Greek Buyers Drive Vacation Home Market Resurgence

Greek buyers are staging a resurgence in the vacation home market, signaling their reemergence since the economic crisis. According to Elxis-At Home In Greece’s analysis, there has been a notable increase in demand and acquisitions of vacation homes by Greeks in the last six months, with a focus on acquiring real estate primarily for investment reasons.

George Gavriilidis, CEO of the real estate consultancy Elxis highlights that Greek buyers are increasingly drawn to emerging locales. Regions in Crete, such as Rethymno and Chania, have captured their attention, along with the western coastline of the mainland. In Rhodes, situated in the southeastern Aegean, demand is particularly notable in the less developed central and western areas, while interest in the eastern Aegean islands is also substantial.

Typically aged between 45 to 60, Greek buyers are often self-employed professionals, such as doctors and lawyers, who, without relying on loans, target aesthetically appealing properties. Many of them opt to purchase vacation homes, guided by an investment-oriented approach, beyond their own occasional use for a few days a year. Based on this, Greek buyers seem to prefer newly-built single-family houses of small size, which offer promising prospects for generating income through short-term rental platforms.

At the same time, property sales prices saw a notable 12% surge in 2023 across all property types, irrespective of construction year. The real estate agency RE/MAX Greece attributes this rise to heightened demand, the recovering purchasing power of Greek consumers post-Memoranda and COVID-19, a quest for superior residences, and ongoing trust in real estate as a secure investment.

Source: tovima.com