The rise in property prices in the Cyclades continues

Natural resources – sea open spaces and charming landscapes – can convince even the most stubborn investors to buy property on the Cyclades island.

Property prices in the popular archipelago continue to rise in line with recent trends recorded in the first quarter of 2024. The Cyclades has always been an expensive and attractive investment destination for both Greek and foreign investors. The region is considered advantageous for those who purchase real estate there for two main reasons:

• Firstly, because they can use it as a holiday home and save a lot of money on their holiday. Also, the close distance between the Cyclades islands allows you to visit them without having to spend the night somewhere else.
• Secondly, they can use the residence for commercial purposes. That is, provide it for a fee to tourists for a short stay. For islands like the Cyclades, which welcome millions of tourists every summer, this move can only be beneficial.

Thus, the demand and competition environment in these areas has become tense, causing prices to skyrocket.

In particular, in recent years, when foreign investors, mainly from Northern and Western Europe, prices are rising uncontrollably. Of course, a large shortage of supply of suitable and newly built housing due to the high cost of building materials, as well as inflationary trends and the energy crisis, greatly influence the real estate market, “pushing up” prices. In the first quarter of 2024, the average sales price of a residence in the Cyclades reached 3,500 euros per square meter from 3,067 euros in 2023. That is, an increase of 14.10% was noted. Examples of objects on the market:

1. Paros

• Maisonette, 227 sq.m., 1st floor, four bedrooms, sold at a price of 4,317.18 euros per sq.m.
• Detached house, 191 sq.m., ground floor, five bedrooms, sold at a price of 3926.7 euros per sq.m.
• Detached house, 47 sq.m., ground floor, two bedrooms, sold at a price of 5,319.15 euros per sq.m.
• Detached house, 380 sq.m., ground floor, six bedrooms, sold at €3,421.05 per sq.m.

2. Santorini

• Detached house, 180 sq.m., ground floor, three bedrooms, sold at a price of 3611.11 euros per sq.m.
• Detached house 112 sq.m., ground floor, two bedrooms, sold at a price of 6,160.71 euros per sq.m.
• Detached house, 220 sq.m., ground floor, four bedrooms, sold at a price of 7,045.45 euros per sq.m.
• Maisonette, 107 sq.m., ground floor, three bedrooms, sold at a price of 3626.17 euros per sq.m.

3. Mykonos

• Villa, 500 sq.m., ground floor, eight bedrooms, sold at a price of 13,800 euros per sq.m.
• Studio, 30 sq.m., ground floor, one bedroom, sold at a price of 8,333.33 euros per sq.m.
• Apartment, 725 sq.m., ground floor, eight bedrooms, sold at a price of 9,655.17 euros per sq.m.
• Maisonette, 95 sq.m., ground floor, two bedrooms, sold at a price of 4,947.37 euros per sq.m.

4. Naxos

• Villa, 302 sq.m., ground floor, six bedrooms, sold at a price of 3,245.03 euros per sq.m.
• Maisonette, 159 sq.m., ground floor, four bedrooms, sold at €3,125.79 per sq.m.
• Maisonette, 87 sq.m., ground floor, five bedrooms, sold at €6,896.55 per sq.m.
• Detached house, 67 sq.m., ground floor, one bedroom, sold at a price of 2,238.81 euros per sq.m.

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