It is a buoyant market on a human scale. 

Since the market opened to foreign buyers in the early 1990’s, thousands of holiday homes in Greece have been coveted –and ultimately purchased— by British, German, and other western European buyers. During the same period, the Greek property market has enjoyed steady growth rates of 8-12%. The Greek economy is, notably, one of the fastest-growing in the euro zone; and, thanks to the country’s stable and predictable economic growth, the real estate market can be relied upon to grow at a realistic pace as well, rather than in extreme upswings and drastic downturns all too often seen in up-and-coming markets. 

Though pocket change is hardly enough to buy property in Greece, holiday homes here are, by comparison, still an excellent value for overseas buyers in search of that ray of sunshine and the downtempo lifestyle that goes with it.

There is a large variety of holiday homes for sale, but massive residential developments are not the norm. In most cases, summer homes in Greece retain their local style since, as a rule, the most sought-after locations for second homes are the islands and smaller villages where because of building rules, properties built are in the local traditional style. 

And, for supporters of “green” architecture, the sublime climate in Greece provides the perfect grounds for bioclimatic structures, maximizing the benefits of sun and breeze to create energy-efficient, sustainable homes with reduced maintenance costs. 

Since a significant percentage of holiday home buyers originate from Western Europe, it comes as no surprise that a lot of new construction is customized to suit these buyers’ preferences.

Similarly, the concept of Buy-to-Let properties is taking shape; while property management and guaranteed rentals are in an early stage of sorts, they are increasingly available in, primarily, tourist-savvy locations. 

This is an important feature, considering that holiday homes usually belong to absentee owners wondering how to make the most out of their investments while, at the same time, enjoying the peace of mind that comes with knowing their property is looked after while they are busy working to fund it. 

It is rather unfair that Greece, one of the most mountainous countries in Europe, has settled in people’s collective conscience strictly as a Sea-and-Sun destination. As a result, the overwhelming demand by overseas buyers is for summer homes, with seafront properties carrying the respective price tag and giving credence to global real estate’s “Location, Location, Location” mantra. 

Still, inland traditional and newly-built properties abound and they are an excellent alternative for those who can’t afford a seaside property, but don’t mind driving to the beach and yearn for an insider’s take on the famously relaxed village life. After all, even on the larger islands, the beach is never too far away. 

What’s next? 

Is this buoyant market heading for a plateau anytime soon? Well, as in most situations, the answer is “It Depends”. 

It is imperative that Greece waste no time capitalizing on the momentum generated by the very successful 2004 Olympic Games and the subsequent, priceless, visibility abroad.  Furthermore, developments in Greek Real Estate are teeming with promise. Demand for holiday homes is expected to outnumber supply, keeping property prices rising, and real estate professionals expect holiday home prices to increase up to 10% over the next few years. 

It is no coincidence that so many large development companies with solid track records in commercial and urban real estate have delved into holiday home projects; their high quality developments with a western flair in select locations aim to attract discerning foreign buyers and investors.

Soon to be completed is one of the largest road construction projects in Europe, the Egnatia Motorway in northern Greece; a gateway to southeast Europe and the Balkans, it will provide a quick East-West link.  Other significant developments with a favorable impact on the Greek holiday home market include:

• A nationwide Land Registry in progress which, upon completion, will greatly simplify the home buying process
• ADSL / Broadband internet connections are now widely available and enable individuals to conduct business away from home
• Mortgages with low interest rates are also widely available to both Greek and foreign buyers
• Improvements in the leisure industry, such as golf courses, which are gaining in popularity and becoming the highly marketable focal point of many new developments

• Clean, beautiful beaches
• A perfect 4-season climate

• Low crime rate
• A stable economy and long-standing EU membership
• Lack of internal strife
• Ancient history and a world-renowned culture
• An all-around very high quality of life
• Untapped potential of winter tourism

Just as important, on the service level, is the need for integrity and professionalism.  The real estate sector is no exception.  The estate agent’s experience, professional affiliations, and language / communication skills (especially for foreign buyers) are of key importance for a painless, fruitful homebuying experience. The good old “word of mouth” way of finding a reliable estate agent is still, probably, the best way.  The Hellenic Association of Realtors, the only official body recognized by C.E.I. (the European Confederation of Estate Agents), is another recommended starting point. After all, for most of us buying a home is the purchase of a lifetime; skimping on our homework at the last minute is definitely the wrong approach!