"Until recently, the primary source markets for holiday home buyers in Greece were countries in Central and Northern Europe, such as Germany, France, the Netherlands, Belgium, and Switzerland. However, this year's sharp increase in interest and transactions from North America signals a significant development and broadening of the international markets now driving demand for Greek real estate," said Giorgos Gavriilidis, CEO of Elxis. According to the company's data, another noteworthy finding is that 30% of these buyers (approximately three out of ten) are of Greek descent, representing second, or even third-generation members of the Greek diaspora. According to Mr. Gavriilidis, "This demonstrates that the growing interest in Greece is not purely investment-driven, but also represents a 'return to one's roots,' as many seek to reconnect with the country of their heritage."
What Types of Homes Are They Buying?
Seven out of ten (70%) buyers from the U.S. and Canada choose to purchase newly built holiday homes, either off-plan or currently under construction. The remaining 30% prefer existing properties. The average purchase price stands at €448,000 per buyer. Interestingly, only 11% have taken advantage of Greece's Golden Visa residency-by-investment program, confirming its relatively limited appeal among overseas buyers.
As for preferred locations, Crete continues to rank as the top destination for American buyers, while the Ionian Islands follow closely behind, with strong demand.
We first identified the growing interest from the U.S. market in 2024. "Interest from American buyers was already significantly higher in 2024 compared to 2023, with the trend accelerating dramatically following the U.S. presidential elections," Mr. Gavriilidis noted. According to companies monitoring global investment migration trends, recent years have seen a growing number of U.S. citizens seeking to relocate abroad in search of a better quality of life. Southern Europe, and increasingly Greece, has emerged as one of their preferred destinations.
Press Releases
