The ‘Hot Spots’ in Greece for Holiday Properties

Official data from Greece’s statistical authority, ELSTAT reaffirms a surge in foreign buyers’ interest in newly built, energy-efficient holiday homes and properties, as construction activity in the housing market saw a sharp rise in 2024.

In recent years, there has been a notable shift among residential property developers toward the holiday home market in Crete.

According to ELSTAT, from January to November 2024, building permits were issued for 3,503 homes—a 17.8% increase compared to 2023 (2,972 homes) and a 45.8% rise from 2022 (2,401 homes). Chania recorded the highest increase in residential building permits, up 46.5% from 2023 and 61.8% compared to 2022.

An analysis by Elxis – At Home in Greece, a company specializing in selling holiday homes to foreign buyers, shows a significant increase in construction activity as early as the first 11 months of 2024. This rise surpasses not only the total for 2023 but even more so that of 2022.

These figures confirm the rapid growth in investment for the construction of new holiday homes, driven by demand that far exceeds supply, as George Gavrillidis, CEO of Elxis notes.

“The demand continues to outstrip supply, and prices have been steadily rising over the past few years at an annual rate of 8% to 10%.”

New holiday home projects are emerging across Crete. In Chania, residential developments are underway, where detached houses are selling for over €4,000 per square meter.

In Kasteli, luxury seaside apartments are priced at €7,000 per square meter. Meanwhile, in Maleme, just 100 meters from the beach, new holiday homes are selling for €5,500 per square meter, and in Kokino Chorio, newly built villas with exceptional views are listed at €6,100 per square meter.

For companies targeting foreign buyers, the right tools are essential, explained Gavrillidis. “Elxis – At Home in Greece provides the necessary guidance to ensure developers can effectively manage buyers and maintain continuous communication throughout the construction process,” he said. “Regular updates on construction progress, adherence to delivery timelines, and addressing any technical issues after handover are all crucial elements in maintaining client trust and satisfaction.”