The growth of branded residences is often highlighted in global media, with a focus on well-known countries and cities like Dubai, London, Miami, Thailand, and Vietnam. However, the appeal of branded residences extends beyond these popular areas, as we are witnessing a Branded Residences Boom in Southern Europe.
Countries such as Montenegro, Albania, Bulgaria, Turkey, and Greece are experiencing a significant increase in new hotels and luxury residential projects associated with top hospitality brands worldwide.
This article explores the benefits of investing in luxury branded real estate in these regions.
Greece
Greece is renowned for its rich history, vibrant culture, and booming tourism industry. Recent data from Travelworks reveals that there are currently 60 new hotels in various stages of development.
The rise of Branded Residence projects is evident, with notable examples like Mandarin Oriental Costa Navarino and the luxurious One and Only Kea Island. The latter offers freehold branded private homes just a short boat ride away from Athens, starting at around USD 4.2 Million.
Investing in real estate in Greece comes with numerous benefits, including affordability, favorable weather, quality of life, thriving tourism, and the opportunity to obtain a Golden Visa with a property purchase ranging from approximately 270,000 to 520,000 USD depending on the location.
The Visa offers numerous benefits including:
- No requirement to reside in Greece
- Residence permits can be acquired within 90–120 days
- Unlimited expiry date of residence permit
- Residence applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse
Albania
Last year at the Resort & Residential Hospitality Forum, Montenegro and Albania were identified as the upcoming popular European leisure destinations to watch out for. This prediction has sparked a significant interest in branded residences.
Melia Hotels, the Spanish hospitality group, has sealed 18 deals for new resorts, as revealed by Maria Zarraluqui, VP Development, in a recent interview with Hospitality investor.
“In Albania, we have branded residences, franchise and management – we’ve already signed 18 deals there. We believe strongly in this destination because it has all the components – it is in the middle of Europe so it’s very well connected through road and air travel, they have a government that is putting a lot of effort into the development of the country and we have the right connections to have an understanding of the market.
She adds: “And at the same time, it’s a gorgeous country and it hasn’t seen a lot of hotel development. It is a hidden gem that we have been looking at and exploring and I would say we’re now the biggest player in that market.”
Investment pouring into Albania
Situated in a prime location in Vlora, this development presents a limited selection of Premium and Branded apartments boasting exclusive sea views. Two luxury hotels, along with a top-notch marina – the first of its kind in Albania featuring 438 berths for year-round mooring of yachts and mega yachts.
Last year, Marriott International inked a deal with Vlora Marina to introduce a dual brand property under the Marriott Hotels and Marriott Residences brands.
Eagle Hills Properties, a developer based in Dubai, is also working on a $2.5 billion marina project called Durres Yachts & Marina, situated 34 kilometers away from the capital Tirana.
This project will offer open-air retail spaces, parks, upscale hotels, branded hotel residences, wellness clubs, spas, as well as beach and marina clubs.
Montenegro
As mentioned above Montenegro was tipped as a top tourist and investment destination at the Resort & Residential Forum.
Branded residences are available from Movenpick, with Movenpick Residences Teuta Bay Montenegro
Porta Rai Beachfront Hotel & Residences stands out as a fantastic investment opportunity as does the entire Porto Montenegro development which we have written about HERE.
Notable other developments in the region include Regent Porto Montenegro, Tivat, Montenegro, One&Only Portonovi Private Homes, Herceg Novi, Montenegro. SIRO Boka Place, Tivat, Montenegro Swissotel Resort Kolašin, Montenegro
Serbia Croatia and Bulgaria
The presence of The St. Regis has firmly placed Serbia on the map for branded residences with the wonderful The Residences at The St. Regis Belgrade.
Croatia whilst having established hotels and residences such as Kempinski Residences Istra, and Falkensteiner Residences Senia and the presence of The Four Seasons Kupari Dubrovnik, has challenges due the ownership model of leasehold options only, which is deterring international buyers.
Bulgaria’s Black Sea coast is seeing a change in its holiday property market, with a mix of younger Bulgarian professionals and retired Europeans now showing interest, replacing the previous dominance of Russian buyers.
A recent report by BTA reveals that half of the buyers for seaside apartments are Bulgarians under 30, mainly from the IT sector, while the other half are retirees from Germany, France, Italy, and the Netherlands.
In Varna, residential property prices have increased by 60 percent in the last two years, leading to a growing interest in vacation homes.
Highlighted hotel branded residence projects include Pullman Vista Bulgaria and Swissotel Residences Sofia
Turkey
Turkey will be our next focus, despite the debate over its geographical location. With a portion of eastern Thrace falling in South Eastern Europe, we will include it here due to its growing popularity for branded residential projects.
There are currently 9 projects in development, along with completed properties from well-known brands like The Four Seasons, Six Senses, and Swissotel.
Marriott International is also heavily involved, with 6 projects under their luxury brands like The Ritz-Carlton, JW Marriott, Le Meridien, and Sheraton.
Despite a decrease in foreign interest this year, with sales to foreign nationals dropping by 71% in the first quarter, this could present opportunities for potential buyers.
Summary
Southern Europe is not just about the sun and the beach; it also provides exceptional cultural experiences at local destinations.
Its branded residences should be considered some of the best in the world, and the region offers tax advantages, visa programmes, residency benefits, and a great retirement lifestyle.
Leisure travellers and real estate owners have a wide range of options, from visiting world heritage sites and archaeological museums to admiring art collections in vibrant historic cities or taking part in personalised wine tours in rural areas.
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