Real estate market: What criteria do Greeks use to choose vacation homes?

• 3 April, 25

As lifestyles continue to evolve in the post-pandemic era, homebuyers in Greece and across Europe are demonstrating new standards and preferences when selecting residential properties, particularly for second homes or vacation houses. The 2024 European Housing Trends Report, commissioned by RE/MAX Europe and conducted by Opinium Research, surveyed over 20,000 European adults, revealing key shifts in the housing market.

New Standards: Outdoor Space and Energy Efficiency as Top Priorities

Following the COVID-19 pandemic and the energy crisis, the factors that matter most to European homebuyers have significantly changed. Among them, 44% of European respondents consider outdoor space extremely important, with Germans showing the highest concern at 54%, followed closely by Italians at 52%.

The second most important factor is energy efficiency of buildings, with 54% of Hungarian residents ranking it as their top priority. This reflects an increasing awareness of environmental sustainability and long-term living costs.

Affordability Over Location: A growing trend among European homebuyers is prioritizing affordability over location, with 51% of respondents indicating that price matters more than geographic positioning. This trend is especially prominent in the following countries:

• Greece: 59%
• Ireland: 58%
• Italy: 58%

In contrast, only 32% of respondents consider proximity to transportation networks more important than location, and just 35% prioritize living near family and friends. This shift highlights how personal lifestyle preferences and economic factors are reshaping traditional homebuying decisions.

Second Homes on the Rise, with Greece Leading the Trend

According to the report, approximately 69% of Europeans own their primary residence, and 25% also own a second property, mainly for vacation or future retirement purposes:

• 44% use their second home as a vacation retreat
• 23% are preparing for retirement
• 17% are purchasing for their children’s future housing needs
• 16% rent it out as a short-term rental (e.g., Airbnb)
• 16% lease it as a long-term rental property
• 14% include it as part of their investment portfolio
• 10% use it for dual-location living (e.g., work-related reasons)
• 5% repurpose it for commercial use (e.g., hotels, shops, offices)

Second-home ownership is notably more common in warmer climate countries. For example:

• Bulgaria: 46% of homeowners own a second property
• Greece: 64% of respondents own at least one property, with 39% owning a second home

By contrast, only 10% of UK respondents own a second home, and a staggering 71% say it is unlikely they will ever own one, reflecting the financial pressures of high property prices and living costs in the UK.

Additionally, 39% of Europeans prefer to purchase a second home in their own country. However, those from colder climates, such as Ireland (25%) and the UK (21%), are more inclined to buy vacation properties abroad to enjoy warmer, more pleasant living conditions.

Vacation and Quality of Life Drive Second-Home Purchases

The study shows that owning a second home is not just a trend but an integral part of long-term lifestyle and wealth planning for many Europeans. More than 13% of respondents who do not currently own a second property expressed a strong likelihood of purchasing one in the future, highlighting a growing emphasis on quality of life, retirement security, and family needs.

At the same time, these changes serve as a signal to developers and investors: future real estate projects must place greater emphasis on comfort, energy efficiency, affordability, and flexible usage options (vacation rental, family living, or investment purposes) to meet the increasingly diverse needs of modern homebuyers.

Cre: news.b2green.gr