Profile of foreigners buying holiday homes in Greece. Criteria for their selection

People aged 50 years and older, businessmen or top managers of companies today are the main buyers resort houses in Greece.

These people have saved up a certain amount of money and are looking to purchase mainly newly built properties of high standards on the Greek market.

The most numerous category are buyers with an affordable budget from 250,000 to 600,000 euros. “Until 2023, our clients' ceiling was mainly €450,000-500,000, and this was a relatively small number as most of them cost around €300,000-350,000. Today we see that the situation has changed and there is a demand for more expensive houses, over 500,000 euros, of course, new buildings with a private pool and more space, garden and other amenities,” says George GavriilidisManaging Director Elxis-At Home In Greece, specialized company for the sale and management of holiday homes on the Greek market, located in Utrecht, in the Netherlands.

Use and operation of holiday homes is what most buyers expect

According to Elxis, mainly those currently staying in holiday homes are businessmen or company executives aged between 50 and 60 years, for whom the priority is use of purchased holiday homes. In addition, a significant group of buyers consists of young buyers aged 35 to 45 years with high incomes, who expect not only the same use, but also exploitation for a specified period of time and then resold for tax-free capital gains.

According to Elxis, this is the main difference between young buyers and the rest, who still make up the majority. That is, older people choose real estate for their own use in a greater percentage of cases and less often in order to exploit it or resell it at a profit.

In contrast, this does not apply to younger age groups, and differences also arise depending on the background of the buyer. According to Mr Gavriilides, the most active investors are the Dutch and secondarily the Belgians. About half of buyers from these countries are investment-oriented, and they use their home for holidays when they are not using it themselves. Some of them, especially the Dutch, do not hesitate to resell it in the short term if they find that they can make a significant profit.

In its recent analysis, Elxis noted that holiday home sales prices have risen by an average of 8-10% per year in recent years, depending on the region. This figure is forecast to continue in the coming years, making Greece an attractive destination for those looking to invest in second home purchases.

Similarly, buyers from the US and UK largely benefit from the same options, but now also receive Greek residency under the Golden Visa program, even after the recent increase in the minimum investment amount from €250,000 to €400,000, provided that the holiday home is located on the mainland rather than on the island, where the limit has now been increased to €800,000.

Buyers from countries such as Germany and France are also leaning more towards homeownership, but some are also targeting short-term rentals. It should be noted that among buyers from Germany, as well as from the USA, the proportion of expatriates is between 10 and 20% of those who wish to purchase their first home in their country of origin.

Villa on the island of Corfu Greece 600,000€

Areas preferred by buyers

Buyers of holiday homes in the 250,000-600,000 euro category choose both areas with high tourist interest and other lesser-known places, depending on their “wants”. For example, buyers from North-West Europe (Dutch, Belgian, German, Swiss and French) prefer to purchase holiday homes in Crete, the Ionian Islands, Peloponnese and Rhodes. Some of them also choose the Cyclades Islands, where they can find good investment opportunities, which is also true for US buyers.

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