Luxury homes in Athens are selling out

The market for luxury homes in Athens has begun to evolve into a “magnet” for the super-rich, with investment interest growing, both inside and outside the country.

According to the latest “Wealth Report” of the international real estate consulting company Knight Frank , the prices of luxury homes in the Greek capital increased by 9.8% in 2021, with the result that Athens ranks 27th on the list with the highest percentage rise on the planet.

Knight Frank’s report refers to capital investments in the highest income category. These are the so-called UHNWI (Ultra High-Net-Worth Individuals) who are defined as individuals with a net worth of at least $ 30 million.

Analytically, according to the Prime International Residential Index (PIRI 100), which records the fluctuations in the price change in luxury homes annually, during the two years 2017-2018 Athens was at zero. The price of luxury homes in the Greek capital neither increased nor decreased.

In 2019 the percentage increase was of the order of 7%, while in 2020, in the midst of a pandemic, the increase reached 5%. The growth rate doubled in 2021, reaching 10%.

This increase in practice is reflected in the number of luxury home sales, made during 2021, by both domestic and foreign buyers. While the jump in the demand for unique very expensive properties can be seen from the pre-sales of houses in the mega project of Ellinikon.

Indicative are transactions that took place near the PM’s office at Maximos Mansion. With the amount of 12 million euros, Gianna Angelopoulou acquired the 700 sq.m. apartment of Michalis Goulandris on Vassileos Georgiou Street. The purchase was made through auction.

Another apartment, also 700 sq.m., on the second floor, again of the Goulandris family, was bought by shipping funds, at a price of 25,000 euros per sq.m.

Additional information states that in Paleo Psychiko in the Autumn of 2021 a Cypriot buyer purchased a plot of 0.35 hectares for 12.5 million euros.

Shipowner Diamantis Diamantidis seems to have become the absolute leader in the luxury apartment complex of Asteras Vouliagmeni, according to reliable sources. He acquired 11 of the 13 licensed plots in the area.

The value of the PIRI 100 breaks all limits

The value of the PIRI 100 increased by 8.4% in 2021, when in 2020 it had risen just under 2%. This is its highest annual increase since the index started recording in 2008.

Of the 100 luxury home markets surveyed, only 7 saw prices fall in 2021, while an impressive 35% of sites “saw” them rise by 10% or more, underscoring the market power of sellers during the pandemic .

The champion of increases, last year, was the purchase of luxury housing in Dubai. Base prices accelerated by 44.4%, sending the Emirates to the top of the PIRI 100 rankings.

With growth of 42.4%, Moscow did not lag far behind, with Russia’s mortgage subsidy program and low supply fueling price increases, albeit temporarily. San Diego (+ 28.3%), Miami (+ 28.2%) and the Hamptons (+ 21.3%) complete the remaining five.