Greek Islands – Where Foreigners Buy Homes

The Cycladic Island of Mykonos and the Ionian Island of Paxos were the priciest destinations to buy a home in May 2024

Greek real estate, particularly on the Greek islands, continues to be an appealing prospect for foreign investors, as the metrics show a sustained dynamism thanks to economic recovery, the rise in tourism, and government incentives.

According to the price index recorded by Greece’s leading online property site Spitogatos (SPI), trends in prices and domestic and international demand for home purchases on the Greek islands are steadily on the rise.

Foreign Investor Demand for Greek Islands

There is an increased international demand for homes in the Cyclades compared to the previous year, with prospective buyers from the United States, the United Kingdom, Germany, France, and Switzerland generating the highest search volume for homes for sale on any Cycladic island.

The most popular Cycladic islands for home purchases by potential foreign buyers are Paros, Syros, Naxos, and Mykonos. Specifically, in Paros, the highest demand for home purchases comes from the United States, the United Kingdom, France, Germany, and Israel. In Syros, potential buyers searching for homes for sale come from the United Kingdom, the United States, Germany, France, and Belgium.

Prices

The Cycladic Island of Mykonos and the Ionian Island of Paxos were the priciest locations to buy a home in May 2024, followed by Skiathos in the Sporades and Chania in Crete.

Crete, the largest island in Greece, is traditionally a popular summer destination with the average asking price for homes ranging from the highest in the Chania region to the lowest in the Heraklion region. However, Heraklion also recorded the largest increase in average asking price for homes (9.9%) in May 2024 compared to the same period last year.

Buying prices on the islands of Skopelos, Salamina, Rhodes, Kos, and the North Aegean Islands such as Chios, and Crete in the regions of Rethymno and Lasithi, were less than 2,000 euros per square meter.

Paros, Santorini, and Folegandros follow. Conversely, the Cycladic islands with the lowest average asking prices for home sales are Tinos, Andros, and Syros. The largest increase in average asking prices for home sales in May 2024 compared to the same period in 2023 was observed in nearby Kythnos, Folegandros, and Milos.

The Ionian Islands are a favorite tourist destination for both Greeks and visitors from abroad. The highest average asking price for homes is found on Paxos, followed by Lefkada and Ithaca.