Greek Buyers Lead Return to Vacation Home Market

Greek buyers are making a comeback in the domestic vacation home market, marking their return after a more than 10-year economic crisis. Elxis-At Home In Greece’s analysis reveals a significant uptick in demand and purchases of vacation homes by Greeks over the past six months, including both expatriates and residents.

“In the last six months, Greeks have made a surge into the vacation home market, notably without relying on loans. These buyers are targeting aesthetically appealing properties sold off-plan, priced between 250,000 and 350,000 euros, indicating that price isn’t their sole priority,” explained George Gavriilidis, CEO of real estate consultancy Elxis.

Preferring emerging locales, Greek buyers are eyeing regions in Crete like Rethymno and Chania, while interest extends to the mainland’s western coastline. Demand in Rhodes in the southeastern Aegean focuses on less developed central and western areas, with significant interest also seen in the eastern Aegean islands.

Typically aged between 45 to 60, Greek buyers are often self-employed professionals, such as doctors and lawyers. Expatriate buyers, predominantly second or third-generation Greeks, hail from European countries like Germany or third countries such as Canada, Australia, and the United States.

Source: tovima.com