Greek Island Holiday Home Market on the Upswing

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.