SOTHEBY'S INTERNATIONAL REALTY® 2022 LUXURY OUTLOOK REPORT REVEALS HYBRID WORK MODEL FUELS REAL ESTATE INVESTMENT

Greece Sotheby's International Realty Debuts Second Annual Luxury Trend Report for the Year

ATHENS, Greece, Feb. 24, 2022 /PRNewswire/ -- Greece Sotheby's International Realty is pleased to announce the release of the 2022 Luxury Outlook report, which identifies the trends likely to shape the prime housing market in Greece and across the globe. The comprehensive report offers insight into the high-end real estate industry as the starts-and-stops of the pandemic's reopening fueled even stronger demand and inventory struggled to keep pace. The global report reveals that relief from the market frenzy may not happen quickly as prices are expected to rise in 2022. In addition, a shift to a hybrid work model is fueling more buyers to invest in real estate and seek larger homes that can accommodate remote work while remaining within commuting distance.

The past years have made people care for their houses and quality of life more than ever. Greece reflected this trend in 2021 with enquiries from international second-home buyers growing by 120%, year-over-year.

"The real estate market has continued to register an unprecedented increase of interest for luxury homes. Our leading position in the Greek market is stronger than ever. Our Sales Associates have recorded for 2021 demand levels of €4,2 billion, twice as last years' record numbers while our volume of sales has increased by an astonishing two and a half times year on year, " Savvas Savvaidis, President & CEO, Greece Sotheby's International Realty states.

The Sotheby's International Realty 2022 Luxury Outlook report was compiled by surveying Sotheby's International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including UBS Wealth Management; Henley & Partners, a global citizenship and residence advisory firm; the National Association of Realtors; in addition to art and luxury experts at Sotheby's, the famed auction house, to round out luxury trends in the year to come.

Key findings featured in the report include:

• 2022 is likely to be the year of the international buyer as borders open and vaccinations and boosters roll out
• Nearly half of respondents agree that a rise in interest rates might affect the market
• Between 2018-2042, nearly US$70 trillion will be passed down from older generations and millennials will continue to use their share for real estate, according to Cerulli Associates
• In Greece, 2021 saw historic transactions up to €16,700 per m² in waterfront homes
• Americans, British, French, Swiss and Germans still lead the demand for the 2022 sales season in Greece
• Corfu, Mykonos and Athens Riviera are the most sought after Greek locations
• Sustainability and privacy drive demand in intriguing Greek islands like Folegandros, Ithaca and Syros

Click here to read the complete report.

About Greece Sotheby's International Realty

Greece Sotheby's International Realty is the leading luxury real estate agency specializing in the promotion and sale of luxury homes in the Greek islands, as well as in selected locations on the mainland. It is an international award-winning company, with experienced executives who share more than two decades of successful sales. Using state-of-the-art marketing tools and harnessing the power of the international brand, Greece Sotheby's International Realty offers extraordinary homes to exceptional people around the world.

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