Hol­i­day home prices on the is­lands

Kathimerini English - - Focus - BY NIKOS ROUSSANOGLOU

My­conos, Pat­mos and San­torini ap­pear to be the most ex­pen­sive ar­eas of Greece to buy a hol­i­day home, with av­er­age ask­ing prices com­ing to 4,759 eu­ros per square me­ter, 4,064 eu­ros/sq.m. and 3,130 eu­ros/sq.m. re­spec­tively, ac­cord­ing to a sur­vey by the Spi­togatos on­line prop­erty search en­gine.

The three is­lands have main­tained much higher prop­erty prices than other is­lands and pop­u­lar tourism des­ti­na­tions in Greece due to the fact that they draw high-in­come tourists and are very well known.

Com­plet­ing the list of the top­five ex­pen­sive is­lands for hol­i­day homes are Skiathos, with rates of 2,775 eu­ros/sq.m., and Sifnos on 2,719 eu­ros/sq.m. The low­est rates are to be found on the east­ern Aegean is­lands of Kos (1,380 eu­ros/sq.m.), Chios (1,425 eu­ros/sq.m.), Samos (1,445 eu­ros/sq.m.) and Lesvos (1,501 eu­ros/sq.m.).

In gen­eral hol­i­day home prices have de­clined by 40-50 per­cent on av­er­age since the out­break of the fi­nan­cial cri­sis, even if the drop has been some­what slower than in the mar­ket of main res­i­dences. The web­site’s sur­vey showed that on many is­lands prices ex­ceed 2,000 eu­ros/sq.m., which is par­tic­u­larly high by cri­sis stan­dards, and that is why the vast ma­jor­ity of pur­chases are made by for­eign buy­ers.

It is worth not­ing here that the rates recorded are not the sale prices but the ask­ing prices that sell­ers ad­ver­tise, mean­ing that in prac­tice trans­ac­tions are made at sig­nif­i­cantly lower prices. The Bank of Greece es­ti­mates that ne­go­ti­a­tions are the norm, and on av­er­age sale prices are about 20 per­cent be­low the ask­ing prices.

Buy­ing in­ter­est con­tin­ues to be high at the most pop­u­lar tourism des­ti­na­tions. Al­gean Prop­erty es­tate agency data show that on My­conos, San­torini, Paros and Corfu, as well as Elounda in east­ern Crete, trans­ac­tions have in­creased by some 20 per­cent year-on-year. De­spite that rise, trans­ac­tion fig­ures are still lag­ging those recorded five years ago by about 30 per­cent.

is the most ex­pen­sive part of Greece in which to buy a hol­i­day home, with the av­er­age ask­ing price com­ing to 4,759 eu­ros per square me­ter, ac­cord­ing to a sur­vey by the Spi­togatos on­line prop­erty search en­gine.

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