Kyriakos Mitsotakis, leader of Greece's center right New Democracy party, has won a second four-year term as prime minister in a resounding electoral victory Sunday, preliminary results show.

Mitsotakis, 55, is now set to return to the prime minister's office in a stronger position.

"We have high targets that will transform Greece," Mitsotakis said in his victory speech on Sunday. "Today we will celebrate our victory, tomorrow we will roll up our sleeves."

With nearly 96% of the vote counted, New Democracy has garnered over 40% of the vote, winning at least 158 seats in the 300-seat parliament. Main opposition leftist Syriza appears to be trailing far behind in early results with over 17% of the vote.

Sunday's elections were dominated by financial stability and cost-of-living issues, and New Democracy leaned heavily on its economic record.

Mitsotakis, at Greece's helm during the Covid-19 pandemic and Europe's energy crisis, had positioned himself as a safe pair of hands to boost growth in difficult global circumstances.

His government staged a stunning turnaround in the economy, now on the brink of returning to investment grade on the global market for the first time since it lost market access in 2010.

A total of eight parties have now crossed the 3% threshold to enter the Greek parliament so far. Smaller fringe parties ranging from the far left to the extreme right have also made significant gains.