The Greek real estate market is experiencing a surge in demand for vacation homes, with a notable influx of buyers from the Greek diaspora and abroad. According to Elxis, a leading real estate agency in Greece, expatriates from the United States, Canada, and Germany are making a strong comeback to purchase properties in their homeland. This renewed interest is partly driven by the rapid recovery of property prices in Greece. Additionally, there is a growing trend among buyers to use these homes for both vacations and short-term rentals, further boosting the market. The return of U.S. tourists to Europe, including Greece, has contributed to this demand, with Greek expatriates among those rediscovering their homeland.
According to data from the real estate agency Elxis, approximately 12.35 percent of holiday home purchases in Greece this year were made by members of the Greek diaspora. Elxis, a prestigious provider of real estate and legal services in Greece, has offices in Thessaloniki, Crete, and Utrecht, the Netherlands.
Elxis reports that second and third-generation Greek expatriates, primarily from the United States, Canada, and Germany, are showing a strong interest in returning to their homeland by purchasing homes for more frequent visits to Greece. One significant factor driving this heightened demand, particularly this year, is the rapid recovery of property prices in the Greek real estate market.
According to Elixs data, 20.5% of property buyers in Greece among expatriates originate from Germany, another 20.5% hail from Canada, and 17.5% of acquisitions are made by U.S. expatriates. Furthermore, holiday homes in Greece are also sought after by expatriates residing permanently in the Netherlands (11%), France (6.8%), and Switzerland (5.4%). The primary regions of interest for expatriates are Crete, Chalkidiki, and the Ionian Sea.
In its most recent monthly report regarding the European short-term rental market, AirDNA noted that the summer of 2023 witnessed the significant return of U.S. tourists to popular European destinations. This marked the first substantial influx of U.S. visitors to Europe since the onset of the pandemic. This development has led to a substantial surge in demand for short-term rentals. Consequently, 17% of Greece’s visitors originated from the United States.
This phenomenon also had a notable impact on the sales of vacation homes, which is a common trend in secondary housing markets. Those who vacation in picturesque destinations often take the opportunity to explore the local property market, with the intention of purchasing their dream home.
In 2022, Elxis’ data revealed a substantial surge in holiday home buyers from Germany, experiencing a remarkable 300% increase compared to the previous year, 2021. Expatriates played a significant role in driving this surge, as they returned to Greece in search of properties to enjoy during their summer vacations.
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