BUSINESS

Properties cost one-third less than in 2008 on islands

By Yiannis Elafros

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.

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