Holiday home prices in Greece have continued rallying during 2024, as more luxurious properties become increasingly popular in Greece. According to data compiled by the Elxis team, the average amount spent on a holiday home in Greece has almost doubled in the past two years, now at 378,500 euros compared to 263,000 euros in 2022. In fact, over the past 12 months alone, the average amount spent increased by 27.8%.
Despite the fact that the number of properties sold has remained roughly the same as last year, there is a trend towards larger, more luxurious properties. “This year, most of the houses sold for a value of around 350,000 euros, while last year the respective value was closer to 300,000 euros”, says Mr. Giorgos Gavriilidis, CEO and Founder of Elxis.
What Does This Mean for Me if I’m Buying a Home in Greece?
Based on the current trend, if you’re thinking about buying a home in Greece, it could be a good investment opportunity. Some of the most popular areas for investment in Greece are Crete, the Ionian Coast, and the Ionian Islands.
Elxis estimates that holiday home prices will rise in the years to come, with an average annual rate of 8%-10%. Many buyers are looking to acquire a property also for investment purposes, looking forward to future appreciation. In the meantime, they can also enjoy an annual yield of at least 4% by renting out their holiday home, in the most popular regions.
If you’re looking to buy a home in Greece, it’s also likely that you’ll have many new constructions to choose from when searching. Based on data from the Hellenic Statistical Authority, we estimate that 2,106 newly built properties will come to Crete in the next 18 months, many with styles preferred by foreign buyers. Similarly, based on the permits issued during the Jan-May period, in Corfu there are an expected 251 new properties, and 535 expected in Preveza.
What Does This Mean for Me if I’m Selling my Home in Greece?
Based on the current trend, if you’re thinking about selling your home in Greece, it is likely to have a higher sales value than just two years ago, depending on the location. It may also be a good idea to rent out your home, if you are in an area popular for visitors to Greece.
About Crete
Crete is referred to with the nickname “island of the gods.” The famous Greek island is known for its history, its welcoming people, its picturesque landscapes, and high quality of life. It seems like everyone is always in a good mood, even when there is a disagreement.
Mr. Gavriilidis notes that, “Spots in the southern part of Crete, mainly in the prefectures of Rethymno and Chania, with a view to the Libyan Sea, are considered some of the most popular options among foreign buyers of holiday homes in 2024.”
Crete has a wide variety of landscapes that are ideal for anyone who loves the outdoors. On the coast, you will find golden sand beaches. In the mountains, you will find traditional villages and scenic views. The island of Crete also has ancient ruins, gorges with steep cliffs, and a network of caves.
About The Ionian Coast & Ionian Islands
The Ionian Coast is also known as the Greek Amalfi Coast, and this endless coastline is dotted with seaside villages, dreamy beaches, mountain towns, archaeological sites, and amazing landscapes. Parga, Sivota, and Preveza are some of its popular locations.
The Ionian Islands are located in the Ionian Sea, west of the Greek mainland and for a small part off the Albanian coast. They were also called ‘Heptanisa’, which in Greek means ‘seven islands’. This was derived from the seven main islands of the archipelago, namely Corfu, Lefkas, Ithaka (also called Ithaki), Kefalonia, Paxi (also called Paxos), Zakynthos and Kythira.
In 2024 there was increased demand in Corfu and the region of Preveza in the northwest part of Greece, especially for newly built properties.
How Do Prices in Greece Compare to Other Countries?
Commenting on this year’s trend towards larger and more expensive properties, Mr. Gavriilidis says that “it is very hard to find newly built homes seaside or with a view to the sea, with a private swimming pool and various other amenities, for a price of 350,000 euros elsewhere in Europe, with prices in other countries higher by 40% on average. So, the decision to invest in Greece is rather easy, even if today’s prices are higher compared to the past couple of years”.
