In a year where the economic climate in Europe has been hit hard for big real estate investors, Greek tourist destinations continue to attract buyers.
Greece Sotheby’s International Realty, the well-known agency specialising in the promotion and sale of luxury homes on the Greek islands, as well as in selected locations on the mainland, recently completed a record sale in Milos for a villa of unique architecture, confirming the interest of the so-called Ultra High Net Worth Individuals (UHNWI) in domestic real estate. It is a cave, a bioclimatic residence, on the south side of the island, at a distance of about 14 kilometres from Adamantas and 5 kilometres from the nearest beach of Provatas.
The property with a total area of 1,100 square metres was built in 2018, on an area of 16 acres and was put on the market with a price of around 6 million euros, offering a unique view of the Aegean and absolute privacy which is also one of the requested for the specific category of buyers. The residence has natural materials as dominant elements while its architectural approach gives the feeling that it is part of the landscape blending into the special identity of Milos.
The record sale for the island comes at a time when, since the last months of last year, there has already been a “brake” and hesitancy on the part of international property buyers with higher incomes.
In its latest report on the course of the luxury housing market in our country in 2022, Greece Sotheby’s International Realty reported that on the one hand there is “strong demand, “at historically high levels of interest in luxury real estate in Greece, however on the other hand, there is a significant decline in the determination of interested buyers to close the final real estate purchase agreements .’ And this is despite the fact that in 2022 the average contract per transaction in Greece from this particular category of buyers reached 2.9 million euros from 2.85 million euros and 2.46 million euros in the corresponding periods of 2021 and 2020.
Characteristic of the greater hesitancy on the part of prospective buyers is that in 2021, 15% of the indications resulted in contracts, i.e. from the moment an interested party decided to see a house up close, having increased from 13% in 2020, while in 2022 the corresponding percentage fell below 8%, i.e. below 1 in 10 suggestions.
On the other hand, the popular island destinations in the Aegean remain the focus of interest for the “deep wallets” either from Greece or from abroad, who want to make a purchase now, starting with the “champions” in the Cyclades, Mykonos, and Santorini but now also on other islands such as Paros, Antiparos and now also Milos.
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