Are local Greeks buying holiday homes in Greece, or just foreigners?
According to the latest analysis from Elxis on its client conversations over the past six months, there’s been a notable increase of demand from Greeks for the purchase of holiday homes in Greece.
Expats Vs. Local Greeks
In the past, Greek expatriates had a higher interest in holiday homes in Greece than local Greeks. But this is slowly changing. This development is indicative of the heightened purchasing interest, especially when one takes into consideration that Elxis is mainly focused in promoting Greek holiday homes to buyers from countries in Western Europe, like Germany, the Netherlands, Belgium, the UK, Austria, France and Switzerland.
Elxis’s CEO and co-founder, George Gavriilidis, quotes about the change in the last six months:
“During the past six months, we’ve noticed the almost remarkable reentry of Greek buyers in the holiday homes market.
In fact, what’s even more striking is that these buyers don’t use bank funding. They are focusing on houses of high aesthetics, which are sold off-plan, with prices ranging from 250,000 – 350,000 euros, which means that, unlike the past, current buyers don’t have a fixation on securing very low prices.”
WHERE are Local Greeks Buying a Home in Greece?
According to Mr. Gavriilidis, these people prefer up-and-coming areas of the country, not particularly saturated by tourists. For example, in Crete, locals tend to prefer places in Rethymnon and Chania, without too much tourism.
Increased buying interest is also evident along the coastline of Western Greece, from Igoumenitsa until Preveza and Paleros. Similarly, in Rhodes, Greek buyers prefer the central and western part of the island, which is less developed from a tourism point of view. Another area of interest are the islands of the Eastern Aegean.
WHO is the Typical Greek Buyer of a Home in Greece?
Greek buyers of holiday homes are mainly people of 45 – 60 years old, who are self-employed, like for instance lawyers and doctors. In terms of Greek expatriates, the most common buyers are second or even third generation Greeks, coming from European countries, like Germany, but also from other regions, like the USA, Canada and Australia.
“This is a phenomenon we witnessed since last year, with almost 10% of the share of our sales, coming from expatriates. These people have amassed significant life savings and wish to allocate a part of them towards a holiday home in Greece, even if they‘ve never visited the country”, explains Mr. Gavriilidis.
WHAT Kind of Home in Greece Do They Buy?
Those buyers prefer newly built villas of small surface, with an increased potential for revenue generation through short-term rental platforms. This means that these people use the home as an investment first and foremost, looking to buy-to-rent, although this doesn’t mean that they don’t also make use of the homes for their own holidays. Since no bank lending is being used, the yield can also be greater, Elxis’ analysis concludes.
About Elxis
Elxis is an elite provider of realty and legal services in the Greek market. With offices in Thessaloniki, Crete and Utrecht in the Netherlands and a team of highly qualified property professionals, Elxis has a track record of over 30 years of experience in managing residential property investments. The company covers the needs of its international clientele in the best way possible, with a team of seven legal experts, as well as with personnel whose native spoken language is English, Dutch and German.
