Holiday properties on islands see prices soar this summer

Holiday properties on islands see prices soar this summer

Holiday homes are rapidly becoming the hottest property on the Greek real estate market this year, if the soaring asking prices recorded by property ads website Spitogatos are anything to go by.

Compared to last summer, the price hikes come up to 18.2 percent, as in the case of Santorini, where the average asking price amounts to 3,465 euros per square meter today.

Other islands that have witnessed a surge in average rates for holiday properties include Antiparos (3,810 euros/sq.m., up 18.1 percent), Aigina (1,990 euros/sq.m., up 15.8 percent), Skopelos (1,490 euros/sq.m., up 13.4 percent) and Ithaca (2,465 euros/sq.m., up 13.1 percent). Double-digit growth has also been observed on Tinos (11.6 percent to 1,720 euros/sq.m.) and Kythnos (10.5 percent to 2,190 euros/sq.m.).

The most expensive island by far remains Myconos. The average asking price at this popular Cyclades destination is 5,230 euros/sq.m., up 7 percent on last year, according to ads on The Myconos holiday home market, just like that on Santorini and several other islands in the Cyclades, including Antiparos, today excludes all but the wealthiest buyers – many of whom do so with investment rather than vacations in mind – mainly from the countries of the Middle East, as well as from Europe and the US.

On the other hand, there are islands that have seen their rates head south, as they have not benefited so much from the increased tourism flows of the last few years, or holidaymakers are deterred from visiting for other reasons, as has been the case on the islands of the eastern Aegean that have seen the bulk of migrant arrivals.

Data show that prices on the island of Skiathos have dropped 16.6 percent this year from 2018 to 2,560 euros/sq.m. and are now reverting to normal due to lack of demand. Rates on Samos have fallen 6.8 percent, on Lesvos by 6.2 percent, in Iraklio on Crete by 4.2 percent and on Evia by 3.8 percent.

Bank of Greece data showed a massive annual rise of 157.7 percent in capital inflows from abroad for the acquisition of properties in the country in January. This came after an even bigger jump of 205.5 percent in January 2018, compared to January 2017.

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