Real estate: More and more expensive holiday homes are being bought by foreigners in Greece

More and more expensive holiday homes have been bought this year by foreigners, according to data compiled by Elxis, a company specializing in this market. In fact, if the company’s forecasts are confirmed, by the end of the year it is expected that 25% more holiday homes will have been sold compared to 2022, while the total value of transactions is estimated to “climb” by 45%. This is due both to the fact that more holiday homes have been sold, and to the fact that the average sale price is higher than last year.

“By mid-October, the average sale price of the holiday homes we made available through our network was 12.5% higher than last year. At the same time, during the same period, i.e. from the beginning of 2023 until the middle of October, the number of properties sold was already 17.9% higher compared to the whole of 2022. Thus, already, the total value of transactions has increased by 33% and while there are still more than 2 months left until it is completed in 2023”, says Mr. Giorgos Gavrielidis, CEO of Elxis.

As Elxis reports, as of the end of August this year, the company had sold the same number of holiday homes that it had sold in the whole of 2022, utilizing the network of cooperating construction/construction companies, which it has developed in various regions of Greece.

Based on the data collected by the Greek company based in Utrecht, the Netherlands, it appears that most buyers purchase holiday homes worth between 250,000 and 500,000 euros, depending on the size, specifications and location of each property. The greatest interest comes from German-speaking countries, namely Germany, Austria and Switzerland, followed by the Netherlands and Belgium. The share of expatriate holiday home buyers is also important, being responsible for more than 1 in 10 purchases made.

Turn to more expensive houses

According to Mr. Gavrielidis, “after the spring we noticed a shift in buying interest to more expensive and quality constructions. This is because conditions in many European real estate markets have become unfavorable for most buyers. Thus, many prefer to buy a quality and modern residence in Greece, a market that is one of the few that continues to have an upward trend”. For example, buying a parking space in the center of Amsterdam costs up to 250,000 euros. For the purchase of holiday homes in the Netherlands, made from containers, the cost reaches 300,000 euros. Country houses with corresponding specifications to those bought in Greece have come to cost 600,000 euros.

“These prices are a deterrent even for people from Northern and Western Europe, especially since the cost of borrowing has skyrocketed. Thus, they prefer to invest in Greece and this has now expanded as an option among people who, until a few years ago, preferred other areas for such moves, such as e.g. Spain and the French Riviera”, points out Mr. Gavrielidis.

Now, many buyers from abroad prefer to stay in the rental in the country where they live permanently, but buy a private residence in Greece. This trend is expected to continue in the coming years, creating positive prospects for the future of the domestic holiday home market.