Foreigners buy bigger homes
Property buyers from abroad are this year opting for larger and more expensive holiday homes in Greece, as shown by the relevant data by the Elxis – At Home estate agency.
The average value of homes sold this year is 378,500 euros, being 27.8% higher than in 2023, and 44% higher than in 2022, when the properties being bought were of an average value of €263,000.
“We see that this year the total value of the sales we make has greatly increased compared to last year, although in absolute figures, the homes sold are comparable to 2023. Most of our sales concern holiday homes with an average value of €350,000, while last year that did not exceed €300,000,” says Giorgos Gavriilidis, managing director of Elxis, which specializes in the purchase of countryside houses and is based in the Netherlands.
Interpreting this year’s shift to larger and more expensive properties, Gavriilidis points out that “newly built properties with a private pool, close to or overlooking the sea, are particularly difficult to find at just €350,000 in other European countries, where costs average 40% higher. Therefore, the decision to invest in Greece is particularly easy, even if prices are now higher than in previous years.” He adds that this is proven by the buyers’ preference for ever more quality holiday homes, as the value-for-money factor increases accordingly.
Elxis predicts that holiday home sale prices will continue to strengthen in the coming years, at an average annual rate of 8-10%. Consequently, many choose to position themselves also for investment reasons, expecting significant future capital gains; until then they can also ensure an annual return of at least 4% from utilizing their property.
Crete remains the most popular area, while a large increase is also noted this year in Corfu and the wider area of Preveza, especially for newly built homes. “Areas on southern Crete, mainly in the prefectures of Rethymno and Hania, overlooking the Libyan Sea, are among the most popular choices. This year we are also seeing a significant shift toward the Ionian Sea, with Corfu and Preveza,” notes Gavriilidis.
