Greece’s Holiday Home Market Winning Over Buyers

Photo source: PXhere.com.

All the more investors from across the globe are keen on acquiring a holiday home in Greece with the islands of Mykonos, Santorini, Paros and Tzia in the lead in terms of demand, said experts during the 24^th Prodexpo conference held in Athens this week.

Speaking at the event, Ioannis Xylas, founder & CEO GEOAXIS and MSc, FRICS Chairman of The Valuation Forum RICS in Greece, confirmed that the Greek property market for holiday homes was experiencing a rebound compared to 2014, with selling prices on the rise. Indicatively, holiday homes on Mykonos, Santorini, Paros and Tzia are now selling for over 5,000 euros per square meter.

Ioannis Xylas, founder & CEO GEOAXIS and MSc, FRICS Chairman of The Valuation Forum RICS in Greece. Photo source: Prodexpo.

At the same time, however, Xylas underlined the importance of ensuring that destinations winning over investors should also be able to provide high quality infrastructure including water systems, waste management and road networks.

Also speaking during a panel discussion, Giorgos Gavriilidis, founding partner at Elxis Greek Real Estate Services, said that property sales to foreign investors were up by 35 percent and prices by 12.5 percent compared to a year ago.

Giorgos Gavriilidis, founding partner at Elxis Greek Real Estate Services. Photo source: Prodexpo.

“Approximately 3 million Northern Europeans are looking to invest in real estate,” said Gavriilidis, adding that the average age of prospective buyers has dropped from 56 to 43 with an interest in property returns.

Additionally, Yiannis Revithis, founder and CEO of Revithis & Partners forecast that over the next few years, the holiday home market in Greece will evolve into a key driver of the economy with many investing in the market.