Off-plan residential purchases gain ground in Greece

The Greek holiday home market has retained its upward momentum so far in 2023, unfazed by uncertainties in the global economy’s prospects, according to the latest quarterly analysis from Elxis, an expert realtor in the holiday homes market.

Among the trends Elxis has identified is the rise in preference toward off-plan purchases of residential projects.

Many of these are offered in combination with property and rental management services – i.e. as a complete investment product.

This is very appealing to many interested foreign investors, who are looking for solid returns on their investment in the property market.

On average, an off-plan acquisition is 20% lower in cost than a fully built house.

Besides, newly built homes offer a much larger return in the short term, as they can be rented out for a higher fee compared to a similar used house.

The market’s other main trends, per Exis, are that the overall value of residences sold this year rose by 4%, the number of transactions grew by 10% year-on-year, the average sale price per property retreated by 12%, the majority of sales during the first quarter of 2023 were off-plan properties, 17.4% of Elxis’ customers bought properties to gain access to the Golden Visa program in Greece, mainly those coming from the UK, and the most popular location was Crete, followed by the Ionian.