Holiday cottage

Property buyers from abroad are this year opting for larger and more expensive holiday homes in Greece, as shown by the relevant data by the Elxis - At Home estate agency.

The average value of homes sold this year is 378,500 euros, being 27.8% higher than in 2023, and 44% higher than in 2022, when the properties being bought were of an average value of €263,000.

Having already moved high and upwards in the last two years, the prices of holiday homes in Greece are expected to continue their upward trend in the coming period, as a result of high demand from abroad.

More and more foreign buyers are turning to the more affordable holiday properties they can find in Greece, compared to their countries of origin.

Sale prices for holiday homes on the popular islands of the Cyclades are on a decade high, as the losses recorded in previous years have been more than covered.

The trend is upward and will remain so in the near future, according to this year's Holiday Home Price Watch, curated by Geoaxis, a company of certified real estate valuers.

The Greek holiday home market has retained its upward momentum so far in 2023, unfazed by uncertainties in the global economy's prospects, according to the latest quarterly analysis from Elxis, an expert realtor in the holiday homes market.

Among the trends Elxis has identified is the rise in preference toward off-plan purchases of residential projects.

The weekly rental rate for a luxury holiday home in the high-end market of Myconos, in the Cyclades, jumped to 11,500 euros this year, up 1,000 euros from 2017 and topping the Mediterranean chart, according to a report published by real estate service provider Algean Property.

By Nikos Roussanoglou

Greek holiday homes offer the highest returns compared to those in other Mediterranean countries, particularly for people looking to make an investment that can generate income as well as serve as a luxury vacation home.