The Greek market is turning into “El Dorado” as almost 3 million Europeans are potential buyers of holiday homes.
According to an analysis carried out by Elxis, a Greek company based in the Netherlands and specializing in the sale of holiday homes in Greece, demand has risen over the last months. The rise is due to lower prices in Greece, compared to other markets in Europe.
The fact that the average sale price of a newly built holiday home in Greece ranges between 300,000-350,000 euros, makes it ideal for European investors, something that has begun to be noticed by an increasing mass of prospective buyers.
“There is a great value in Greece’s holiday homes, as for a low amount, compared to other markets, one can acquire a house, close to the sea, with a swimming pool and all the amenities,” Giorgos Gavriilidis, managing director of Elxis, underlined and added:
“After the increase in interest rates, we see that the desire for bank loans with the view to acquiring a holiday home has frozen. This happens because the interest rates of the loans, amounting to 4% – 5%, essentially nullifies the return that an investor can have from the exploitation of a house,” noted G
As he explained, this development means that investors from Western and Northern European countries, e.g. from Germany, the Netherlands, Belgium, France, the United Kingdom, Austria and Switzerland, now prefer to use their savings for the acquisition of a holiday home abroad, specifically in Greece.