Growing Interest Among Greek Expatriates in Acquiring Homes in Greece

real estate Property market in Greece set to rebound after covid-19

In a remarkable trend this year, Greek expatriates have shown a marked increase in their interest in purchasing country homes in their homeland, Greece.

According to data compiled by Elxis, a Dutch-based sales network, Greek expatriates, spanning second or even third-generation diaspora primarily from the US, Canada, Germany, and various other countries, have substantially bolstered their investments in holiday homes within the local market. In particular, this year has witnessed an impressive surge, with more than one in every ten-holiday properties being acquired by Greek expatriates.

Giorgos Gavriilidis, the Managing Director of Elxis, a specialist in holiday homes, reveals that "based on our data, 20.5% of expats acquiring holiday homes in Greece originate from Germany, another 20.5% from Canada, with expatriates from the US following at 17.8%. Permanent expat residents in the Netherlands (11%), France (6.8%), and Switzerland (5.4%) also invest in Greek real estate. Their primary areas of interest include Crete, Halkidiki, and the Ionian Sea."

Notably, expatriates tend to gravitate towards newly constructed homes, with over 75% of them purchasing properties during the planning stages, even before construction commences. Their objective is to secure a vacation home for summer getaways and capitalize on significant income potential during the remainder of the year, chiefly through digital short-term rental platforms.

Gavriilidis cites an example: "A prime illustration involves a project we introduced in Halkidiki featuring cave dwellings, with 35% of buyers being expatriates. Similarly, another one of our projects, featuring villas in Marathi, Crete, was acquired by expatriates at a rate of 27%."

Elxis' analysis underscores several factors contributing to this trend. The upward trajectory of the domestic housing market and escalating property values drive Greek expatriates, who are increasingly optimistic about further market growth. Moreover, despite price hikes, property rates remain substantially lower than those in the expatriates' countries of residence, offering an attractive investment proposition in Greece.

Another factor fueling the surge in interest this year is the notable increase in expatriate visits to Greece during the summer. This heightened connection and engagement with their homeland have been pivotal in their decision to invest in Greek real estate.

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