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Properties on Mykonos, Paros, Santorini in High Demand by Foreigners

Mykonos Island © Maria Theofanopoulou

Popular Greek islands Mykonos, Paros and Santorini have the highest property rates in proportion to demand as the real estate market in Greece continues its upward trend, according to a nationwide study released this week by RE/MAX Greece.

More specifically, average going rates for Mykonos last year came to 7,250 euros per square meter (m2), 3,450 euros/m2 on Paros and 3,250 euros/m2 on Santorini. Crete, meanwhile, a favorite traveler destination, has kept prices relatively lower but very divergent from one area to the other.

Other Greek destinations winning over holiday home buyers are Corfu, Kefalonia and Lefkada and in the mainland Halkidiki, Volos and Kalamata.

Indicatively, according to RE/MAX Greece, the highest rate of return (RoR) is recorded in Southern Greece, the Cyclades and Crete at 7 percent, followed by Northern Greece (6 percent), and the Ionian islands (5 percent).

Foreigners buying in Greece are mainly from Germany, Serbia, Bulgaria, Romania and Albania who are interested in properties in Northern Greece and from Israel, China, Germany, France and Lebanon who are interested in real estate in Southern Greece.

According to the survey, for every 100 property sales, Greeks account for 54 percent and foreigners for 46 percent. More specifically, 90 of the 100 mainland holiday home sales in cities such as Xanthi, Komotini and Igoumenitsa were made by Greeks whereas on the islands such as Naxos, Crete and Corfu, 90 out of 100 sales concern foreign buyers.

The study found that Covid-19, the Russia-Ukraine war and inflationary pressures appear to have little impact on the vacation home market in Greece, which analysts say will continue on its upward trend stimulated by new infrastructure at Greek destinations and increasing tourist figures which can support short-term rental properties.

Buyers interested in purchasing and utilizing properties for short stay rentals are focusing on urban centers such as Athens and Thessaloniki as well as on Mykonos, Naxos, Santorini, Paros, Chania, Corfu and Kefalonia.

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  1. Mark+Brealey Reply

    Sadly the same happens in every desirable area. People who don’t want to commit full time to a community buy up properties that are only used occasionally pricing out people who want to live in an area all year. In the UK see Cornwall, parts of the Kent coast, North Norfolk and Suffolk coast

  2. Tony Marsh Reply

    Doesn’t anybody in Greece think long term. OK, Mykonos is already a disaster, lost for ever. Now the others are going the same way. This is NOT good news.

    • Maria M Reply

      Consider that, as a Greek, I can’t get anywhere near those properties at the prices they ask for. I come from Kefalonia, and I can’t even afford a run-down place in my own island. So, no it’s not good news for us.

      • kostas with the mustache Reply

        Maria, locals can’t outbid wealthier foreigners. What Tony is saying (and he’s right on the money wrt Mykonos and long vs short term thinking), is that greeks should be pushing their governments towards limiting sales to foreign entities. Various measures can achieve this. Instead, what we see happening is greek property sellers and local businesses preferring to make a quick buck, and governments eager to collect the resulting tax. This is pricing the greeks out of greek real estate and pretty much everything else.

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