Bulgarian tourists are increasingly becoming owners of holiday properties in Northern Greece, and the increased interest is already changing the market in the coastal areas from Kavala to Alexandroupolis and Halkidiki. Along with the property boom, however, the Greek tourism business warns of another phenomenon - part of the purchased homes are rented out short-term through unofficial channels that remain out of sight of the tax authorities.
Bulgarians are now the main buyers near Kavala
The trend is particularly pronounced in the coastal villages around Kavala. According to data cited by the Greek newspaper “Kathimerini“, Bulgarians are the largest group among the owners of second homes in the region.
Local brokers and construction entrepreneurs indicate that about half of their clients are Bulgarians. The demand covers the entire coast – from Nea Peramos and Nea Iraklitsa to Ofrinio, popular among Bulgarian tourists. There is already interest in settlements located up to 20 kilometers inland from the sea.
According to data cited by the publication, by the end of 2024, 3,228 Bulgarian citizens had declared ownership of real estate in Greece.
The profile of foreign buyers is also changing. Years ago, vacation homes in the region were acquired mainly by pensioners from Germany, Austria and the United Kingdom. Now buyers from Bulgaria, Serbia, Turkey and other Balkan countries are increasingly active on the market.
From tourists to investors
The model is similar in many cases - foreigners first visit Northern Greece as tourists, then decide to acquire their own home. Some of them use it for personal vacation only a few weeks or months a year, and the rest of the time they turn it into a source of income.
Apartments, holiday homes, maisonettes, villas and plots for new construction are sought. A similar trend is observed not only around Kavala, but also in Alexandroupolis and Halkidiki.
Some of the properties are rented out outside official platforms
In the case of short-term rentals registered through platforms such as Airbnb, the Greek authorities can track the property and its registration number. According to local hoteliers, however, there is a parallel market where owners advertise their accommodations through websites, travel agents, social networks or direct contacts in their own countries.
“There are also unofficial platforms in neighboring countries, where all management and reservations are carried out outside the reach of the Greek state“, explains Antonis Mitsalis, president of the Kavala District Hoteliers' Union.
Free movement in Schengen makes control even more difficult. When checked, the owner can claim that the people staying in the accommodation are his friends or relatives, and not tourists paying for their stay.
In Alexandroupolis, there may be hundreds of unregistered accommodations
The size of this parallel market is difficult to establish. In Alexandroupolis, for example, there are around 850 officially registered short-term accommodation units. According to local estimates, the actual number, including unregistered units, could reach between 1,200 and 1,300 during the summer season.
In Halkidiki, the scale is even greater. Officially registered short-term accommodation units have more than 50,000 beds. There are no reliable statistics for properties operating outside the system, but local business representatives believe that the number is in the thousands.
Pressure on hotels, infrastructure and locals
Greek hoteliers warn that unregistered letting is not only a tax problem. It puts official accommodation units at a disadvantage, as hotels and registered accommodation units have to meet tax, administrative and safety requirements.
The increase in tourists in holiday homes is also putting a strain on local infrastructure – water supply, electricity, garbage collection and roads, especially during the busiest summer months. There is also the question of whether unregistered properties meet the required fire safety standards.
Despite the problems, the influx of Bulgarian buyers is also having a serious economic effect on Northern Greece. New owners are investing in construction and renovations and using local services, and the increased demand is stimulating the real estate market.
Thus, the traditional trip of Bulgarians to Northern Greece is gradually acquiring a new dimension. For more and more people, property by the Aegean Sea is no longer just a place for a summer vacation, but an investment that can bring income - a trend that is starting to visibly change entire coastal regions.
Detailed statistics on average property prices in Bulgaria by city and neighborhood can be found at imot.bg