For this calculation, the company—specializing in holiday home sales to foreign buyers—considered a 120 m2. villa with a swimming pool and a 500 m2 garden. “This is a typical property bought by our clients, who mainly come from Western Europe and countries like the Netherlands, Belgium, Germany, Switzerland, the United Kingdom, and France,” says Mr. George Gavriilidis, CEO of Elxis. Such a property currently costs €400,000. The property transfer tax amounts to €12,360, while land registry fees and notary costs add another €8,800 to the buyer’s expenses. The lawyer’s fee is €4,000, and the real estate commission (3%) is estimated at €14,880. Therefore, the total cost—and the immediate economic input from the property purchase alone amounts to €440,040.
However, according to Mr. Gavriilidis, “in recent years, an increasing number of foreign buyers are also renting out their properties, besides using them for their own pleasure and vacations. The total usage is estimated at around seven months per year, with rental periods covering about 12 weeks annually, mostly during the summer months.” Under such conditions, visitor accommodation spending is estimated at €29,400, while the owner’s personal expenses (consumption, leisure) add another €21,250. Maintenance costs (technicians, pool, garden) amount to €10,000 annually, plus €4,500 per year for property management (rentals, etc.) by a professional. Thus, usage, maintenance, and rental activity generate additional inflows to the local economy, totaling €65,150 annually, or over €650,000 in a span of 10 years.
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