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The Greek islands are still the prime destination for international buyers looking to make a property investment according Spitogatos, a housing sale and rental listing platform.
In May, the most expensive islands for buying real estate were Mykonos, Paxos, Skiathos, Hydra, Patmos, Ikaria, and Chania. Lower rates (below 2,000 euros per square meter) were found on Skopelos, Salamina, Rhodes and Kos, Chios, Evia, and Rethymno and Lasithi, Corfu, Leros, and Samos.
Foreign demand for homes in the Cycladic islands is on the rise over last year by buyers from the US, UK, Germany, France, and Switzerland. Paros, Syros, Naxos, and Mykonos are topping their list.
The Greek Golden visa program is an important factor in attracting interest from foreign investors. Launched in July 2013 the program grants a five-year residency visa in return for an investment in real estate. The visas were intended to bring money into the country during its housing market collapse. In 2023, a total of 5,701 Golden Visa permits were granted, and 8,800 applications are pending. Investment reached at least one billion euros over the year.
The government announced earlier this year changes to the program raising the required investment to as much as 800,000 euros in popular areas such as the capital Athens, the second largest city Thessaloniki, Mykonos and Santorini and other islands with a population of over 3,100.
In other areas, it would start at 400,000 euros. Investors must now purchase a property of at least 120 square metres, while for historic property and industrial buildings converted into living accommodation, the cost is 250,000 euros.
While interest by foreign buyers for the Greek islands is up compared to last year, demand by investors from Greece has declined, according to Spitogatos’ analysts.
The Berkshire Hathaway HomeServices European Summer Report 2024, also reveals Greek properties are in high demand by foreign homebuyers. The majority of potential foreign homebuyers in Greece originate from Israel, Turkey, Bulgaria, the United Kingdom, France and the Netherlands, according to the report.
