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Greek Island Holiday Home Market on the Upswing
Posted On 24 Jun 2019
Tag: Greece, Greece capital inflows, Greece crisis, Greece economy, Greece golden visa, Greece holiday home sales, Greece home sales, Greece incentives, Greece investments, Greece news, Greece post-bailout, Greece property market, Greece property trends, Greece real estate, Greece real estate agents, Greece real estate trends, Greece tourism, holiday home real estate Greece, holiday market Greece, property, real estate on Greek islands
Photo Source: Municipality of Ithaki
Interest and prices for holiday homes on the Greek islands have picked up this year with Mykonos, Santorini, Aegina, Tinos, Skopelos, Ithaki and Kythnos as top buyer choices.
The going rates for vacation homes on the Greek islands increased by 18.2 percent in 2019 compared to the summer of 2018.
Mykonos island
At the same time, foreign capital inflows for the acquisition of real estate in Greece increased of 157.7 percent in January this year against the same month in 2018, according to Bank of Greece data.
Mykonos is in the lead with homes selling for the highest prices at 5,230 euros per square meter (m2), increasing by 7 percent, Santorini at 3,465/m2, Antiparos marking an 18.1 percent rise to 3,810 euros/m2, Aegina up by 15.8 percent to 1,990 euros/m2, Skopelos up by 13.4 percent to 1,490 euros/m2, Ithaki up by 13.1 percent to 2,465 euros/m2, Tinos marking an 11.6 percent increase to 1,720 euros/m2, and Kythnos up by 10.5 percent to 2,190 euros/m2.
Popular Greek islands such as Mykonos and Santorini are mostly attracting buyers from the Middle East, the US and Europe.
On the downside, interest for property in the Eastern Aegean region, which is made up mostly of islands shouldering the refugee influx from neighboring Turkey, is waning. More specifically, selling prices dropped by 6.8 percent on Samos to 922 euros/m2, and by 6.2 percent on Lesvos to 1.080 euro/m2.
Skiathos Island. Photo: © Nikos Psychogios / Shutterstock
Going rates also dropped on Skiathos by 16.6 percent in 2019 to 2,560 euros/m2, in Heraklion, Crete, by 4.2 percent to 1.385 euros/m2, and on Evia by 3.8 percent to 1,220 euros/m2.
How can pricers be calculated per m2 on the islands – I get it that you can apply these averages in major cities where most of the sales are in comparable apartment buildings, but on the island there are very few ‘average’ properties, they are mainly very different, as are the value locations, so to put a per m2 price on these areas is really misleading.
PS We have a part time home in Polichnitos on Lesvos and so not see refugees when there, apart from rare occasion when in the Moria area. Lesvos is a massive island and needs more tourists and investment.
You really are responsible for the problems in Eastern Aegean islands if you keep saying things like “…. islands shouldering the refugee influx from neighboring Turkey”. You need to add that these islands do NOT have refugees roaming around and they are only suffering because of bad reports in the media – YOU. Of course the situation in the refugee camps is abysmal, but that is no reason for people not to support these islands, or buy property there. Change your ‘slant’ to the great opportunities to buy property at low prices, or holiday on these islands more cheaply BECAUSE the island refugee situation has been misrepresented!