The Greek holiday home market is experiencing a significant boom in 2024, with prices soaring due to high demand, particularly from foreign buyers seeking larger, high-quality properties. According to recent data, a 44% increase in average sales prices over the past two years has been observed, reaching €378,500 from €263,000 in 2022. The past year alone saw a 27.8% price hike.

Popular destinations include southern Crete, especially in Rethymno and Chania, as well as Ionian regions like Corfu and Preveza. These areas are seeing substantial growth in new construction projects. For instance, Crete is expected to add 2,106 new homes, while Corfu and Preveza will see 251 and 535 new properties, respectively.

The appeal of Greek holiday homes lies in their value proposition. Properties with desirable features, such as private pools and sea views, are available at around €350,000, approximately 40% less than similar offerings in other European countries. This price point, though higher than in previous years, still attracts buyers looking for quality and potential investment returns.

Continued growth is generally predicted in the sector, with forecasts of an 8-10% annual increase in property prices. This trend is attracting investors seeking both capital appreciation and rental income, with potential annual returns of at least 4% from property exploitation.

The surge in the holiday home market is reflected in the broader construction industry, with significant increases in building permits and activity, particularly in popular tourist regions. This growth underscores the strong appeal of Greek real estate to international buyers and investors.