ECONOMY

Property prices dip on popular islands

Property prices on Cycladic islands, such as Myconos and Santorini, have fallen by up to 20 percent this year, as demand from local buyers has plunged, according to real estate agents. The slump in Greece’s residential property market is weighing on the prices of holiday homes, a sector easily affected by demand swings. ‘Last year, the problem was more with buyers from abroad and to a lesser extent with Greeks. This year, the opposite is true. Foreigners appear to be getting over the crisis and are showing more interest in the Cyclades,’ said Yiannis Revythis, head of the Athens-Attica Estate Agents Association. Myconos, Santorini, Naxos and Paros top the preference list for buyers from Italy, Germany, Switzerland and Russia.

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