Business tycoon Charles Worthington is looking to sell an eight-bedroom villa in Mykonos, in what would be the biggest-ever deal of its kind on the Greek island.
(Bloomberg) — Business tycoon Charles Worthington is looking to sell an eight-bedroom villa in Mykonos, in what would be the biggest-ever deal of its kind on the Greek island.
The 1.6-acre estate — situated on an island filled with luxury homes owned by the likes of US billionaire Todd Boehly — will go on sale next week for €50 million ($53.8 million) through Beauchamp Estates.
The ultimate owner of the property is Charles Worthington, who built a fortune in celebrity hairdressing and sold his namesake beauty firm to consumer goods company PZ Cussons Plc for about £37 million in 2004.
“Mykonos has a different market to mainland Greece, attracting very wealthy buyers, and this villa has something unique that you can’t find elsewhere on the island,” said Roi Deldimou, an estate agent at Beauchamp Estates’ Mykonos branch.
“You get the views, but nobody can get a view of you.”
The planned sale comes 10 years after Worthington bought the property, which has an infinity-edge swimming pool overlooking the sea. The price Worthington achieves for the villa will provide an insight into the strength of Europe’s super prime housing market, which is adapting to higher interest rates and a clamp down on cash-for-passport programs.
“I still expect to sell to an international buyer, because the island attracts a huge amount of attention from wealthy fashionistas around the world,” Worthington said.
Golden Visa
Europe’s housing markets have been thrown into turmoil since the end of the cheap-money era.
Interest rate hikes by central banks increased mortgage prices just as a cost-of-living squeeze hits consumers.
But in Greece, a surge in interest from overseas buyers using the nation’s “golden visa” scheme — which offers residency in return for foreign investment — has added fuel to Greece’s real estate market, which is also benefiting from strong domestic demand.
The European Union has long pressured governments to terminate golden visa schemes on the grounds that they’re anti-democratic and can serve as a means for dirty money to enter the region, prompting some nations such as Ireland and Portugal to ditch their programs.
Read More: Expats Are Leaving Portugal After Backlash to ‘Golden Visas’
Applicants for Greece’s scheme rose almost 300% to a total of 1,262 in the first two months of 2023, compared to 316 requests registered during the same period last year, according real estate data firm Recognyte.
Almost two-thirds of those applications came from China, a nation which has a reputation for indulging in European real estate.
The surge in applications is mostly down to Greece doubling its investment threshold to €500,000 in in certain areas of the country — including Mykonos — from next month.
The shake-up to the program is designed to stop Greek nationals from being priced out of the housing market as overseas demand surges, but could scare some buyers away.
Despite the changes, “it’s one of the lowest golden visa investment thresholds in Europe,” Beauchamp Estates’ Deldimou said.
“Super prime buyers do not really care. It’s not a problem for them.”
Rich Buyers
Europe’s most expensive homes are typically snapped up by buyers who are less reliant on debt. Some 17% of ultra-high-net-worth individuals bought at least one home last year, according to a report from broker Knight Frank.
What’s more, the report ranks Greece as the fifth-most diverse international prime property market, above the likes of Germany and Portugal, suggesting a wide pool of buyers could be interested in buying the Mykonos home.
Residential property is seen as the safest asset class for rich investors, the research shows, ranking above gold and bonds, respectively.
“We’re looking into buying another a plot of land in Mykonos and starting on a new project,” said Worthington, who also owns properties in Colorado and London.
“I certainly expect to achieve the asking price, and will be waiting for the right offer.”
–With assistance from Paul Tugwell.
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