Welcome

Welcome to our inaugural report detailing the state of the real estate markets across Europe, the United Arab Emirates, and India. As the industry adjusts to a return to a less frenzied market pace, we considered it timely to check in with leaders from across our global network to get a better understanding of their markets in 2023.

And we found plenty to be positive about. The mood amongst our network leaders is optimistic and energized—with several expansion plans taking place or on the horizon, new market opportunities, and various routes to residency available to overseas buyers.

In Greece, for example, the team at Berkshire Hathaway HomeServices Athens Properties has recently entered the buoyant luxury rental market, while Berkshire Hathaway HomeServices Orenda India has just opened a second office in the vibrant coastal city of Mumbai, building upon their success in Delhi.

At Berkshire Hathaway HomeServices, connectivity across our network is paramount to our success—it allows network members around the world to foster firm relationships as well as gain exclusive access to remarkable properties in first-class destinations guided by local knowledge.

We enable this through dedicated programs like Global Open House and Behind The Listing, plus the network-wide virtual event that led to the creation of this report.

In the following pages, we discover how Greece, India, Italy, Portugal, Spain, the United Arab Emirates, and the United Kingdom are responding to the new market dynamics, geopolitical events, and global financial conditions—and learn about the most compelling real estate opportunities arising in each country.

So do take the time to read the expert insights contained in this report and make sure to connect with the dedicated leaders across the network to find out more about these exciting global markets.

Christy Budnick CEO, Berkshire Hathaway HomeServices

As one of the most alluring countries in Europe, Greece has long been a vacation hotspot. Tourists are drawn to its extraordinary history, delectable culture, and stunning coastlines—and many are looking to plant permanent roots.

Joining the network in May 2021, Berkshire Hathaway HomeServices Athens Properties currently has two offices in Greece’s capital. The team, overseen by managing partner Kyriakos Xydis, is currently adapting to recent changes to the country’s Golden Visa program.

Xydis explained, “The Greek government announced in late 2022 that it would increase the investment amount needed to obtain a Golden Visa to €500,000, from €250,000. This won’t take effect throughout the whole country—just the most popular destinations, like Athens, and tourist destinations like Mykonos and Santorini.”

The reason for the change, he said, is that many Greek citizens are being priced out of the market due to overseas investment inflating prices. “In the past few years, investors have been snapping up properties,” Xydis said. “Especially in Athens, Greeks are being driven out of neighborhoods due to increasing rents.”

Greece’s ever-increasing popularity among tourists has also affected its vacation rental market. “It’s hard now to find good vacation rentals if you don’t look well in advance,” Xydis said. “You should try to schedule your vacation around six to nine months in advance in order to be able to find the ideal property.”

Seeing an opportunity to diversify and provide highquality properties to overseas visitors, Berkshire Hathaway HomeServices Athens Properties recently entered the vacation rental market. Xydis expanded, “We have signed a couple of great properties that we will exclusively manage. This is important as very few companies get exclusivity in Greece. We have also signed with a company that manages 500 villas in Greece—although these aren’t exclusive—and at the same time we are expanding our offering of luxury apartments in the center of Athens.”

Kyriakos Xydis Berkshire Hathaway HomeServices Athens Properties