Greek Holiday Home Market: 2024 Year in Review

1. Higher Budgets for Homes in Greece

More and more foreign investors are buying homes in Greece since the start of 2024. In fact, buyers are looking to buy more luxurious properties than in the past couple of years, which leads to higher prices. Available budgets this year have increased and range from 350,000 to 550,000 Euros.

Why are budgets for a home in Greece increasing? Firstly, there is the overall appeal of the Greek landscape and the country’s natural beauty.

Second, a key reason is that sales prices, even at about 550,000 euros, are still quite competitive when compared to other countries in southern Europe.

Villas with a private pool, two/three bedrooms and many amenities, located seaside or with a view to the sea, are priced over 40% higher in countries, like Spain and Italy”, says Mr. George Gavriilidis, CEO of Elxis.

Third, one reason budgets have increased this year is that most of Elxis’ clients have bought “off-plan”. These investments allow for a lower price point by 15% – 20%. This in turn offers the potential for a bigger return on investment, but also a higher future profit.

In fact, some investors have already resold their holiday homes, even a couple of years after their purchase, because of the profit.

2. Buying a Home in Greece as an Investment

Today, a newly built villa in the southern part of Rethymnon in Crete, with a surface area of 80 sq. m., three bedrooms, two bathrooms, and a pool, is priced at 327,000 euros. A property with similar specifications in the same region was selling last year for 280,000 euros and was even lower in 2022, with a sale price of 265,000 euros.

The 2024 price represents an increase of 23.3% compared to 2022 and 16.7% compared to last year. This means you can make a profit just one year after investing in a home in Greece.

Predictions for the Future

Based on Elxis’ data, prices for holiday homes in Greece are expected to rise by an average annual rate of 8%-10% over the next few years.

“Many of our clients believe, rightfully so, that the current period is probably the final chance they’ll have to acquire a unique holiday home in Greece at a very competitive price point. This will allow them to not only secure a solid annual net yield of at least 4% from rental income but also profit from a future resale of the house in a few years,” Mr Gavriilidis said.

3. The Most Popular Areas in Greece to Buy a Home

The most popular areas to buy a home in Greece in 2024 were Crete, the Ionian Coast, and the Ionian Islands.

About Crete

Crete is known as the “island of the gods.” This famous Greek island is known for its history, welcoming people, picturesque landscapes, and high quality of life. It seems that everyone is always in a good mood, even when there is a disagreement.

Mr Gavriilidis notes that “Spots in the southern part of Crete, mainly in the prefectures of Rethymno and Chania, with a view to the Libyan Sea, are considered some of the most popular options among foreign buyers of holiday homes in 2024.”

Crete has a wide variety of landscapes that are ideal for anyone who loves the outdoors. On the coast, you will find golden sand beaches. In the mountains, you will find traditional villages and scenic views. The island of Crete also has ancient ruins, gorges with steep cliffs, and a network of caves.

About The Ionian Coast & Ionian Islands

The Ionian Coast, also known as the Greek Amalfi Coast, is an endless coastline dotted with seaside villages, dreamy beaches, mountain towns, archaeological sites, and amazing landscapes. Parga, Sivota, and Preveza are some of its popular locations.

The Ionian Islands are located in the Ionian Sea, west of the Greek mainland and, for a small part, off the Albanian coast. They were also called ‘Heptanisa’, which in Greek means ‘seven islands’. This was derived from the seven main islands of the archipelago, namely Corfu, Lefkada, Ithaka (also called Ithaki), Kefalonia, Paxi (also called Paxos), Zakynthos and Kythira.

In 2024, there was increased demand in Corfu, Lefkada and the region of Preveza in the northwest part of Greece, especially for newly built properties.

4. More Interest in New Developments

In these areas of Greece, it is increasingly popular to buy a home in a new development, also called an “off-plan” home. An off-plan home is reserved before construction has started, and the buyer pays in instalments as the project progresses.

