Interest in Greece’s vacation homes is soaring, with buyers from different countries pursuing particular types of properties. Luxury vacation properties in Greece, priced between €270,000 and €370,000, are especially sought after by buyers under 45, typically those with savings and looking for newly built, high-quality properties in the Greek market.

Market trends delineate a steady rise in demand for vacation homes in Greece. He noted that increased interest is due to both the pandemic and the growing preference among families for more spacious residences. This has led to price hikes, notably in Crete, Corfu, and Santorini, with emerging demand in alternative locations like Astypalea and Kythnos.

Properties with two to three bedrooms and a small pool, priced within the €270,000 to €370,000 range, represent about 80% of sales. Many buyers plan to hold onto these properties for five to ten years before selling, with high demand creating waiting lists. For instance, in Apokoronas, a 16-home project sold 10 units within a week.

According to a recent report by Elxis, Greek vacation home prices have been growing annually at rates of 8%-10%, depending on location. This growth is expected to continue, making Greece a favorable market for secondary homes.

Likewise, U.S. and U.K. buyers are attracted to both the leisure aspect and the possibility of residency permits through the Golden Visa program. Despite a recent increase in the minimum investment requirement from €250,000 to €400,000 on the mainland, and up to €800,000 on the islands, demand remains high.

Buyers from Germany and France are also primarily interested in using these homes themselves, though some intend to lease them as short-term rentals. Notably, a segment of German and American buyers (about 10%-20%) are of Greek heritage, eager to acquire a first home in their ancestral country.