Luxury villa prices hit a ten-year high

Holiday home prices on the popular islands of the Cyclades hit a ten-year high, and the fall in prices recorded in previous years has been more than covered.

Moreover, there is an upward trend, and it is not expected to change in the near future, which means a further increase in prices. Real estate valuation firm Geoaxis came to this conclusion in a survey of resort prices this year. In 2023, there will be a fifth consecutive rise in resort property prices on popular islands, with an average increase of 3.4%, according to the study.

The biggest rise in prices is for ultra-luxury properties with unique features, especially in Mykonos. Such a building can be sold at a price up to 35,850 euro/sq. m, which is about 42% higher than in the middle of the previous decade. However, it should be noted that such a discrepancy is not associated with any particular decline during this period, since, despite the onset of the economic crisis, these facilities did not suffer significant losses. On the contrary, the observed growth is mainly due to the limited supply of such objects and the desire of the consumer audience to purchase them.

This is evidenced by the sales that have taken place in recent months, especially in the sector of luxury homes, which represent about 5%-15% of the property market on each island and represent a sub-market with completely different characteristics and, of course, a buying audience. According to real estate sources, a few months ago, a French couple bought a detached house of 400 square meters. m in Santa Maria on Paros for the amount of 2.2 million euros. On Naxos, a house of 450 sq. m purchased by a French family of Jewish origin for 1.5 million euros. In Agrari, Mykonos, a 350 m2 villa was sold to a Cypriot businessman for 1.85 million euros.

Of course, there are also cases where attempts are made to capitalize on profits, but industry leaders also talk about the speculative games of some, perhaps photographing cases such as the recent news about the sale of a villa owned by businessman Petros Kostopoulos in Mykonos. The current owners bought it at an auction for about 5.5 million euros. The buyers are believed to be British hairdresser Charles Worthington and his partner Alan Peters. Today, the same property is up for sale through Beauchamp Estates for 10 times the amount, i.e. about 50 million euros. Mr. Worthington even made a statement to Bloomberg, saying he was looking to sell the property to a wealthy fashionista from abroad and plans to buy a new plot of land on Windward Island with the aim of building a new residence.

“Country houses in the Cyclades” are bought mainly by families with children from countries such as France, Switzerland, Israel and Austria. The search process begins in the spring and takes several months, as a result, many of them are finally completed in the fall, so we have a better idea of ​​​​how the market has developed,” says Mr. Yannis Revitis, Head of Revithis Real Estate, to K. .

The executives of the Engel & Volkers real estate agency network told K that the island that saw a significant increase in buying interest this year is Paros, which is reflected in sales prices. They point out that so far, Paros has not followed the price and demand growth seen in Mykonos and Santorini in previous years, but now the situation is changing. A luxury villa has already been sold on the island for six million euros.

According to Geoaxis analysis, the average sale price of luxury homes in Mykonos is 13,360 euros/sq. m, in Santorini – 11,270 euros / sq. m, in Paros – 8,000 euros / sq. m and in Tzia – 5 460 euro/sq. Thus, on Mykonos, an elite house can cost 5.4 times more than ordinary summer housing, on Santorini – 5.5 times, on Paros – 3.9 times, on Serifos – 2.3 times and on Kea – 2.8 times.

The construction company GP CONSTRUCTION has been providing the following services since 2007:

• design and 3D animation/visualization,
• passing and obtaining a construction license,
• turnkey construction,
• issuance of an electronic certificate of the property,
• settlement of illegal buildings in accordance with law no. 4495/17,
• renovation of turnkey real estate,
• Examination-control of design and construction works
  Phone: +30-210-72-72-752
  www.gpconstructions.gr

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