The outcome of the recent U.S. elections is emerging as a “catalyst” for the surge in American interest in purchasing vacation homes in Greece. This development has triggered a “wave” of people, who have become disillusioned by the election results and are seeking opportunities abroad, particularly in Europe.
More Americans Searching Compared to Last Year
According to research by Elxis – At Home In Greece, a company specializing in vacation home sales in Greece, the number of U.S.-based visitors to its 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. George Gavriilidis, CEO of Elxis, 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.
Greek Golden Visa
It is worth noting that international companies specializing in investment migration programs (e.g., “Golden Visa”) report similar trends. For instance, Henley & Partners recently noted that inquiries from U.S. citizens surged by 400% in the week following the U.S. elections compared to the previous week. However, many of these individuals do not intend to permanently relocate but to use a property in Greece as an option, like an insurance policy.
According to the latest data from the Greek Ministry of Migration and Asylum (October 2024), initial residence permits issued to U.S. citizens reached 369, representing a 45.8% increase compared to the same month in 2023.
This places American investors in the Golden Visa program in the seventh-highest position compared to other countries. Elxis predicts a significant rise in these numbers, as nearly 10,000 pending residence permit applications, dating back to mid-2023, have yet to be processed. Therefore, the increased demand over the past 12 months is not yet reflected in official permit data.
About Elxis
Elxis – At Home in Greece (https://elxis.com/) is an expert provider of realty and legal services in the Greek market. With offices in Thessaloniki and Crete in Greece, and 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.
