Boasting a long and strong presence in the real estate industry, Katerina Mitsotaki, Managing Director of BARNES Greece, talks to Skipper ONDECK about the recent steady upward trend of the real estate market in Greece, as well as about the dynamics of her company in the Greek real estate market, which is considered one of the most up-and-coming markets in Europe.
What is the inherent goodwill of BARNES Greece?
There are three features that distinguish us from competition. Firstly, we represent a prominent foreign real estate agency, which means that there is an international clientele and a highly structured modus operandi. Secondly, we operate solely as a real estate agency, which ensures targeted know - how and expertise and, thirdly and most importantly, we always strive for the best customer care throughout our collaboration with our clients.
How is the Greek real estate market progressing today?
Despite the external challenges (war in Ukraine, energy crisis) and the challenges within (consecutive elections), the real estate market in Greece is deemed one of the most promising in Europe. The reasons thereof are many but, just to name a few, the increase in tourism, cutting the red tape, tax incentives for people who wish to move and transfer their taxation residence to Greece, subsidies in house loans for young people up to 39 years old, and the competitive rates compared to the rest of the European countries have upped the game.
Overall, the Greek real estate market is in a positive trajectory and this is reflected even in the most conservative investors who choose to give their vote of confidence to our country.
Are there any specific destinations you would recommend to your customers?
As far as Athens is concerned, I would recommend the timeless downtown neighborhoods, such as Kolonaki and all the neighborhoods around the Acropolis. Additionally, there are the districts that have experienced a decline in the past years and which are now bouncing back, such as Kypseli and Exarcheia. As for the islands, I would highly recommend exploring lesser-known gems, such as Folegandros, Patmos and Kea.
What is driving the rise in property prices? Do you believe that this upward trend will continue?
After the 10-year crisis and its aftermath (drop in house prices, limited construction activity) followed by the pandemic, investors’ housing needs have accumulated. This translates into high demand both for foreigners and Greeks, as they turn to their favourite and safest investment: real estate.
The surge in demand extends beyond residential properties, and includes offices and commercial properties as well. Hence, prices are expected to continue to rise for a certain period of time.
Do you follow any selection criteria for the properties you undertake?
We have very specific standards when it comes to listing a property. We are looking for constructions of high standards in upmarket and upcoming areas. We also place emphasis on properties which have a special character and, even when they may not meet the aforesaid standards, their impact is unique due to their historic or architectural significance.
What is the rationale behind the company’s modus operandi?
Our business model is threefold and is based on high quality customer care, discretion and expertise. We strive to adhere to these values in every aspect of our operation, mission and action.
Do you believe in the potential of your company’s human resources? Do you invest in this and in what ways?
My collaborators are also my company’s asset. I invest in their ongoing education, through seminars both in Greece and abroad, encouraging them to redefine their skills and talents. I am also for holding meetings as often as possible to efficiently coordinate our activities, achieve our objectives and most importantly solve problems on the spot. Lastly, I offer work options such as teleworking, flexible hours etc.
Have you thought about passing on your knowledge and know-how to the next generation?
Knowledge is power and my aim is to pass on my knowledge to the next generation, not only in a theoretical level but also in practical terms. We must do the best we can so that the next generation surpasses our own and encourage them to be innovative, proactive, take calculated risks and create their own dreams for the future of their business.
What are the dynamics behind the brand name Greece?
Greece’s brand name has become one of the most resonant in the world, and international media can attest to that. Our cultural heritage, our islands, our culinary tradition are the most important factors contributing to this recognition.
However, other conditions have also emerged to reinforce this dynamic. Over the last 4 years our country has been experiencing political and economic stability and we are entering a new cycle of development. We are no longer a country for someone to just spend their short-term holidays, but have now become a permanent residence destination where the investors can put their money and reap the benefits.
