With prices rising every year, market experts estimate that the rise will continue for the next 6 to 12 months, while pointing out that this year’s tourist season gives sellers room for optimism for even bigger increases. Interestingly, prices are on a strong upward trend, both for the standard holiday homes that most people buy and for the ultra-luxurious ones, where mainly foreign investors pay millions for the fillets of the Greek islands.
Data from the GEOAXIS report “Summer Vacation Homes Observatory 2024”, shows that within a year there has been a significant horizontal increase in the median asking prices of luxury homes.
In Mykonos by 13.3% (from 13,359 to 15,136 euros/sq.m.), in Santorini 11.8% (from 11,270 to 12,600 euros/sq.m.), in Paros 13.6% (from 8,000 to 9,087 euros/sq.m.), in Kea 7%, (from 5,462 to 5,847 euros/sq.m.) and in Serifos 6.4% (from 3,401 to 3,618 euros/sq.m.). Obviously these prices are also out of reach for most people, but the luxury housing market is about 5-15% of the total pie, depending on the island, and is mainly aimed at investors outside of Greece, who are willing to pay significant premiums .
Beyond the million-dollar villas, 85-95% of the market consists of simpler country houses whose prices, although constantly rising, have not gone away. In comparison, in Mykonos a luxury residence can cost up to 5.5 times more than a typical summer residence, in Santorini 5.7 times, in Paros 4.1 times, in Serifos 2.4 times and in Kea 2.8 times . And in this category, Mykonos records the highest median asking price of a unit with 2,749 euros/sq.m. followed by Santorini and Paros with 2,198 and 2,194 euros/sq.m. respectively. Kea is at 2,045 euros/sq.m. and Serifos at 1,532 euros/sq.m.
Compared to last year, there is a significant horizontal increase in asking sales prices at a median price of 6.9% for all five islands. By island, the biggest increase is shown by Mykonos 10.1% (from 2,497 to 2,749 euros/sq.m.), Santorini 7.1% (from 2,052 to 2,198 euros/sq.m.) and Paros 7% (from 2,051 to 2,194 euros/sq.m.). They are followed by Serifos 5.2% (from 1,456 to 1,532 euros/sq.m.) and Kea 4.9% (from 1,949 to 2,045 euros/sq.m.).
According to the research, Mykonos and Santorini have created an extremely expensive category, which is completely different from the rest of the Cyclades. Paros follows at a very short distance. The vast majority of buyers in Mykonos and Santorini come from abroad, while a very small part concerns the acquisition of a “golden visa”. On the contrary, the inability to access cheap bank financing and the increase in taxation, combined with the shrinking of disposable income and the uncertainty about the immediate future, remove the possibility of acquiring a holiday home on an island for most Greeks.
Prices of luxury vs standard cottages
|
Island |
Luxury homes (€) | Standard houses (€) | |
| Highest Price | Median Price | Median Price | |
| Mykonos | 32.353 | 15.136 | 2.749 |
| Santorini | 25.000 | 12.600 | 2.198 |
| Paros | 17.778 | 9.087 | 2.194 |
| Serif | 5.818 | 3.618 | 1.532 |
| Kea – Jia | 16.000 | 5.809 | 2.045 |
Source: GEOAXIS Summer Cottage Observatory 2024
Price variation 2015-2024 (€)
| Year | Mykonos | Paros | Santorini | Serif | Kea – Jia |
| 2015 | 2.184 | 1.813 | 1.852 | 1.385 | 1.699 |
| 2016 | 2.164 | 1.794 | 1.800 | 1.345 | 1.654 |
| 2017 | 2.141 | 1.770 | 1.772 | 1.326 | 1.629 |
| 2018 | 2.148 | 1.772 | 1.774 | 1.326 | 1.629 |
| 2019 | 2.191 | 1.796 | 1.818 | 1.342 | 1.663 |
| 2020 | 2.228 | 1.827 | 1.830 | 1.359 | 1.708 |
| 2021 | 2.370 | 1.935 | 1.849 | 1.419 | 1.843 |
| 2022 | 2.419 | 1.985 | 1.960 | 1.432 | 1.884 |
| 2023 | 2.497 | 2.051 | 2.052 | 1.456 | 1.949 |
| 2024 | 2.749 | 2.194 | 2.198 | 1.532 | 2.045 |
Source: GEOAXIS Summer Cottage Observatory 2024
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