Cyclades islands holiday home prices at 10-year high

The prices of holiday homes on the most famous island group in the Aegean Sea, the Cyclades, are at their highest in the last decade, Kathimerini reported citing the latest annual survey of the holiday home market by Geoaxis, the first property valuation firm registered in Greece.

The most substantial increases are observed in the ultra-luxury property segment. These exclusive properties can now be sold for up to €32,350 /sq.m. in Mykonos, €25,000/sq.m in Santorini and €17,780/sq.m in Paros. The notable surge can be attributed primarily to the scarcity of such homes in the market. On the contrary, in regular properties this year’s average price increase is at 6.9%, the report said.

Mykonos witnessed the largest increase at 10.1% (from €2,500/sq.m. to €2,750/sq.m.), followed by Santorini with a rise of 7.1% to €2,200/sq.m. and Paros with a 7% price increase compared to last year, from €2,050 to €2,195/sq.m. In Serifos, prices grew by 5.2% to €1,530/sq.m. while in Kea (also known as Tzia), the closest Cycladic island to the Greek capital city of Athens, by 4.9% reaching €2,045/sq.m.

As regards surface area, the largest summer residences can be found in Mykonos and Paros.

Paros is the Cycladic island with the largest number of registered property transactions (2,172)
between January 2020 and June 2024, Kathimerini said in a separate report, citing figures from the Hellenic Cadastre. Tinos is in the second place with 2,127 property sales and Santorini follows with 1,873 sales.

The top five list is completed by Syros with 1,508 transactions and Naxos with 1,355 property sales. Mykonos recorded 1,302 transactions, followed by Andros (717), Sifnos (501), Milos (491), and Kea (488). Kythnos saw 447 property transfers, Serifos 378, Antiparos 291 sales and Ios 179. Ano Koufonissi, the smallest inhabited island of the Cyclades (5.7 sq.km.), recorded 67 transactions in the period under review.