“During the past 18 months, we have noticed strong interest both from our clients abroad, but also from other third-party investors who approach us and are eager to get involved in holiday home development themselves. This is yet another indication that Greece is a highly attractive destination for the holiday home market,” says Mr. George Gavriilidis, CEO of Elxis – At Home in Greece. The company, based in the Netherlands, specializes in promoting Greek holiday homes to foreign buyers.
This type of foreign direct investment, i.e. for developing real estate, rather than simply purchasing properties — creates significant added value for the economy, as they mobilize capital across the entire “construction chain,” from materials to labor, while also boosting public revenues. As a result, this trend can be viewed as especially positive, at a time when capital inflows from abroad for Greek real estate are expected to decline, due to stricter rules for the “Golden Visa” program and limits on short-term rentals. In fact, already, according to data from the Bank of Greece, in the first quarter of 2025, foreign capital inflows fell by 31.4% to €356.8 million, down from €520 million a year earlier. Overall, 2024 saw a record in foreign investments, with €2.75 billion flowing into the country, an increase of 30% compared to 2023.
According to data gathered by Elxis, more and more foreign investors are choosing to develop new holiday home real estate. These investors are both private individuals or even businesses from Western Europe, such as Germany, the Netherlands, and Belgium. For example, a German company is currently building 65 apartments near the Venetian harbor of Chania, Crete. A Dutch entrepreneur, owner of a construction firm, is developing 28 ultra-luxury, fully furnished apartments in Vasiliki of Lefkada and will also manage them on behalf of the buyers (e.g. rental, maintenance, and cleaning services). Meanwhile, a Belgian investor is building 14 villas with pools on the island of Rhodes.
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