According to data compiled by Elxis-At Home in Greece, the average sell price of a holiday home in Greece has grown by 44% over the past two years, now standing at 378,500 euros, versus 263,000 euros in 2022. In fact, over the past 12 months alone, prices have increased by 27.8%, as opposed to an increased of 12.5% noted during the 2022-2023 period.
“We’ve seen that this year, the total value of our sales has improved considerably from 2023, despite the fact that the number of properties sold has remained roughly the same as last year. This is because 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 of Elxis, a company specializing in the Greek holiday homes market, based in The Netherlands.
With regards to the areas with the highest demand, Crete is of special mention, while in 2024 there’s increased demand in Corfu and the region of Preveza, in the north west part of Greece, especially when it comes to newly built properties. “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. Additionally, during 2024 we’ve witnessed a marked preference towards the Ionian region as well, with Corfu and spots in the mainland, in Preveza, stealing the limelight. In fact, this demand is also driving more investment towards the construction of new holiday homes”, explains Mr. Gavriilidis.
According to data from the Hellenic Statistical Authority, during the first five months of 2024, there’s been an annual increase of 51.4% in the number of building permits issued in Crete. By compiling and analyzing the available data, Elxis notes that there’s an additional supply of 2,106 houses coming to the market in the coming 18 months. Similarly, based on the permits issued during the Jan-May period, in Corfu there’s an increased supply of 251 new houses, while an additional 535 should be expected in Preveza. A large percentage of these properties will be marketed towards foreign buyers.
Commenting this year’s trend towards larger and more expensive properties, Mr. Gavriilidis says that “it 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”. According to Elxis’ CEO, this is further proven by buyers’ preference towards higher spec properties, as the value for money is also higher.
Elxis estimates that holiday home prices will continue to rise in the years to come, with an average annual rate of 8%-10%. As such, many buyers are looking to acquire a property also for investment purposes, looking forward to future value appreciation. In the meantime, they can also enjoy an annual yield of at least 4% by renting out their holiday home.
About Elxis
Elxis is an elite provider of realty and legal services in the Greek market. With offices in Thessaloniki, Crete and Utrecht in the Netherlands and a team of highly qualified property professionals, Elxis has a track record of 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.
