Explore the fourfold increase in American demand for homeownership in Greece, as buyers seek holiday properties in this picturesque haven.
In the wake of the recent U.S. elections, an intriguing phenomenon has emerged within the realm of real estate, particularly concerning American interest in Greek property. Greece, long cherished as a picturesque haven, is witnessing an unprecedented surge in demand for holiday homes, with American buyers leading the charge.
According to a comprehensive survey conducted by Elxis-At Home In Greece, a prominent entity specializing in the acquisition and sale of vacation properties, the aftermath of election night has catalyzed a remarkable tenfold increase in the number of U.S. visitors to their website over the subsequent fortnight, compared to the same period in 2023. This surge is not merely a fleeting blip; it represents a quadrupling of interest relative to the previous month, October, with requests for property viewings escalating at a commensurate pace.
The data elucidates a broader trend: American interest in Greek real estate was already on an upward trajectory in 2024, significantly surpassing figures from the previous year. The statistics reveal that, throughout various periods, there were between three to six times more American visitors to the Elxis website in 2024 than in 2023. The recent elections have merely accelerated this burgeoning trend, with one in eight clients (12.3%) in 2024 hailing from the United States. Projections suggest that by 2025, the U.S. will secure the third position in terms of foreign buyers, trailing only behind German and Dutch investors.
This development is particularly noteworthy as American buyers tend to possess a more substantial financial capacity. In 2024, the average sale price of holiday homes facilitated by Elxis stood at €378,500, yet U.S. buyers splurged an average of €514,000. This disparity underscores the financial clout of American investors, a sentiment echoed by leading British investment migration firms, Astons and Henley & Partners. Astons has reported a meteoric rise in U.S. citizens seeking residency through the “Golden Visa” investment program, with interest levels soaring since the election and remaining elevated throughout 2024.
Data from the U.S. Federal Register, as analyzed by Astons, reveals that in the first nine months of 2024, a staggering 4,184 American citizens relocated abroad, marking a 28.3% increase compared to the entirety of 2023. Even prior to the elections, there was a notable uptick in emigration from the United States, with Europe emerging as a favored destination due to its promise of access and free movement within the EU and Schengen zone.
Astons further highlights Greece as the most sought-after European country, with 50% of its U.S. clientele in 2024 opting for the Greek “Golden Visa” program. Henley & Partners corroborated this trend, reporting a staggering 400% increase in real estate inquiries from U.S. citizens in the week following the election, compared to the preceding week. Interestingly, many of these prospective buyers do not intend to relocate permanently; rather, they seek to secure options for potential future mobility—a form of insurance policy against uncertainty.
Recent data from the Ministry of Immigration and Asylum indicates that the initial issuance of residence permits to U.S. citizens reached 369 in October 2024, reflecting a 45.8% increase from the same month in 2023. Consequently, American investors now rank seventh among individual countries in terms of “Golden Visa” program participation. Notably, Elxis anticipates a significant uptick in this figure, as nearly 10,000 applications for residence permits submitted since mid-2023 remain pending. Thus, the burgeoning demand observed over the past year has yet to be fully captured in the official licensing data, hinting at a potentially transformative shift in the landscape of Greek real estate.
