Athens’ properties rank high in the preferences of the world’s richest people, surpassing even traditional “havens” such as Paris, London, Monaco and Milan. This is an important development that reflects the leap that Greek real estate has achieved over the past five years.
In particular, according to Knight Frank, Athens ranks ninth in terms of interest from wealthy people looking to invest in real estate.
The most in-demand properties in 2024 will be healthcare, logistics, office and residential
Athens ranked ninth among the top 10 real estate markets for the wealthy
According to IBISWorld, global commercial real estate industry revenues are expected to decline to $4.3 trillion by the end of 2023, at a rate of 2.5% annually from 2018. This includes an expected 1.6% increase in revenues in 2023 due to a slight improvement in economic indicators. After global markets opened after the epidemic.
Knight Frank said in the wealth report that there will be changes in the investment strategies of the wealthy given the ongoing challenges. According to the report, about 69% of wealthy investors expect their investment portfolios to grow in 2023. According to participants in the wealth report, 31% said that investors will target capital growth, 26% indicated capital preservation, and 23% said that income or production will be The main element. Investor focus. About a third of investors look to real estate investments to hedge against inflation and diversify their portfolios.
Expensive real estate for the rich
According to the Knight Frank Prime International Residential Index (PIRI 100), the average growth in luxury home prices fell by 5.2% in 2022. Despite the decline, approximately 17% of the world’s ultra-high net worth individuals purchased property in 2022. Making it the second strongest year on record. Of the 100 markets, about 85 reported positive price growth in 2022, with Dubai leading at 44.2%, Aspen at 27.6%, and Riyadh at 25%.
Luxury residential property sales, valued at $10 million or more, were down in 2022 compared to 2021, but were 49% higher than in 2019. New York, Los Angeles and London remained the top locations with the highest property sales in 2020. 2022. While very valuable properties, worth $25 million or more, saw higher sales in New York and London.
The surprise was that Athens ranked ninth among the top 10 real estate markets for the wealthy.
The luxury real estate market is expected to improve in 2024. Nearly 19% of HNWIs plan to invest directly in income-generating properties, while 13% plan to take the indirect or passive approach.
The most in-demand properties in 2024 will be healthcare, logistics, office and residential. Knight Frank’s report indicates that offices are expected to lead the real estate market in 2024, with London expected to be the first target. In 2023, US investors are expected to drive nearly 50% of cross-border property purchases, with strong demand expected from the UK, UAE, Singapore, Canada and Switzerland.
Where does Croix live?
The United States has the largest number of billionaire citizens, with 735 people having a net worth of $4.5 trillion. China ranks second with 495 billionaires adding $1.67 trillion to the Chinese economy.
India has 169 billionaires, and Germany is home to 126 billionaires. The countries with the highest number of billionaires per capita are followed by Hong Kong with 66, Singapore with 35, and Switzerland with 41 billionaires. These countries are among the top places where the rich own real estate. The richest cities in the world with the largest number of wealthy people include New York, Tokyo, the Bay Area, London, Singapore, Los Angeles, and others.
But in which cities do the Croix keep properties and houses? According to Investing Channel researchers and based on Knight Frank’s 2023 Wealth Report, the wealthy own properties from Hong Kong and Auckland to Paris and Porto. Here are the top ten Croix favorites in the world:
-
Porto
Annual change in luxury home prices in 2022: 12.7%
Porto is a coastal city in northwestern Portugal.
-
Athens
Annual change in luxury home prices in 2022: 13.0%
the Athens It is the cradle of Western civilization, the heart of ancient Greece, and the current capital of Greece. It combines the air of a cosmopolitan city and…
-
Bahamas
Family vacation, Atlantis Resort, Paradise Island, Bahamas · Monday, August 31, 2009 · Nikon D40 · 18-55mm f/3.5-5.6
Annual change in luxury home prices in 2022: 15.0%
The Bahamas is an island nation in the Caribbean, which, in addition to its natural beauty, is also a financial and tax paradise.
-
Algarve
Annual change in luxury home prices in 2022: 15.3%
The Algarve region is located in the extreme south of Portugal. It is famous for its Atlantic beaches and golf resorts.
-
Prague
Annual change in luxury home prices in 2022: 16.3%
Prague is also called the “City of a Hundred Towers” and is the capital of the Czech Republic.
-
Miami
Annual change in luxury home prices in 2022: 21.6%
Miami is a coastal city located in South Florida.
-
Tokyo
Annual change in luxury home prices in 2022: 22.8%
The Japanese capital, Tokyo, is a mixture of modern and traditional urban life.
-
Riyadh
Annual change in luxury home prices in 2022: 25.0%
The capital of Saudi Arabia, Riyadh is the country’s leading economic center.
-
Aspen
Annual change in luxury home prices in 2022: 27.6%
Aspen is a popular city located in the Colorado Rockies and a winter resort for wealthy people everywhere.
-
Dubai
Annual change in luxury home prices in 2022: 44.2%
Dubai is a global financial and tourism hub and has certainly become the number one place for wealthy people to own property.
source: ot.gr
“Avid problem solver. Extreme social media junkie. Beer buff. Coffee guru. Internet geek. Travel ninja.”
More Stories
Are you okay when you tell us we're okay?
A new wave of retirement journeys – we will reach a record high in 2024 with more than 212,000 retirements – a ceiling of €400 million
Thieves' new trick: This is how they steal from drivers on the national highway