Property prices on Greek islands have dropped significantly in recent years, presenting major investment opportunities. The average price of houses at popular island destinations has dropped by a total of 33 percent since 2008, according to estate agents, while on large properties and luxury homes the decline is as much as 40-50 percent.
According to Ioannis Revythis, the president of the Hellenic Real Estate Agents Federation, the average rates in euros per square meter at major destinations are as follows: Myconos, 3,000 euros from 4,500 in 2008; Santorini, 3,300 euros from 5,000; Paros, 2,000 euros from 3,000; Naxos, 1,600 euros from 2,650; Serifos 1,500 euros from 2,200, and Hydra, 2,500 euros from 3,500 euros/sq.m.,
The bulk of buyers’ interest at the moment concerns the purchase of land for future development into holiday accommodation.
“Nowadays 80 percent of buyers on islands are foreigners; just 20 percent are Greeks. Foreign nationals are also attracted by the capacity to obtain a residence permit with a purchase of over 250,000 euros,” explained Revythis.