When discussing Greek real estate, one’s thoughts often gravitate towards regions in Attica or Thessaloniki. But what about the larger Greek islands that see their populations multiply two, three, or even five times from spring through September, peaking in the summer?
It’s important to note that Mykonos is in a league of its own. The rules there differ significantly from the rest of Greece. Did you know that during the economic crisis, when house values dropped by up to 60% across the country, property prices in Mykonos not only remained high but even saw an increase? In fact, they rose by as much as 20%. Is Airbnb the reason for this? If you suspected as much, your suspicions are now confirmed.
Setting aside the unique case of Mykonos, it’s intriguing to explore which other islands are making waves in the real estate market. Which islands in the Aegean or Ionian seas are drawing interest, with their homes acting as magnets for potential buyers, making their owners feel like they possess a small or large treasure?
Santorini and foreign investors
Over the years, Santorini has set a high standard in the real estate market, attracting significant foreign investment. The island’s strategy to draw high-end tourists is evident, with luxury and comfort being key selling points that require substantial financial investment.
Industry insiders, as reported by ExploringGreece.tv, reveal that in addition to Santorini, four other islands - two from the Cyclades (Naxos and Paros) and two from the Ionian Sea (Corfu and Kefalonia) - are also experiencing a real estate boom. These locations have not only maintained their property values but have also seen an upward trend.
It’s worth mentioning that there are properties across Greece that hold as much value as those in Mykonos, Santorini, Naxos, or Kefalonia. However, these six islands are leading the real estate market outside mainland Greece, setting market trends and fostering new relationships between investors and owners.