Press release: Over €1 Million Economic Contribution from Each New Holiday Home Sold

Reading Time: 2 minutes

Table of Contents

Utrecht, Netherlands: The sale of just one newly built holiday home to foreign buyers can bring a total benefit of over €1 million (€1.09 million) to the Greek economy over a 10-year period. This amount is calculated based on both the initial purchase price and related costs (€440,040), as well as the consumer spending and maintenance expenses (€651,500) that a foreign owner is expected to incur over a decade. This conclusion is based on an analysis by Elxis – At Home in Greece, which aims to highlight the economic impact of such transactions.

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.

As such, the local economic footprint from the use of a single holiday property in regions such as Crete, Rhodes, and the Peloponnese, or even in less popular tourist destinations, can be highly significant. “A holiday home has a major impact, starting from its construction and continuing through its use over time. Dozens of professions and activities benefit directly and indirectly, beyond the tax revenues and other state income,” says Mr. Gavriilidis. According to Elxis’ analysis, the professionals who benefit include builders, contractors, technicians, restaurateurs, producers, retailers, fuel suppliers, maintenance workers, managers, cleaners, car rental companies, tour guides, activity organizers, as well as those involved in property transactions—lawyers, notaries, and engineers.

In this context, local authorities can seize this opportunity to boost the regional economy. “Collaboration with investors and professionals, support through infrastructure upgrades, such as roads, sewage and water supply networks, promotion of areas outside major urban centers, and facilitation of permits and procedures are some of the initiatives that local governments could undertake to benefit a significant part of their economy,” concludes Mr. Gavriilidis.

About Elxis

Elxis – At Home in Greece is a leading provider of real estate 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 language is English, Dutch, and German.

Looking for something in particular?
Dion Gavriilidis at Prodexpo
Market InsightsPress Releases

Press Release: How real estate sales could be completed in just 2-6 weeks

An exponential increase both in the speed of real estate transactions and in the overall size of the real estate market can be achieved through ...
Happy family on vacation in Greece
BlogPurchase Tips

Buying Property Together in Greece: How Co-Ownership Works

Buying a Home Together Under the Greek Sun  Buying a property together, whether with your spouse, partner, family member, or even a close friend, is ...
Olive Harvest in Greece
BlogLifestyle

Olive Harvest in Greece: Autumn Tradition, Taste & Lifestyle

Autumn in the Groves: What Happens in October–November  When the heat softens and the first cool breeze arrives, Greece moves into one of its most ...
Greek Islands
BlogIn The News

Global Recognition for Greece Travel Awards Highlight Beauty and Warmth in 2025

Greece is once again making headlines, not just for its beauty, but for its people, culture, and resilience. In 2025, the country has secured major ...
Parthenon
BlogHistory & Culture

The Parthenon Reveals Its Glory After Almost 2 Decades

The Acropolis, Greece’s most famous and historically important landmark, has experienced a remarkable change. For the first time in about 20 years, visitors to Athens ...
Beach in Mani Peninsula, Peloponnese
BlogIn The News

Tourism Growth Confirms the Peloponnese’s Growing International Appeal

Rising Tourism Puts the Peloponnese in the International Spotlight Something special is happening in the Peloponnese. Once mainly known to Greeks and a few in-the-know ...
Your search results

Compare Listings

Featured in

Receive the latest news

Join over 20.000 subscribers and stay informed on the latest market insights, updates, tips and more

We’ll send you our best articles, expert insights and newest listings.​

Personalized Greek Real Estate Guidance

Tell us more and our team of real estate specialists will get in touch! 

This quick form takes less than a minute to complete. We only need minimal information to get started.

Step 1 of 3

Your inquiry will be reviewed within 24 hours on business days.