The Greek tourism industry’s bumper year in 2019 has served as the main driving factor behind a wave of investments, small in scale and carried out by individuals, entailing the development of villas and homes at popular destinations as holiday lets. Small-scale investors, seeking additional income, have been busy developing small, unexploited properties for tourism-market utilisation. Also, a significant number of these new units have been developed to meet luxury standards, as owners seek to fetch higher prices.
The pandemic, as highlighted by data further below, has not dampened the interest of investors to keep developing new units. The sector’s medium and long-term prospects remain positive. Last summer season, the majority of reservations at existing holiday home lets were made by visitors seeking privacy and security. Early bookings for this season indicate that these same factors remain important for holiday-let guests. Also, a large number of property owners are counting on repeat business, hoping satisfied customers of previous years will be back. Families appear to be showing a preference for this category of accommodation as many holiday-home lets offer a comfortable stay for three persons or more.
A total of 153 permits for the construction of tourism-related holiday homes in 62 areas around the country were issued by authorities between early 2020 and the recent launch of this summer season. In addition, a number of buildings, including listed properties, were modernised and transformed for tourism purposes during this time. Permits issued mainly concerned the development of between one and three holiday home units with pool installations.
The highest level of investment interest for new holiday home development was registered in Crete. Kefalonia was ranked second, followed by Karpathos in third place.
More specifically, during the aforementioned period, 39 permits were issued for the development of tourism-related holiday homes on Crete. The total was 13 for Kefalonia, 6 for Karpathos, 5 each for Zakynthos, Lefkada, Halkidiki and Thasos, 4 each for Santorini, Mesologgi and Monemvasia, 3 each for eastern Mani and Lesvos, 2 each for Naxos, Corfu, Koufonisi, Kythnos, Paros, Limnos, Ikaria, Chios, Nafpaktos, Parga, Ioannina, Mytikas, Koroni, Almopia, Nea Iraklitsa, Paggaio, Spetses, Skyros and Evia, and one each for Arahova, Mykonos, Rhodes, Pelion, Papingo, Metsovo, Kardamyli, Messini, Syvota, Folegandros, Sifnos, Andros, Nisyros, Astypalea, Ereikoussa, Almyro, Preveza, Voreia (north) Kynouria, Agathonisi, Sikinos, Serres, Kavala, Volvi, western Mani, Igoumenitsa, Delphi, Loutraki, Tolo, Hiliadou Dorida, Zaharo and Elafonisos.
