Holiday homes in demand

• 7 August, 25

High-end residential market continues to expand on strong interest from foreigners.

Demand for high-end holiday homes remains consistently high this year, as buying interest from abroad stays strong. According to Engel & Volkers Greece’s analysis, 85% of transactions are carried out by foreign buyers, as sales prices on the Greek islands remain competitive compared to other holiday home markets in the Mediterranean.

Giorgos Petras, the company’s CEO, says: “Buyer groups differ by region and come mainly from Central Europe (Germany, Austria and Switzerland), the US, Lebanon, Israel, the Balkans and Turkey. Demand is focused mainly on villas with a pool and sea view, while in the most luxurious properties direct access to the beach is a key requirement.”

The highest prices are found on Mykonos and Paros, where the purchase rate can reach up to 12,000 euros per square meter. Mykonos continues to attract high net worth individuals, keeping property prices high. Neighboring Paros is also attracting international interest, offering an attractive mix of traditional settlements and modern architecture. Sea view homes are particularly popular and also reach €12,000/sq.m. Also, on Santorini prices reach up to €7,500/sq.m., while on Antiparos and Kythnos demand for high-quality properties remains strong, with peak prices at €9,800 and €9,000/sq.m. respectively. On Kea the cost reaches up to €6,000/sq.m.

The islands of the Saronic Gulf continue to attract a discerning clientele – artists, businesspeople, politicians and high-profile investors – thanks to their easy access from Athens. On Hydra, prices reach up to €7,500/sq.m., while on Spetses they reach €6,500/sq.m. In Halkidiki, northern Greece, international demand is high, with seaside villas reaching €10,000/sq.m.

According to Petras, holiday home destinations benefit from the favorable investment environment and the momentum of long-term rental yields, with demand constantly exceeding supply for high-end homes. This is why Engel & Volkers predicts consistently high demand and a mild rise in prices in prime locations until year-end.

Cre: ekathimerini