Sale prices for homes built by DKG Development at a branded residences complex at Zea Marina in Piraeus reach €13,000 per sq m.
The Wyndham Residences, at 68 Akti Moutsopoulou, is close to DKG’s other major investment, Piraeus Gate, a project worth about €200 million.
The Wyndham Residences, which began operating over the summer, held its inauguration yesterday. DKG management says all the homes in the 4,300 sq m building have been sold to investors from Australia (Greek Australians), the US and Korea, among others.
All the buyers acquired the apartments for investment purposes and rent them out to third parties by the night, week or month.
DKG Development manages the apartments, executives at the developer say, while nightly rates for guests (the end user) start at €120 and reach €500 for the suite.
The growth of branded residences
Branded residences have seen strong growth in Greece recently. This type of investment allows developers to achieve higher sale prices, as the homes are associated with a recognised brand and combine property ownership with high-end services and amenities.
They combine property sales with tourism rentals and target international buyers with significant purchasing power.
Prices
Sale prices for homes at Wyndham Residences start at about €6,500 per sq m. The average purchase price ranges from €8,000 to €10,000 per sq m, reaching as much as €12,000-€13,000 per sq m on the upper floors.
The apartments are under 100 sq m, attracting a broader pool of investors. Specifically, apartments at Wyndham Residences range from 35 sq m to 80 sq m.