Luxury Real Estate Market on the Rise in Athens
The luxury real estate market in Athens has experienced a significant increase in prices during the first half of this year, according to a recent survey by Savills, a leading British real estate consulting company.
With a 3.5% increase in prices, Athens ranked fourth among 30 cities worldwide, trailing only behind Lisbon, Amsterdam, and Madrid. This surge in prices is a reflection of the strong momentum in the Athens market and other cities in Southern Europe.
Rental Rates Also on the Rise
In addition to the increase in sales prices, rental rates for luxury homes have also seen a notable uptick in the first half of the year. Lisbon led the pack with a 7.5% increase, followed by Dubai and Bangkok. Athens saw a 4.6% increase in rental prices, contributing to an overall average rise of 2.2% across the 30 cities in Savills’ price index.
According to Savills’ analysis, the key driving force behind the upward trend in both sale and rental prices is the growing number of foreign investors entering the market.
Increased Demand for Luxury Homes in Greece
According to a recent survey by Greece Sotheby’s International Realty, there has been a notable increase in demand for luxury homes in Greece, particularly from Greek buyers. In the first half of this year, demand from the domestic market saw a 67% increase compared to the same period last year.
Greek buyers were the second largest group of investors, following the US market. Demand from the US remained stable, while buyers from the United Kingdom also showed a significant increase of 24%. French buyers maintained their demand levels from the previous year.
On the other hand, demand from the German market decreased by 23% due to the ongoing crisis in the country’s real estate market. Consumer sentiment indexes in Germany are at historically low levels, impacting the demand for luxury homes.
Overall, Greece has seen a surge in interest from both domestic and international buyers, making it a promising market for investors looking for luxury properties.
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