-By George Papou
According to Yannis Xylas, CEO of GEOAXIS, the market is experiencing an absolute rebound compared to 2014, with prices having taken the upswing. Analysing the results from the observatory for holiday homes, which his company has created, Xylas said that in Mykonos, Paros, Santorini and Tzia, luxury summer homes are selling for over 5,000 euros sqm, but there is also product for smaller wallets. In these four islands, as in Serifos, there is an increasing trend. But he sounded the bell for Mykonos and Santorini, which for the first time showed a decrease in arrivals and information, saying that there is a significant problem with the infrastructure (water, cleanliness, roads).
According to the Geoaxis Observatory, Mykonos recorded the highest median asking price of luxury homes at 13,359 euro/sqm, followed by Santorini at 11,270 euro/sqm and Paros at 8,000 euro/sqm. Kea records 5,462 euro/sqm and Serifos 3,401 euro/sqm.
An important conclusion of the survey is that the inability to access cheap bank financing and the increase in taxation, combined with the shrinking disposable income and uncertainty about the immediate future, continue to make the acquisition of holiday homes an off the agenda option for the majority of Greeks.
Dimitris Melachroninos, Founder and CEO of Spitogatos, gave the radiography of the holiday home market using data from the Spitogatos platform, noting that the demand for homes in Greece comes 85% from within Greece and 15% from abroad, with most foreign buyers coming from Germany, the United States, France and the United Kingdom.
In Greece, 20% of properties are classified as holiday homes. This year there has been an increase in asking prices for sale of 4.7% as well as enquiries for holiday homes from abroad has increased by 15%. Halkidiki emerges as the “champion” of searches for holiday homes by users living outside Greece, followed by Cyclades, Kavala, the outskirts of Thessaloniki, the southern suburbs of Athens, the centre of Athens, the Dodecanese, the rest of Attica, Messinia and Chania.
On the contrary, the southern suburbs of Athens are at the top of Greek users’ searches for holiday homes, followed by the rest of Attica, the suburbs of Thessaloniki, the Cyclades, the centre of Athens, Euboea, Halkidiki, Magnesia, the islands of the Saronic Gulf and Messinia.
The increased demand has led to an increase in prices, with a typical example being that of Paros, where 73% of all properties listed for sale are classified as holiday homes. There, a 21% increase in prices currently being asked for is recorded compared to the third quarter of 2022, with most buyers looking for villas, maisonettes and penthouses.
For his part, George Gavriilides, Founding Partner of Elxis Greek Real Estate Services, said there is a continuation of the upward sales curve, citing a 35% increase in foreign real estate investment, with prices climbing 12.5% year-on-year.
