Popular Greek islands: Mykonos, Paros and Santorini have the highest rates of property relative to demand as the Greek property market continues its upward trend, according to a nationwide study published by RE/MAX Greece this week.
More specifically, the average rent of Mykonos last year was 7,250 euros/m2, 3,450 euros/m2 in Paros and 3,250 euros/m2 in Santorini. Crete, meanwhile, a favorite destination for travelers, has kept prices relatively lower but varies widely from region to region.
Other Greek destinations winning holiday home buyers are Corfu, Kefalonia and Lefkada and inland Halkidiki, Volos and Kalamata.
Clearly, according to RE/MAX Greece, the highest rate of return (RoR) is recorded in Southern Greece, Cyclades and Crete at 7%, followed by Northern Greece (6%) and the Ionian islands (5%).
Foreigners buying real estate in Greece mainly come from:
- Germany, Serbia, Bulgaria, Romania and Albania are interested in properties in Northern Greece.
- Israel, China, Germany, France and Lebanon are interested in properties in Southern Greece.
According to the survey, for every 100 real estate transactions, Greeks account for 54% and foreigners make up 46%. More specifically, 90 out of 100 land-based holiday homes sales in cities like Xanthi, Komotini and Igoumenitsa were made by Greeks, while in islands like Naxos, Crete and Corfu, 90 out of 100 real estate sales involve foreign investors.
Research shows that Covid-19, the Russo-Ukrainian war and inflationary pressures are likely to have little impact on the resort property market in Greece, which analysts say will continue the upward trend stimulated by the pandemic. Favored by new infrastructure in destinations in Greece and the growing number of tourists – which can support short-term rental properties.
Buyers interested in buying and using property for short-term rentals are focusing on urban centers such as Athens and Thessaloniki as well as Mykonos, Naxos, Santorini, Paros, Chania, Corfu and Kefalonia.
Source: GTP Headlines