Italy vs. Greece: Choose the Best Destination for Luxury Coastal Real Estate Investment

Introduction

Investing in seaside real estate under the Mediterranean sun is a dream for many buyers. Greece and Italy, with their stunning landscapes and often more affordable prices compared to France, particularly attract investors. These two countries offer a wide range of properties, from traditional houses to modern villas. This article explores the advantages and disadvantages of buying coastal real estate in Greece and Italy, highlighting the services offered by Sotheby's International Realty for discerning investors.

The Allure of Italy: From Trulli to Luxury Villas

In Italy, the region of Apulia is especially popular for its picturesque landscapes and charming traditional houses, the trulli. Around Lecce, these renovated trulli sell for between €350,000 and €450,000, depending on their location and quality of finish. The diversity of Italy's coastlines, with more than 7,800 km of shoreline, allows buyers to find properties in very varied regions, with prices ranging from €1,200 to €5,000 per square meter.

Sotheby's International Realty, as a luxury real estate agency, offers unique expertise for purchasing prestigious properties in Italy. Whether you are looking for a contemporary villa with a pool or a luxury apartment with a sea view, our network of local experts is at your service to help you find the property of your dreams.

Greece: A Booming Market

Greece, with its 14,000 km of coastline, is also a prime destination for real estate investment. The Greek islands, in particular, offer high potential returns for seasonal rentals. For example, on the island of Naxos, a 168 m² property with a pool sells for around €700,000, while in Diakofti on the island of Kythira, a new 116 m² villa with a pool costs around €330,000. Although prices have risen by nearly 50% over the past seven years, they remain attractive compared to other European destinations.

Sotheby's International Realty in Greece specializes in assisting foreign buyers, offering services such as luxury property valuation and high-end rental management. Whether you're looking for a designer apartment or a luxury villa, our team is here to guide you through every step of your investment.

Challenges in Financing and Legal Procedures

One of the main challenges for foreign buyers in Greece and Italy is financing. In Greece, it can sometimes be challenging to obtain a mortgage as a non-resident, but domiciling rental income in a local bank can help persuade financial institutions. In Italy, opening a non-resident bank account is necessary, and interest rates can be more attractive than in Greece, averaging 4.17% in February 2024 compared to 7% in Greece.

The legal procedures in Greece and Italy are similar to those in France, with strict verification requirements to ensure property compliance. Purchase costs are comparable in both countries, around 8 to 10% of the sale price, including agency fees, lawyer fees, engineer fees, and notary fees.

Conclusion

Whether you are interested in buying a trullo in Italy or a villa in Greece, Sotheby's International Realty is your trusted partner in making your real estate dream come true. With our international network and local expertise, we accompany you every step of the way, offering bespoke service and personalized advice. For more information, contact our agency today.