It is a fact that the interest of foreign buyers towards Greek holiday homes has been revived. Although the pandemic was a deterrent effect to the completion of many transactions in 2020, the demand shows that prices were not negatively affected, a trend that became apparent in the main housing market.

According to the latest Observatory of Summer Vacation Values ​​of the appraiser company Geoaxis Property & Valuation Services, in the second quarter of 2021 an average annual price increase of 5.2% is recorded, but also almost 7% compared to the corresponding period of 2019, a sign that values ​​continue to move upwards and even at an increasing rate.

The largest increase, according to the relevant data, is located in Kea (Jia) with 7.9%, with the average asking sale price now reaching 1,845 euros / sq.m. from 1,710 euros / sq.m. which was a year ago. Holidays in Mykonos also show a large increase of 6.6%, with the average cost reaching 2,375 euros / sq.m. from 2,230 euros / sq.m. In Paros, the average increase is 5.9%, with prices reaching 1,935 euros / sq.m. on average, from 1,830 euros / sq.m. a year ago. In Santorini the average asking price is 1,850 euros / sq.m. (unique properties are not counted in places like the Caldera), a small increase of 1% is recorded, while in Kythnos the increase is 4.4%, as the average price is 1,420 euros / sq.m.

Giannis Xylas, head of Geoaxis, states: “Particularly important are the results of the deeper analysis that we have proceeded during the last 9 years. From the processing of the data it seems that, in contrast to other categories of real estate, summer cottages show a remarkable stability both in the phase of fall and in the phase of rise. In particular, the price level today is only 5.63% lower than the corresponding level of the second quarter of 2013 in the five islands that we keep an eye on”. In fact, in the case of Mykonos, the distance has now been eliminated, as current prices are now similar to those of 2013, with the deviation being only 0.75%. On the other hand, prices in Kythnos remain 11.6% lower than in 2013.

Mykonos and Santorini have created an extremely expensive category, which differs from the rest of the Cyclades, with the possible exception of Paros, according to the analysis of Geoaxis.

During 2020, when it became clear that it would be difficult to complete many sales, an increasing proportion of homes entered short-term rental platforms. However, from March this year onwards, this trend is decreasing, as expectations for the increase in sales have increased.