Demand Growing for Luxury Villa Rentals in Greece

Demand for luxury villa rentals in Greece is on the rise all year round and mainly for the summer season, according to property experts Berkshire Hathaway HomeServices, a real estate brokerage franchise network with more than 50,000 professional realtors and some 1,500 offices in the US, Canada, Mexico, Europe and the Middle East.

A recent report released by Berkshire Hathaway HomeServices titled “Europe India UAE 2023 Real Estate” found that Greece is a leading choice among visitors and investors for real estate due to its combination of landscapes, history, beaches, culture and fine weather.

The report findings also reveal a growing demand for summer luxury villa rentals, so much so that it has prompted market specialists to advise prebookings.

Market analysts attribute the increasing demand to Greece’s “Golden Visa” program which grants five-year residency rights to third country nationals who purchase, individually or through a legal entity, property in Greece valued at a minimum of 250,000 euros. This limit is set to rise to 500,000 euros for certain popular areas in May.

Analysts expect applications for investor visas in Greece to double in the coming period.

On the downside however, skyrocketing demand for property in Greece and particularly for Athens and urban centers is pushing rents up, forcing many Greek tenants out of their homes.

“The Greek government’s announcement that it will increase the limit of the Golden Visa from 250,000 euros to 500,000 euros mainly affects popular places and tourist destinations, such as the center of Athens and its popular southern and northern suburbs and its islands Mykonos and Santorini,” said Kyriakos Xydis, managing partner Berkshire Hathaway HomeServices Athens Properties.

He adds that “this change is happening because many Greek residents were excluded from the housing market due to investments that came from abroad, which shot up prices. In recent years, investors from all over the world have been buying real estate, increasing demand and prices”.

Earlier this month, a study released recently by the Hellenic Confederation of Professionals, Craftsmen, and Merchants (GSEVEE) focused on the urgent need for the municipality of Athens to formulate and implement a full-scope policy that will set the terms and conditions for business activity in the city center and in this way safeguard the capital from gentrification.