Foreign buyers choose small and new
The decline in demand recorded from abroad for large-scale holiday homes in Greece, especially if they are old properties, is significant.
As shown by the research data of Elxis – At Home in Greece, which specializes in the holiday home market, the high cost of purchasing and maintaining properties exceeding 150 square meters are now serious inhibiting factors in completing sales.
The company conducted a survey among 1,500 interested buyers of holiday homes in Greece, mainly from the countries of Northwestern Europe and North America.
In this context, 68.4% of those surveyed indicated that they are interested in homes that do not exceed 120 sq.m. Meanwhile, 26.1% are interested in larger properties, from 120 to 200 sq.m., while only 5.5% are looking for properties that exceed 200 sq.m.
According to Giorgos Gavriilidis, CEO of Elxis, “in the category of properties that exceed €600,000, we observe that sellers who have large and old properties, e.g. over 200 sq.m. and 15 years old, in the tourist areas of the country, are forced to either reduce their prices or temporarily withdraw the properties from the market, due to a lack of buying interest.”
Source: eKathimerini.com
