quality of real estate offered, compared to its competitors from southern Europe, such as Spain, Italy, Croatia and Portugal,” said Gavrielidis