Holiday home transactions on selected islands of the Cyclades recorded a 54 percent annual increase in the first half of the year, according to an analysis of data from the Property Transaction Value Register of the Finance Ministry’s General Secretariat of Information Systems.
The analysis, conducted by Geoaxis Property & Valuation Services, notes that the majority of buyers originated from other countries and that some of sought not only to acquire a holiday home in Greece but also to secure a residence permit for non-European Union citizens (Golden Visa).
Bank of Greece data for the first quarter of the year show a 130 percent year-on-year growth rate in capital inflows from abroad for the acquisition of properties.
Geoaxis also reports a notable increase in holiday home prices, with the biggest of these seen on Santorini: The popular Cycladic island has an average sale rate of 1,820 euros per square meter – a rate that does not relate to the luxurious buildings on the island – representing an increase of 2.45 percent from last year. Kea has seen an average increase of over 2 percent to 1,665 euros/sq.m. this year, and Mykonos reports a 2 percent hike to 2,220 euros/sq.m. Paros rates grew 1.35 percent to 1,800 euros/sq.m. and Kythnos by 1.15 percent to 1,340 euros/sq.m.