Foreign buyers are increasingly turning away from large holiday homes in Greece, particularly older properties, due to high purchase and maintenance costs.
A recent study by Elxis – At Home in Greece reveals a decline in interest from foreign buyers for large-sized holiday properties in Greece, specifically those measuring 150 square meters or more. These larger properties, often older and more costly to maintain, are falling out of favor as buyers show a preference for more modern and smaller homes. High purchase costs and maintenance issues are cited as the primary reasons for this trend, placing larger homes at a disadvantage compared to more contemporary options that align better with foreign buyers' desires.
The study notes that 68.4% of potential buyers are seeking medium-sized homes, defined as those under 120 square meters, whereas demand for larger properties (from 120 to 200 square meters) is significantly lower at 26.1%. Only a small fraction, 5.5%, is interested in properties larger than 200 square meters. This shift highlights a changing mindset among foreign investors, who are prioritizing affordability and modern amenities over the traditional allure of spacious, older homes.
As this trend progresses, it is likely to have significant implications for the real estate market in Greece, as sellers of large properties may need to rethink their strategies or invest in modernization to attract buyers. The preference for smaller, more manageable homes could lead to a reevaluation of property development approaches and pricing structures in the holiday home market, reflecting the evolving demands of foreign purchasers.
