Higher Budgets for Homes in Greece
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 why budgets have increased this year is because 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 of 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.
Quick Profits for Homes in Greece
One example of such a sale was this month (May 2024). The Dutch owners of a villa chose to sell their property for 325,000 euros, making a profit of 47%, compared to when they bought the property in 2021. The only difference was that the house was sold furnished. 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% versus 2022 and 16.7% compared to just last year. This means you can make a profit just one year after an investment in a home in Greece.
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