A property consultancy, Astons, has revealed how to secure a property in three of Europe’s most popular holiday home destinations.
The data shows that: –
- On Turkey’s Mediterranean coast, there are an estimated 2,345 holiday homes listed for sale. This accounts for 43.4% of the region’s total holiday home market. With such a large proportion of stock currently on the market, now may be one of the best times to buy in this area.
- In Cyprus, the coastal city of Paphos continues to be a favourite among holiday home buyers due to its blend of modern metropolitan life, beachside living, and rich historical charm. At present, 7,006 holiday homes are available to buy in Paphos, representing 38% of the city’s total holiday home stock.
- On the west coast of Greece lie the stunning Ionian Islands, including Corfu, Kefalonia, and Zakynthos. These islands are highly sought after by holiday home buyers thanks to their picturesque settings. Currently, there are approximately 2,038 properties for sale, which equates to 31.5% of the total holiday home stock across the islands.
- However, Greece has so much more to offer beyond its famous islands, and 26.2% of holiday homes on the mainland are currently available to purchase, while Crete has 20.5% of its stock on the market.
- In Cyprus, the regions of Larnaca and Limassol have 25.2% and 23.3% of their respective holiday home stock currently listed for sale. In Turkey, 23% of all holiday homes in the Marmara region are available, while Bodrum has 21% of its local holiday properties on the market.
Astons says that since the UK left the European Union, British nationals who purchase a second home in these countries can only stay for a maximum of 90 days within any 180-day period without a visa or residence permit. This restriction can limit how much your holiday home truly feels like a second residence.
However there is a way around this limitation.
Greece, Cyprus, and Turkey each offer some form of residency by investment programme. Often referred to as a Golden Visa, these schemes grant permanent residency in exchange for investment in the local economy, which includes property purchases.
This means that by buying a holiday home, UK buyers may also gain the right to live in their chosen country without worrying about the 90-day rule. The investment not only secures a dream property but also unlocks the opportunity to make it a more permanent escape.
An Astons spokesperson says: “Greece’s property market is in a period of immense growth, mirroring the stability and strength seen in the wider economy. The current growth is no anomaly.
“Instead it is a continuation of the past decade’s ongoing increase in property transaction volumes, showcasing just how well the local market has bounced back following Greece’s 2009-2019 debt crisis.
“Investors should be jumping on this opportunity to claim a part of a market that is going from strength to strength with no signs of slowing down. And for foreign investors, Greece’s property market is one of the most accessible in Europe thanks to the nation’s Residency by Investment programme which grants residency for the entire family in exchange for investment into the local property market.
“The required investment starts as low as €250,000 for those who invest in commercial assets that are converted into residential dwellings.
“… The Golden Visa has also become a key driver of growth in the luxury real estate market. We have seen a noticeable surge in HNWI investors coming to Greece since the nation increased its entry threshold in 2004, many of whom are keen to gain residency amidst rumours that the programme might soon close.”
