PROPERTY

Island property prices soar

island-property-prices-soar

The asking prices for residential property on Greek islands have soared in the last year, with hikes reaching up to 26%, in the case of the Cycladic destination of Serifos, where the average rate comes to 2,650 euros per square meter, according to the Spitogatos Property Index.

The latest SPI data also showed major hikes on the islands of Samothraki (23.1%) and Poros (20%). In the case of the former, properties on the island off Alexandroupoli have an average asking price of €1,066/sq.m., while those on the Saronic island average at almost €2,000/sq.m.

The rising course of asking prices is interpreted as a result of the increased buying and investment interest from abroad. Despite the pandemic, demand for the acquisition of a holiday home in one of the country’s tourism destinations appears higher even compared to the period before the pandemic; this is due to the amassed liquidity and the shift toward property purchases for family reasons.

Antiparos has also seen a major increase in asking prices, up 17.65% year-on-year, to a particularly high rate of €3,823/sq.m., which illustrates the luxurious character of properties recently developed on the tiny Cycladic island.

Other destinations in the Cyclades also report hikes, including Naxos (up 15% to almost €2,700/sq.m.), Kythnos (12.8% to €2,255/sq.m.) and Paros (12.5% to €2,812/sq.m.). There have been smaller increases, at significantly lower price levels too, on Cephalonia (11.3% to €1,700/sq.m.), Tinos (9% to €1,875/sq.m.) and Rhodes (8.8% to €1,375/sq.m.).

In contrast, islands typically away from the Cyclades recorded a price reduction, led by Thasos (down 9.2% to €1,310/sq.m.), Ikaria (7.1% to €1,300/sq.m.) and Skopelos (5.6% to €1,062/sq.m.). Other sliders included Patmos (down 5.2% to €3,360/sq.m.), Leros (3.4% to €1,930/sq.m.) and Lesvos (2.8% to just €1,030/sq.m.). There were smaller declines on Kea, Syros, Chios and Spetses, of between 2.7% and 0.8%.