Off-plan homes are typically found on the outskirts of Greece’s picturesque villages. They are typically built by new, up-and-coming architects who use modern materials and minimalist designs.

New Developments in Crete

In Crete, off-plan villas are especially popular. In western Crete near Chania, Elxis collaborated with a local developer on a project of 16 villas just a short drive from the beaches of Kalyves and Almyrida. Named the Candia Villas, the units were all reserved within a matter of months. Most of their new owners are from the Netherlands, Germany, Belgium, the United States, and other areas of Europe.

A similar story was true for Sunny Days 3, a complex of 25 villas in southern Crete, built on a large amphitheatrical plot on the outskirts of the village of Asomatos. All sold out in a just a few months. It was not long before Sunny Days 4 followed. In this edition, seven villas in southern Crete were released in late May, and they were almost sold out by early July.

New Developments in Western Greece

In Western Greece, the most popular off-plan project was the Ionian Coast Bungalows, located just minutes from the white sandy beaches of Plataria in northwestern Greece. This project also sold out, and some of the first villas have already been delivered. Not far away, near the renowned Monolithi Beach, all 12 Kanali Sunkissed Villas (another recent off-plan project) sold out because of their panoramic vistas of the Ionian Sea.

New Developments in the Ionian Islands

In the Ionian Sea, the Corfu Sunset Villas project (originally four villas) was extended to ten villas when the developer saw its quick success and decided to buy the plot of land next door. This project sold out in the first week of July. On the island of Lefkada, one of Greece’s only islands you can reach by bridge, the first Lefkas Bayview Villas were reserved shortly after their release.

5. The Most Common Buyer of a Home in Greece

In his recent presence at this year’s annual conference Prodexpo, Mr George Gavriilidis, CEO and Co-Founder of Elxis-At Home in Greece, said that “over the last few years, we’ve witnessed a major shift among property buyers from Northern European countries, particularly the Netherlands, Belgium and German-speaking countries, i.e. Germany, Austria, Switzerland and Luxembourg, towards the Greek holiday home market.”

“The country’s exit from the financial crisis and its comeback in the buyers’ 'map' has brought with it the realization that Greek properties are hugely undervalued, compared with houses of similar quality and amenities in places like the southern part of France, Italy and Spain.

As a result, today, Elxis alone has a waiting list of 1,000 potential buyers of holiday homes, but we don’t have the equivalent number of properties to sell. Developers in Greece need to step up their investments to cater to the ever-growing demand for newly built houses”.

People aged 50 years old and up, businessmen, and senior executives are the main buyers of holiday homes in Greece today. These people have saved up some money and are eager to buy newly built houses with modern technical specifications and materials. By a large margin, the largest group of buyers of homes in Greece has an available budget ranging from 250,000 to 600,000 euros.

What Other Kinds of People Buy Homes in Greece?

Another important group of buyers are younger people, with ages ranging from 35 and up to 45 years old. They typically have higher than average incomes and, besides self-use, are also looking into buy-to-let use cases. They may rent out the property or sell it for a profit a few years later. The lack of a profit gains tax is also an advantage of the Greek real estate market.

Buyers from The Netherlands and Belgium

There are also differences depending on each buyer’s country of origin. According to Mr Gavriilidis, Dutch and Belgian buyers are the most active from an investor’s point of view. So, about 50% of these people tend to view the acquisition of a secondary home as an investment and prefer to rent it out during the time of the year that they don’t use the house. In fact, some of them, mainly Dutch people, often resell their houses within a couple of years for a significant profit.

Buyers From the US and Great Britain

Similarly, buyers from the US and Great Britain primarily prefer to keep their properties for their own use. Lately, however, more and more are also looking to secure a residency permit in Greece through the Golden Visa programme, even after the recent increase of the minimum investment threshold from 250,000 to 400,000 euros, provided that the house is in the mainland and not on an island with more than 3,100 residents, where the limit is now set at 800,000 euros.

