Both international and domestic demand for home purchases in the popular tourist areas of Greece is especially strong, with in some cases the number of requests for home purchases more than doubling compared to previous years.
In particular, in the first four months of this year, Mykonos stands out in the tourist area with the highest asking prices for residential sales at 5,714 euros/sqm, followed by Santorini with an average asking price of 3,333 euros/sqm respectively.
It is interesting to note that the average asking price in Paros, which in 2021 was at the same level as in Naxos (Paros: 2,895 euros/sq.m., Naxos: 2,698 euros/sq.m.), shows an increase – by at least in the first four months of 2022 – and approaching the average selling price of a house in Santorini.
As for Crete, in the first four months of 2022, the regions of Chania and Lassithi rank higher in the average asking price of home sales, with the Heraklion region proving to be more economical than the other three regions of the mega-island.
Popular islands in the Aegean and Ionian Seas
Looking at some of the most popular Greek islands in both the Aegean and Ionian Seas, the evolution of the average asking price has created a new dynamic on the map (2021) compared to previous years (2018-2020).
Paros and Naxos: In 2021, the average asking price of a home for sale remained about the same (Paros: 2,895 EUR/sqm, Naxos: 2,698 EUR/sqm) compared to previous years (2018, 2019). . Gradual price increases in Paros and Naxos appear to have had no effect on the 2020-2021 period, during which the average asking price of a house increased by 14.3% (Paros) and 13.0% (Naxos) respectively.
Rhodes: For the public interested in investing in the housing market, Rhodes is consistently (2018-2021) the most economically advantageous region compared to the rest of the surveyed islands of the South Aegean (Naxos, Paros, Santorini, Mykonos). It is noted that the average asking price for the sale of a residence in Rhodes in 2021 was €1,400/sq.m.
Santorini and Mykonos: These are the two most popular islands in the world. It would make sense if the average asking price of their homes was at the same level, which is not reflected in the data. Characteristically, in 2021, the average selling price of houses in Mykonos was 5,364 euros / sq.m, and in Santorini – 3,382 euros / sq.m.
Focusing on property typology, it can be seen that in Mykonos, several listings per year, from 2018 to 2021, were related to the sale of villas, with the corresponding percentage being lower in Santorini.
Thus, in a review of the most recent year-on-year data, we see that the share of supply of villas for sale in Mykonos and Santorini in 2021 was 29% and 8% respectively. It is noted that the villa is the type of residence with the highest asking price in 2021, the average asking price of a villa in Mykonos was 6,538 euros / sq.m. and in Santorini for 6,081 euros/sq.m.
This specific factor appears to have played a decisive role in the above difference when considering that – excluding villas, which are the highest priced property type – the average asking price in the same year for the rest of the property types was €5,000 /sq.m. for Mykonos and 3,172 euros/sq.m. for Santorini, with the former moving to higher price levels again, but with a smaller difference.
Corfu and Zakynthos: In terms of the Ionian Sea, Corfu and Zakynthos are roughly on par in terms of the average asking price of a home sale compared to the other cases reviewed. It is worth noting the upward trend in the average selling price of a home in Zakynthos with a +6.3% change in 2021 compared to 2020 during the pandemic.
Islands in relation to popular tourist destinations in mainland Greece. Crete
As mentioned above, from the cases reviewed, it was found that the highest asking price for the sale of houses is in the Cyclades islands such as Santorini, Mykonos and Paros.
On the map of changes for the period 2020-2021. Naxos, Paros, Rhodes and Zakynthos stand out with an increase in the average asking price of housing by 13.0%, 14.3%, 8.4% and 6.3% respectively.
Crete has always been a special case given its size and popularity in terms of tourism. Relative to the average asking price of a house – by year, from 2018 to 2018 2021 – higher price in Chania and Lassithi regions.
The pandemic does not seem to have stopped the upward trend in prices in the Heraklion region with a 2.6% increase in the average asking price of a house and in the Chania region with a 3.9% increase respectively.
On the other hand, in 2019 and beyond, there has been a gradual decrease in the average asking price of housing in the Lasithi region with a change of -2.2% in the period 2019-2020. and -2.4% in the period 2020-2021.
The asking price of a house in the Rethymnon region follows in downward trend, which, given the changes in 2018-2019 and 2019-2020, seems to have stopped in the period 2020-2021.