After breaking tourism records in 2023, the Greek islands are at a fever pitch this summer, with even more visitors expected this year. And as travellers flock to its famed beaches and line up outside souvlaki spots in the peak season, brokers are tied up with wealthy clients looking for vacation homes to extend their island idyll year-round.

Despina Laou, head of the Greece Sotheby’s International Realty private office, says there’s a marked increase in enquiries and interest from potential buyers during and after their summer holidays. “It’s common for those inquires to turn into actual purchases in the months following the peak season,” she says, noting the majority of buyers are coming from Greece, the US and Switzerland.

Home prices in the Cycladic islands have been gaining, surging to the highest levels in a decade according to new data from Geoaxis research. The island of Mykonos in particular, famed for its hedonistic mix of bars, beach clubs and restaurants, saw prices rise 10% from the previous year.

This is in part due to Greece’s golden visa program—offering residency in return for foreign investment—which has been propelling a wave of interest from overseas buyers, particularly from China. By the end of August, the Greek government will increase the required investment amount to a minimum of €800,000 ($863,000) from €500,000 in popular areas such as Athens, Mykonos and Santorini; a lower €400,000 threshold will still apply in less-populous areas. The government cited pressure on the country’s home and rental markets for the changes.

“The golden visa program has undoubtedly played a role in the luxury real estate market in Greece by increasing overall demand and attracting international buyers,” Laou says. “However, its impact on the ultra-high-end segment is less pronounced.” She says wealthy buyers instead are prioritising investment potential for their second homes or the exclusivity of the property.

One such exclusive property highlighted in Bloomberg’s article is Andromeda on the island of Syros, the capital of the Cyclades. Home to the region’s courts and public offices, there’s a vibrante population year-round and not just in peak summer season.

Instead of the white-and-blue paint and natural stone the islands are famous for, this restored neoclassical mansion, features a pink facade.

Inside, there are herringbone-wood floors, glass-windowed arched doorways and a white marble staircase that leads up to the bedrooms, which have 16-foot-high ceilings. Several of the rooms have private plunge pools and verandas with views toward neighboring Mykonos and Tinos.

There’s also a shaded garden and a rooftop pool where you can take in the Aegean at sunset. The historic property is within walking distance of the port and the shops, bars and restaurants of the town of Ermoupoli. It’s also just an eight-minute walk to the beach.

Size: 8,288 square feet
Bedrooms: 10
Bathrooms: 10
Key amenity: Expansive roof deck with sea views and pool

Taken from the Bloomberg Article by Sarah Rappaport, August 2nd, 2024. Read full article here.