Greek islands in high demand, luxury goods soaring thanks to golden visa scheme

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The view of the caldera in Santorini or the sunset in Oia, the night owl’s haven Mykonos now corresponds to Ibiza, a house with a garden near the sea in Crete: these are the dream world of investors from all over the world willing to empty your wallet. Especially if you get European citizenship together with real estate.

Greece’s Golden Visa program has been so successful in recent years and has contributed so much to supporting real estate in the country that in the most desirable areas (36 regions, including Athens, Santorini and most of the Cyclades), the entry threshold has been passed, from a minimum investment of 250,000 euros to 500,000 euros, and has already risen to 800,000 euros. Among the fans of Greek real estate, Americans stand out, and Israelis, Middle Easterners, Asian and Latin American buyers are also increasingly present. Among Europeans, Scandinavians, Germans, French, British (in order of importance) are always present.

Most popular Greek islands

Corfu and Mykonos are the most popular destinations, accounting for 26.3% of total demand. These two locations have maintained their high interest for another year, with the southern suburbs of Athens in the top three, followed by Paros, Rhodes and Tinos. Italian families prefer the Cyclades, especially Mykonos, Paros and Santorini, but the proportion of buyers is still lower than the total purchases of EU citizens, which account for 9%.

Mykonos

When talking about properties in Mykonos and Santorini, it should be remembered that we are entering the luxury property market.
«Investors are looking first and foremost for villas with at least three bedrooms, swimming pool, free Wi-Fi, sea views, parking space and property maintenance and cleaning services included in the rent. Sales values ​​vary widely, from a minimum of 800,000 euros to more than 5 million euros, and in addition to the location and panoramic views, it also has to do with the quality of the property, the design and the level of materials used. ” Their comments come from Ktimatoemporik, a real estate company with operations in the Cyclades, Crete, Athens and now the highly sought-after Thessaloniki.

“Not only in Mykonos, but also on the other most important islands, new luxury villas are being launched with great attention to environmental issues and energy saving. Sustainability is now a fundamental aspect of luxury real estate in Greece”, emphasizes Scenari Immobiliari, who surveys the Greek market for Il Sole 24 Ore. According to Scenari, the prices of luxury villas now range from 1.5 million euros to more than 15 million euros, depending on the location, the panoramic view and the level of decoration. Duties with these characteristics, in the peak of the Mediterranean summer, rents range from 9 thousand to more than 20 thousand euros per week. The most exclusive products and the richest facilities – such as a private motorboat with crew – cost more than 30 thousand euros per week.