Elxis CEO Giorgos Gavriilidis was interviewed recently by ONE TV on the “ONE Economy” program where he spoke about Greece’s real estate market, strong demand and what is driving buying interest.
In the interview Mr. Gavriilidis highlighted that the profile of foreign home buyers in Greece is changing as budgets increase. He said:
“At the start of Elxis’ 30-year history, foreign buyers were what you would call Philhellenes. They were people who loved Greece and looked for that traditional home with the white-washed walls and blue windows. After the pandemic, there has been a shift and the country has started to draw more institutional clients, who spot Greece after searching the market.”
“If you go to Spain, as far as the eye can see, you see 20 story apartment buildings on coastlines which have been built five kilometers inland. The uniqueness of Greece and the limitations in out-of-town planning building are comparative advantages, combined with the low prices on offer.”
“Greece still is, in comparison with other southern European countries, clearly the cheapest. Beyond this, Greece is very popular for rentals. There is recent data from AirDNA that shows that in Greece, in comparison with last year, demand has risen 232 percent for high quality holiday homes.”
“The main origin of our clients is Germany, the Netherlands and Belgium. We were founded in the Netherlands. The Benelux countries are our market, along with western European countries, the US, Australia and Canada. But mainly western Europe. People that don’t want to travel to Aruba or Netherland’s Antilles, or sit ten hours in a plane. They are discovering Greece, a destination that is 2-3 hours away from their country with excellent conditions.“
“At our company stands at exhibitions in the last 25 years, the average client that visited had a budget of 300,000, 400,000 and 500,000 euros and would come specifically for Greece. Now people are coming in that spend 3, 4 and 5 million euros, people that traditionally went to southern France or Spain. Greece is being discovered by people with money that also have a good return on their money.”