Buying a second home is not merely a luxury choice for Greeks but a conscious decision reflecting personal needs and economic foresight. According to recent data from REMAX, 39% of Greeks already own a second home, highlighting its importance. The reasons vary, with key factors including vacation homes, retirement planning, family security, and property investment potential. Here’s a breakdown:
1. Vacation Home – 44%: A personal retreat from daily life is the leading reason, with 44% opting for coastal or mountainous properties. Post-pandemic trends have strengthened this preference.
2. Retirement Home – 23%: About one-quarter (23%) buy for future living post-retirement in quieter areas with better healthcare access and lower living costs.
3. Home for Children – 17%: Parents invest in properties their children can use when they move out, especially popular in university towns.
4. Airbnb/Short-Term Rentals – 16%: Using the property for tourism via platforms like Airbnb appeals to 16%, driven by rising demand for alternative accommodations.
5. Long-Term Leasing – 16%: Another 16% prefer stable rental income through annual contracts, common in urban and student-heavy areas.
6. Investment Property – 14%: For 14%, buying a second home fits into broader investment strategies, either for resale after appreciation or rental income.
7. Living Between Two Cities – 10%: Work or family obligations lead 10% to acquire homes in multiple locations.
8. Professional Space Conversion – 5%: Some convert second homes into offices or small businesses, particularly in tourist spots.
Greece’s 39% second-home ownership aligns with high rates in Bulgaria (46%), contrasting sharply with Germany (14%) and France (11%). Across Europe, homeownership varies significantly, with Romania leading at 85%, followed by Croatia (83%) and Bulgaria (80%), while Germany (34%) and Austria (48%) show lower figures due to differing housing policies. Greece sits at 64%, balancing long-term homeownership culture with post-economic crisis impacts. Trends suggest Eastern and Southern Europe favor homeownership, whereas Western and Northern Europe lean toward renting, influenced by tourism interest or property cost.