Foreign Demand for Holiday Homes Surges in Greece

The surge in foreign demand for vacation homes in Greece, especially in regions like southern Crete, western Greece, and the Ionian Islands, has significantly accelerated private construction activity.

According to the latest data from the Hellenic Statistical Authority (ELSTAT), analyzed by Elxis-At Home in Greece, construction activity has surged by up to 58.2% over the past year.

In the Ionian Islands, construction activity not only saw a 58.2% increase but also experienced a 31.3% rise in the number of building permits and a 50.2% increase in area under construction. These figures compare the period from March 2023 to February 2024 with the previous year.

Crete and Western Greece also reported substantial growth, with construction activity up by 37.4% and 38.1%, respectively.

The beginning of this year has been even more dynamic. Construction activity in the Ionian Islands skyrocketed by 157.4%, in Crete by 73.8%, and in Western Greece by 21.4%. In contrast, Attica experienced a 3.4% decline in construction volume.

Elxis has identified significant and growing interest from buyers in Crete and Western Greece. The southern coast of Crete, overlooking the Libyan Sea, and the mainland side of Western Greece along the Ionian Sea are particularly popular among foreign buyers. This increased demand is reflected in rising selling prices, which have seen annual increases between 8% and 10%.

Additionally, the Bank of Greece’s price indices reveal that during the first quarter of this year, prices in tourist areas of these regions rose by 12.1% annually, surpassing the 10.3% increase in other major cities and the 9.4% rise in Attica. This marks that regional price increases have outpaced those in Attica.