Amid global economic uncertainty, real estate investments are making a strong comeback as a “defensive” strategy that also offers considerable returns. According to data from Elxis – At Home in Greece (elxis.com), buying a newly built holiday home in Greece is one of the most attractive options, providing both capital appreciation potential and significant income through rentals.
Rise in Holiday Home Prices
Over the past 12 months, the purchase price of an 80 sq.m. holiday home in Rethymno, Crete—featuring three bedrooms and a private pool—reached €327,000, representing a 16.7% increase compared to 2023 (€280,000) and a 23.3% rise from 2022 (€265,000).
“If the owner also chooses to rent out the property, the potential profit can be even greater,” notes George Gavriilidis, CEO of Elxis.
Huurinkomsten
According to company analysis:
A 50–80 sq.m. furnished and equipped home with a terrace and pool can be rented at €80–140 per bedroom per night.
Larger homes of 120–150 sq.m. can command €180–240 per bedroom per night.
Rental rates depend on factors such as sea view, proximity to the beach and tourist attractions, year of construction, presence of a garden or pool, and distance from the airport.
Management Costs & Returns
Final returns are also affected by operational costs. Choosing to work with a management company involves a 10%–30% commission, which usually covers a full suite of services—from cleaning and maintenance to guest reception and support.
Investment Case Study
Elxis provides the following case:
145 sq.m. home with 3 bedrooms and pool, purchased in 2019
Total investment: €515,000 (€450,000 purchase + €65,000 for transfer, furnishing, and equipment)
Net rental profits: €80,000
Capital appreciation by end of 2024: €182,889
Total gain upon potential sale: €262,979
Buying off-plan plays a crucial role in value appreciation, as the buyer benefits from immediate capital gains upon project completion.
International Investor Interest
According to Mr. Gavriilidis, buyers from the Netherlands and Belgium are the most active investors. Around 50% of them treat holiday homes as investment assets, renting them out during periods they are not in use. Some—especially Dutch buyers—resell their properties within two years, securing a substantial profit.
This trend is also growing among German and French buyers, though many still prefer to use their holiday homes mainly for personal vacations.
All signs suggest that holiday home investments will continue to gain traction in the coming years.
About Elxis – At Home in Greece
Elxis – At Home in Greece (https://elxis.com/) is a leading provider of realty and legal services in the Greek market. With offices in Thessaloniki and Crete in Greece, as well as Utrecht in the Netherlands, Elxis’s team of highly qualified property professionals has 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.
