Greece's Holiday Homes: A New Trend for Senior Executives

Discover why businesspeople aged 50+ are investing in newly built holiday homes in Greece for personal use and short-term rentals.

In a fascinating turn of events, the demographic landscape of holiday home buyers in Greece has undergone a significant transformation. The primary clientele now comprises business professionals and senior executives aged 50 and above, who are increasingly drawn to the allure of acquiring a holiday residence in this sun-soaked Mediterranean paradise. These individuals, having amassed considerable savings, predominantly seek newly constructed properties, primarily for personal enjoyment, with the secondary intention of leveraging short-term rental platforms for additional income.

This insightful analysis, conducted by Elxis – At Home in Greece, a Netherlands-based firm specializing in the sale and management of holiday homes, sheds light on the evolving preferences of this affluent demographic. The data reveals that the most prevalent category of buyers possesses a budget ranging from €250,000 to €600,000. Giorgos Gavriilidis, the managing director of Elxis, notes a remarkable shift in buyer behavior: “Until 2023, our clientele typically operated within a budget of €450,000-500,000, which encompassed a relatively modest pool of buyers. Most transactions hovered around the €300,000-350,000 mark. However, we are now witnessing a burgeoning demand for properties exceeding €500,000, particularly new constructions featuring private pools, expansive gardens, and a plethora of modern amenities.”

Noteworthy is the fact that the average sale price of holiday homes this year has surged to €378,500, reflecting a staggering 27.8% increase compared to the previous year. When juxtaposed with 2022, the contrast is even more pronounced, as the average value of sold properties then languished below €263,000. This dramatic escalation in property values underscores a significant shift in buyer sentiment, occurring despite the prevailing climate of rising interest rates.

The Greece holiday homes market is witnessing a renaissance, characterized by an influx of discerning buyers willing to invest substantially in their dream retreats. As the landscape continues to evolve, one can only speculate on the future trajectories of this vibrant sector.