Study Ranks Greece As The 5th Most Affordable Country for Luxury Second Homes Amidst Rising UK Property Taxes

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

Proven Partners, specialists in luxury real estate marketing, have released a "league table” ranking 20 popular destinations based on their affordability for UK second-home investors. This comes at a time when UK regions are witnessing significant hikes in property taxes for second homes.

The rankings considered factors like property prices, taxes, fine-dining costs, premium car hire rates, flight costs from the UK, and potential Airbnb revenue. 

The study, underpinned by data from 3,600 luxury property listings on JamesEdition and other sources, assigned each country an "affordability score" out of 10.

Greece ranks impressively in the top 5 of the league table for luxury second homes, securing a score of 8.6.

With an average 3-bedroom waterfront luxury home price of €561,678 (£488,416), Greece combines a moderate tax environment with attractive prices per square foot.

Its Mediterranean allure is enhanced by its proximity to the UK, with average summer flights costing €289 (£251) and a flight duration of just 3 hours.

Colin Hannan, Co-CEO at Proven Partners, remarked, “Greece offers an incredible blend of culture and value, presenting luxury properties at competitive prices, especially in light of the UK's rising tax scenario.”

This study gains relevance against the backdrop of recent announcements in the UK. Regions like Pembrokeshire impose a 100% council tax premium on second homes, and Scotland is set to double council tax on such properties. 

These measures, aimed at addressing local housing shortages, significantly increase the financial burden on second-home owners in the UK.

Ronan Hannan, Co-CEO at Proven Partners, added: “Post-pandemic, the luxury real estate market is witnessing a resurgence, with significant interest in destinations like Greece.”

The full table of rankings, highlighting Greece's strong position, can be found below.

The full table of rankings, highlighting Greece's strong position, can be found below.

CountriesRankAffordability Score
(10 = Most Affordable)
Avg. Price of Luxury Waterfront 3-Bed PropertiesPrice/ SqftAirbnb Avg. Nightly Revenue (During Jun-Aug)Avg. Flight Ticket Price From UK (Aug)Avg. Price of Tasting Menu At Top-Rated Fine Dining RestaurantAvg. Price For Premium Car Hire Per DayProperty Tax Score (5 = Very Low Tax)
Ireland110€521,879€292€368€78\€1534
Cyprus29.3€583,781€331€443€308€92€1455
Mauritius38.9€620,194€366€322€1,419€72€1175
South Africa48.7€634,226€281€262€1,760€120€714
Croatia48.7€639,280€437€616€202€153€1044
Greece58.6€561,678€345€765€289€200€2543
Portugal68.5€574,479€350€438€183€205€1273
Turkey68.5€560,442€314€440€468€118€1923
Malta78.4€635,994€406€351€146€118€832
UAE78.4€705,123€396€884€492€253€1435
Canada88.2€598,914€358€447€969€475€623
Montenegro98.1€730,965€520€429€208€71€2104
Spain98.1€599,648€431€390€154€206€1403
Sweden98.1€721,144€336€314€164€308€663
Italy107.8€617,128€359€541€223€240€1392
New Zealand117.4€716,587€473€452€1,348€120€1053
Netherlands126.7€1,081,707€601€370€153€223€904
France136.6€748,950€641€439€98€283€2231
Switzerland146.5€1,476,406€940€564€95€275€602
Austria156.4€1,030,924€897€705€184€217€1393

ENDS

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