Properties in Mykonos, Paros, Santorini in high demand by foreigners

Popular Greek Islands Mykonos, paros and Santorini have the highest property prices relative to demand as the property market in Greece continues its upward trend, according to a national study released this week by RE/MAX Greece.

Specifically, the prevailing average rates for Mykonos last year was 7,250 euros per square meter (m2), 3,450 euros/m2 on paros and 3,250 euros/m2 on Santorini. Cretemeanwhile, a favorite destination for travellers, prices were relatively low but very divergent from one region to another.

Other Greek destinations that attract holiday home buyers are Corfu, Kefalonia and Lefkada and in mainland Halkidiki, Volos and Kalamata.

As an indication, according to RE/MAX Greece, the highest rate of return (RoR) is recorded in South Greecethe Cyclades and Crete at 7%, followed by Northern Greece (6%) and the Ionian Islands (5 percent).

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

According to the survey, for 100 real estate sales, Greeks represent 54% and foreigners 46%. Specifically, 90 out of 100 mainland vacation home sales in cities such as Xanthi, Komotini and Igoumenitsa were made by Greeks while on islands such as Naxos, Crete and Corfu90 out of 100 sales concern foreign buyers.

The study found that Covid-19, the Russian-Ukrainian war and inflationary pressures appear to have little impact on the holiday home market in Greece, analysts said. will continue its upward trend stimulated by new infrastructure in Greek destinations and increase in the number of tourists which can support short term rental properties.

Buyers interested in buy and use properties for short-term rentals focus on urban centers such as Athens and Thessaloniki as well as on Mykonos, Naxos, Santorini, Paros, ChaniaCorfu and Kefalonia.

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