Where Are Foreigners Buying Holiday Homes in Greece?
Holiday Homes Purchased by Foreigners in Greece
Buyers prioritize properties with pools, gardens, and privacy
Foreign buyers continue to show significant interest in purchasing holiday homes in Greece. According to George Gavriilidis, CEO of Elxis, a company specializing in the sale of holiday homes in Greece, many Western Europeans prefer investing in Greek real estate over keeping their money in savings accounts, which offer nearly zero interest rates.
Preferred Property Specifications
Holiday homes up to 95 square meters and priced under €400,000 remain the top choice for foreign buyers. These homes are typically newly built, designed to modern standards, and include features like pools and gardens. To meet demand without exceeding budget expectations, developers have adjusted by optimizing construction costs.
Gavriilidis notes, “The most popular category remains properties priced between €270,000 and €400,000. This price range attracts a large pool of buyers from Western Europe. Many prefer this type of investment as a better alternative to low-yield savings accounts.”
To keep costs within these limits, the trend has been to reduce the size of the properties. For example, a typical two-bedroom holiday home 20 years ago offered 90–95 square meters of main living space. Today, a similar property is designed with 70 square meters, emphasizing outdoor spaces instead. Many of these homes now include outdoor kitchens, pergolas, and BBQ areas, catering to summer usage when most time is spent outdoors.
Shifting Interest to Less Touristic Areas
Another emerging trend is the move away from overdeveloped tourist hotspots to more private, less crowded locations. For instance, in Crete, buyers are increasingly drawn to the southern parts of the island, which are less developed but still easily accessible.
Similarly, instead of opting for properties on popular islands like Lefkada, many buyers now explore mainland coastal areas near Preveza, such as Monolithi, Kanali, Palairos, and Pogonia. These locations offer turquoise waters similar to the Ionian Islands but with greater privacy and more affordable property prices. Access is further facilitated by the nearby port of Igoumenitsa, which connects to Italian cities like Venice, Ancona, Bari, and Brindisi.
In Crete, areas like Plakias, Mariou, and Asomatos in the southern part of Rethymno are gaining traction. These villages boast panoramic views of islands like Gavdos and Paximadia while maintaining good access to northern Crete and airports in Heraklion and Chania. Notably, Crete was recently voted the 9th best holiday destination worldwide by Tripadvisor users.
Cyclades - Average Asking Prices (€/sq.m., May 2024)
Mykonos: €6,936
Antiparos: €5,319
Paros: €4,559
Santorini: €4,153
Folegandros: €4,028
Kythnos: €4,000
Naxos: €3,642
Serifos: €3,679
Sifnos: €3,297
Milos: €3,200
Kea (Tzia): €3,145
Sikinos: €2,734
Tinos: €2,664
Andros: €2,059
Syros: €2,000
Expanding Opportunities for Greece
The Greek holiday home market holds significant growth potential if properties are developed to meet buyer preferences. International exhibitions have revealed high demand for Greek real estate, with Greece being recognized as a destination offering unique opportunities.
As foreign interest continues to rise, particularly in areas prioritizing privacy and affordability, Greece is poised to further cement its position as a top choice for holiday home investments.