Vacation homes: a magnet for foreign investments - iefimerida.gr

Vacation homes: a magnet for foreign investments

Vacation homes
Vacation homes: a magnet for foreign investments / shutterstock
ANTHEE CARASSAVA

The allure of Greece’s picturesque landscapes and the anticipated future value appreciation are turning the country’s vacation home market into a hotspot for foreign investors.

The market is particularly attractive for high-end properties, with luxury homes priced between €350,000 and €550,000 drawing significant interest.

Elxis-At Home In Greece, a firm specializing in the sale of vacation homes, attributes this trend to several factors beyond the natural beauty of Greece.

ΤΟ ΑΡΘΡΟ ΣΥΝΕΧΙΖΕΙ ΜΕΤΑ ΤΗΝ ΔΙΑΦΗΜΙΣΗ

“The competitive pricing of these properties, even at 550,000 euros, stands out against other Southern Mediterranean countries. For instance, similar properties in Italy and Spain, featuring private pools and sea views, are over 40 percent more expensive,” explains George Gavriilidis, Managing Director of Elxis.

The company highlights that many clients opt for “off-plan” purchases, which offer a lower initial price and the potential for higher returns and capital gains upon resale. This strategy has led to some investors selling their properties within a year of purchase due to significant value increases.

In a recent example from May, Dutch owners sold a villa for 325,000 euros, a 47 percent gain compared to its 2021 purchase price, with the only difference being that it was sold furnished.

In the southern Rethymnon area, the price of a newly built 80 sqm villa with three bedrooms, two bathrooms, and a pool is now 327,000 euros. This reflects a 23.3 percent rise from 2022 and a 16.7 percent increase from last year, offering substantial profits for potential resale.

ΤΟ ΑΡΘΡΟ ΣΥΝΕΧΙΖΕΙ ΜΕΤΑ ΤΗΝ ΔΙΑΦΗΜΙΣΗ

The primary demographic investing in Greek vacation homes includes entrepreneurs aged 50 to 65, focusing on personal use.

A growing segment of younger buyers, aged 35 to 45 with high incomes, are also entering the market, not only for personal use but also for short-term exploitation and tax-free capital gains upon resale.

Elxis forecasts that the sale prices of vacation homes in Greece will continue to rise at an average annual rate of 8-10 percent in the coming years.

“Many clients view the current market as possibly the last opportunity to acquire a unique vacation home in Greece at a competitive price, ensuring not just a solid annual yield of at least 4 percent but also significant profits from future resale,” concludes Mr. Gavriilidis.

The demand for modern luxury properties is evident in the rapid sales at Hellenikon, where all properties were sold shortly after the urban regeneration project began.

ΤΟ ΑΡΘΡΟ ΣΥΝΕΧΙΖΕΙ ΜΕΤΑ ΤΗΝ ΔΙΑΦΗΜΙΣΗ

Lamda Development’s CEO, Odysséas Athanasiou, reported on SKY News that sales have generated 700 million euros, with about 500 additional mid-range properties hitting the market and pre-sales performing exceptionally well.

Protio, a property utilization platform, has identified new investment hotspots in Athens’ real estate sector based on income property trends for the first quarter of 2024.

Amerikis Square and the Polytechnio area top the list with the highest yields, while Korydallos and Attiki Square also show strong performance. Aigaleo and Viktoria Square remain key players, benefiting from Athens’ expanding city center.

Ekali, in the Northern Suburbs of Attica, has emerged as a new area of interest with a yield of 5.8 percent, indicating the growing investment potential in the northern suburbs.

Protio’s analysis for the first quarter of 2024 reveals a dynamic shift in investment trends, with established areas maintaining high rankings and new areas gaining investor attention.

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