Buyers from Germany and France

Meanwhile, buyers from Germany and France are also driven to the home market in Greece, mainly for self-use, but some of them are also looking to rent out their properties. Especially when it comes to German and American buyers, 10% – 20% are Greek expatriates who wish to acquire their first house in their country of origin.

6. Local Greeks Buying Homes in Greece

According to the latest analysis from Elxis on its client conversations over the past six months, there’s been a notable increase in demand from Greeks for the purchase of holiday homes in Greece.

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.

Mr 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 to Preveza and Paleros. Similarly, in Rhodes, Greek buyers prefer the central and western parts of the island, which are 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 have witnessed since last year, with around 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 Greeks Buy?

Greek 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.

7. Prices in Greece Compared to the Rest of Europe

This is further confirmed by the latest data from Global Property Guide regarding residential prices for the second quarter of 2024 across Europe. According to these, the average selling price in Attica (Athens) is 2,120 euros/sq.m. This places Greece as the fourth cheapest market, after Romania’s Bucharest (1,632 euros/sq.m.), Bulgaria’s Sofia (1,650 euros/sq.m.) and Montenegro’s Podgorica (1,763 euros/sq.m.).

Meanwhile, prices in other European countries are skyrocketing. In Amsterdam, the average cost for a typical apartment at the centre of the city rose to 8,385 euros/sq.m., almost 4 times higher than in Athens. In Madrid, the average cost is 4,700 euros/sq.m. and in Berlin, it’s around 5,000 euros/sq.m. In Paris and London, the average purchase price stands at 9,430 and 9,540 euros/sq.m. respectively. The most expensive city in Europe is Switzerland’s Zurich, with an average price of 17,285 euros/sq.m., followed by Luxembourg at 11,332 euros/sq.m.

Considering the quality of the properties on offer in Greece, especially in parts of the country that are as picturesque and beautiful as the most touristic ones, it’s easy to understand why foreign buyers are now many more than the available houses. The fact that in Greece, the average price of a newly built holiday home is now ranging between 300,000 and 350,000 euros means that the country is ideal for European investors. This fact is quickly becoming a realization among more and more potential property buyers.

“There is a lot of value in Greece’s holiday homes because one can acquire a modern house, close to the beach, or with a view to the sea, a pool and a number of other amenities, while spending a lower amount of money, compared to other markets”, says Mr Gavriilidis. He also adds that, according to recent estimates from respective reports, there are potentially about 3 million Western European citizens who are thinking of investing a sum of 300,000 – 350,000 euros in the property market.

8. More Americans Search for a Home in Greece

The number of U.S.-based visitors to Elxis - At Home in Greece's website increased tenfold in the two weeks following the elections compared to the same period in 2023. Compared to October, the number quadrupled, and viewing inquiries from prospective buyers also rose at a similar rate. Another indicator is that in November, Americans surpassed visitors from any other country on Elxis’s social media platforms.

The data clearly show a sharp increase in demand for vacation homes in Greece from American buyers following the elections. However, this trend was evident throughout 2024. Mr George Gavriilidis explained, “Interest from U.S. buyers was already significantly higher in 2024 compared to 2023. Depending on the period, we had three to six times more American visitors to our website this year compared to 2023. What has changed after the recent elections is the rapid acceleration of this trend.”

According to Mr Gavriilidis, “In 2024, one in eight of our clients (12.3%) came from the U.S., and we predict that in 2025, the U.S. will rank third after Germany and the Netherlands.” This development is particularly noteworthy because U.S. buyers tend to have larger budgets. In 2024, the average sale price of vacation homes through Elxis was €378,500 for all buyers, but U.S. buyers invested an average of €514,000.

What's Next for 2025?

If you're planning to buy a home in Greece (or just dreaming about it), we recommend staying up to date on the latest trends. Find the latest updates on the real estate market in Greece here.