The Cyclades have always been an attraction for investors and the island of winds (Mykonos) in addition to expatriates from the US and Australia but also traditional buyers from Britain, France, Italy and the Middle East have been chosen in recent years by wealthy Turks who want to transfer some of their funds abroad.
According to Themistoklis Bakas, head of the E-Real Estates Network speaking to ot.gr, foreigners mainly wants villas worth between 800,000 and 1.5 million euros, while institutional investors are mainly looking for debt-burdened properties or unfinished buildings that they can buy relatively cheaply and to complete themselves. Many times foreign funds buy old properties which they completely renovate to use them for tourism. The requested prices for a luxury house in Mykonos range from 5,500 € / sqm to 7,500 € / sqm, while there are cases where a villa with all luxuries included can exceed 10,000 euros per square meter.
The islands they choose
Naxos is chosen by expatriates from the USA, Australia and South Africa, who have been buying real estate on the island in recent years, while the main buyers from abroad are Germans, Americans and Canadians. The houses within city limits cost 2,500 euros/ sqm -3,000 euros / sqm.
The real estate market of Paros has recovered in the last 3-4 years due to the new airport, with Greeks, Italians and French being the main investors.
Santorini is experiencing great growth in the real estate market in the hotel sector but also in short-term leases. Demand from Asia was explosive with Santorini being the first choice of the Chinese who in recent years came to invest while in the past they simply vacationed there. Expatriates from the USA, Canada and Australia are also showing interest in buying for themselves or their children. The prices for a house without a view at Akrotiri can be bought from 3,500 euros / sqm – 4,000euros / sqm, but depending on the view it can reach 5,000 € / sqm – 6,000 € / sqm. While a house in the Caldera with a view costs over 10,000 euros / sqm.
Syros is chosen by expatriates from the USA and Australia who are originally from the island as well as Israelis and Chinese. In Ios 70% of the buyers on the island are expatriates from Australia and also Italians and French.
Tinos is chosen mainly by Italians and French. Traditional houses in villages with views cost from 80,000-150,000 euros but the cost of renovation should be added ..
Amorgos is chosen by expatriates from the USA, Canada and Australia and foreigners from France, Germany and Italy, being the main buyers of real estate on the island. In recent years, Swedes, Danes and Turks have shown interest.
Milos is chosen by expatriates from the USA, Canada and Australia, along with the Italians, the French and the Swiss who are the main buyers from the European Union.
The modernization of Kos airport enhances tourism and serves neighboring islands such as Kalymnos and Nisyros. In recent years there has been a strong interest in tourist real estate. Buyers are from Germany, Austria, Belgium and Estonia. Expatriates from the USA have a strong presence in Nisyros. In Astypalea there is a stronger presence of Italians and French, while the prices are almost the same as Kos.
Rhodes is invested in by Americans, Russians (before the sanctions), Brits, French, Italians, Belgians and Turks. According to 2007 data in Lachania of Rhodes, 40% – 50% of the houses belong to foreigners, mainly Northern Europeans. The Tax Office stated that for 2007 70% of the sales of houses concerned English citizens, 10% Italians and the remaining 20% other nationalities (Germans, French, etc.). Also, as the survey showed, 80% of the foreigners who owned real estate on the island of Rhodes and were permanent residents were retired and over 65.
Karpathos is chosen by many Italians, Germans, Austrians and Scandinavians. Some come to stay after retirement. While Patmos is chosen by Greeks, Italians, French, Americans and Belgians as well as several expatriates from the USA and Australia.
The Ionian islands
In the islands of the Ionian Sea, 80% of buyers are foreigners, mainly British, Germans and several Russians before the war. Prices have started to show increasing trends in the last 3-4 years and in many cases reach pre-crisis levels. In Kefalonia, the main foreign buyers are British, by 80%, followed by Italians, while recently buyers from Romania and Bulgaria appeared. In Zakynthos, buyers are British, Italian, French, Belgian, Russian (before the sanctions), Israelis and Arabs. Expatriates from Australia, USA and Canada are also buying.
In Lefkada, the buyers are Greeks, Italians, Germans, French as well as Chinese, Australians and Americans. Coastal properties have become an endangered species while the upgrade of the airport in Aktio also helped.
Chios is chosen by expatriates from the USA and Canada, while in Lesvos expatriates from the USA and Australia. In Samos among the buyers are several Northern Europeans, French, Italians, Australians, South Africans, Chinese and Arabs from the United Arab Emirates. Short-term leases have made their presence felt. The French and Italians have bought real estate to exploit it through short term leasing.
Ikaria is chosen by Italians, French and Germans. Ikaria is one of the 5 blue zones of the world, where the average life expectancy is 10 years above normal, causing global interest resulting in increasing demand from around the world.
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