Foreign Buyers Flock to Larger Holiday Homes in Greece

Data from Elxis – At Home reveals a trend: international property buyers are choosing bigger, pricier holiday homes in Greece this year.

In a notable shift within the real estate landscape, international property buyers are increasingly gravitating towards larger and more opulent holiday homes in Greece this year, as evidenced by comprehensive data from the Elxis – At Home estate agency. The average transaction value for homes sold has surged to an impressive €378,500, marking a staggering 27.8% increase compared to 2023, and a remarkable 44% rise from 2022, when the average property value stood at a modest €263,000.

Forecasts suggest that the upward trajectory of holiday home prices is poised to persist in the forthcoming years, with an anticipated annual growth rate ranging from 8% to 10%. This burgeoning market trend has prompted many investors to strategically position themselves, not only for the allure of significant future capital gains but also to secure a reliable annual return of at least 4% through property utilization.

Crete continues to reign supreme as the most sought-after locale, yet this year has witnessed a pronounced uptick in interest in Corfu and the broader Preveza region, particularly concerning newly constructed homes. "Areas along southern Crete, predominantly in the prefectures of Rethymno and Hania, which boast breathtaking views of the Libyan Sea, remain among the most coveted destinations. Furthermore, we are observing a significant pivot towards the Ionian Sea, with Corfu and Preveza emerging as hot spots," remarked a representative from the agency.

As the Greece real estate market flourishes, it becomes increasingly evident that the combination of idyllic landscapes, promising investment returns, and a burgeoning demand for luxury real estate is creating a perfect storm for both buyers and investors alike.