Luxury Holiday Homes in Greece Surge in Demand

Luxury holiday homes in Greece, valued between 270,000 and 370,000 euros are in high demand according to experts in the real-estate sector. The profile of the buyers are mainly individuals under 45 years of age who are interested in purchasing newly built, high-specification property in the Greek market.

Trends regarding holiday homes in Greece, in recent years, are primarily driven by the significant demand of affluent clients who seek to buy more comfortable family homes.

This surge in demand has resulted in a price hike, especially in popular destinations such as Corfu, Santorini and Crete. More recently, buyers are increasingly showing more interest in alternative, not so popular, locations such as the islands of Astypalea (Astypalaia) and Kythnos.

Ioannis Revithis, Founder and General Manager of Revithis & Partners, points out that foreign buyers choose to purchase property in Greece for its beauty and as an investment that can generate a good income.

Elxis Greek Real Estate Services CEO reveals that the profile of potential buyers includes those aged 35-45, who are entering the market with plans to exit within a relatively short period.

Prices for a 2-3 bedroom holiday home, with a small pool, range from 270,000 to 370,000 euros, accounting for 80% of sales, with many buyers intending to sell the property 5 to 10 years after the purchase.

Elxis highlights that vacation home prices, which in recent years have been rising at a rate of 8% to 10% annually, are expected to continue. Buyers from the U.S. and the U.K. are particularly interested for both personal use and acquiring residency permits through Greece’s “Golden Visa” program.

Buyers from countries like Germany and France are also motivated primarily by personal use, though some aim to lease the property through short-term rentals.

Source: tovima.com