Germans First to Buy Holiday Homes in Greece

Germans are keen on buying homes in Greece, moving up to first place on the list of foreigners purchasing properties in the country, found a report published by the Athens News Agency this week.

According to real estate consultants Elxis, the number of property sales to German buyers increased by 300 percent in the first half of the year compared to 2021. They chose to invest mainly in seaside homes on Crete or the Ionian isles.

Germans are at the top of the foreign holiday home buyers list followed by investors in the Netherlands, Belgium and the UK.

At the same time, according to Elxis data, Germans are spending more on properties in Greece, with the average at 350,000 euros, up by 20 percent compared to last year, reflecting trust in the country, said Giorgos Gavriilidis, founding partner and CEO Elxis.

“Despite the challenges stemming from the war in Ukraine and inflationary pressures, demand for homes in Greece remains high and is expected to continue. This is also demonstrated in Q1 2022 Bank of Greece data, according to which inflows came to 374 million euros for the purchase of real estate in Greece, up by 74.8 percent compared to the corresponding period in 2021,” he added.

Earlier this year, ITB Berlin released data confirming strong interest by German travelers to visit Greece this summer.

Confirming the robust demand, German charter airline Condor announced flights to 17 destinations in Greece from eight airports in Germany, Austria and Switzerland.