Resicom – Holiday Investment – 04-21 – LB

Greek Islands See Property Values Soaring

Many of the Greek islands have seen property values soaring since the start of 2019, according to data obtained by Greece‘s most famous real estate sales website Spitogatos.

Many of the Greek islands have seen property price rises double when compared to last year, as they become popular with both Greek and overseas property investors alike.

As Greece’s Kathimerini newspaper reports, islands such as Santorini and Antiparos have recorded so far a year-on-year increase of 18.2 and 18.1 per cent respectively, compared to the average prices of the properties in 2018.

Greek islands both in the Aegean and in the Ionian Seas have seen double-digit increases, with Aegina, Skopelos, Ithaca, Tinos and Kythnos topping the list of places that recorded the highest increase in value over that time, as overseas property investors flock to invest in the Greek sunshine.

Even Mykonos, the most expensive of the Greek islands in terms of the price of a property, recorded a healthy increase of seven per cent compared to last year, reaching an average asking price of €5,230 per square metre.

The Greek island of Santorini saw the average asking price of property reach €3,465 per square metre, while on Antiparos property reached €3,810 per square metre.

Most of the overseas property investors are wealthy Americans, Europeans, and people from the Middle East, who buy properties on Greek islands to invest and profit from the increased numbers of tourists that come to the country.

On the contrary, property prices on Greece’s Eastern Aegean islands have dropped compared to 2018, mainly due to the fact that these islands still host accommodation facilities for refugees and migrants, who come to the country from Turkey’s shores.

The Greek islands seem to be back in vogue with overseas property investors, but you need to research carefully and pick the right islands.

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