Increasing Foreign Interest in Greek Island Properties



mykonos-santoriniForeign investors and buyers are frantically searching for properties on the Greek islands of Santorini and Mykonos, driving the demand to an all-time high. According to Greek realtors, the holiday home market in Mykonos and Santorini shows such high numbers that they often think data come from other countries and not Greece.

Overall, investors do not consider Greece as a country where they can safely invest their money, however, these two islands are a resounding and optimistic exception to the rule. The demand for holiday homes in Mykonos and Santorini has sky-rocketed thanks to foreign investors and buyers who often benefit from the currency exchange rate.

The weakening of the euro against the US dollar and the British pound has made the domestic housing market particularly attractive to American and British buyers, who take advantage of the price drop. On average, house prices have dropped 40% to 50%, compared to 2008, while the currency exchange rate also offers an additional 20% decrease in sales prices.

Acquiring a holiday home in Greece can be a real opportunity for those interested in buying a residence. In this case, the risk is limited.

According to a survey, holiday home prices on selected Greek islands during the first half of 2015 fell by 3% on average, compared to the same period last year, while the corresponding decline between 2014 and 2013 stood at 10.4%. Furthermore, the company noted that if Mykonos and Santorini were not included on the list, the fall would be considerably higher.


13 COMMENTS

  1. What ? No one is frantically searching for anything in Greece. Especially real estate. The Greek government, and Greek banks are seizing property for unpaid taxes, and unpaid loans. I guess people just make this stuff up to feel better about themselves.

  2. I don’t think so. Buying anything in Greece with the government, and banks seizing properties is very risky now. My Greek lawyer has even told me this.

  3. You have no idea what you are talking about. Even Buffet and Johnny Depp recently purchased Greek islands.

    You are projecting your own hatred of Greece on everyone else. Greece is still one of the most touristed spots in the world because of its history, nice weather and beautiful scenery There is typically demand for private islands in the Aegean (especially when the price is very low as it is these days).

  4. Typically foreclosed properties seized by banks and other institutions must be sold or leased as they are a liability on their books. The fastest means to dispose of them typically is auction if anyone has access to funds at the moment. However the high end investor from overseas looks at Greece’s crisis as an opportunity to buy expensive prestige properties while the mood in the real estate market is panic. These very wealthy people or their investment managers understand the best time to buy is now.

  5. Christiano Ronaldo disagrees dropping millions to buy an island for his Agent. The football star made over 80 million last year so buying high end properties even with concern over the fate of Greece is not an issue for the uber-wealthy.

  6. Sorry, I strongly disagree. I owned a land development business for many years. One of the largest on the west coast of Florida. We developed some of these properties by ourselves but also with limited partnerships.

    Here is the big problem with your theory. This new bailout deal which I don’t see happening, isn’t going to work. Why ? Because the incompetent Greek government isn’t going to use the money to create an infrastructure so Greece can produce a GDP. The Greek government is too stupid to change existing laws to encourage business investment. As a matter of fact, now Greek businesses are leaving the country in droves.

    When this mess all hits the fan, as they say, there will be total financial collapse in Greece. The Greek anarchist will be bar-b-quing buildings, and what ever else they can set on fire.

    At that point, I expect the government to collapse. Either the military will restore order under Marshall Law, or some radical group will come into power, as Greeks are prone to support radical groups due to their ignorance.

    When this occurs, everything gets nationalized. Especially property, and assets, of non-Greek citizens. This isn’t rocket science. Every outside investor with experience, is aware of this possibility.

    You claim money is no object with this soccer player. Maybe, but no person in his right mind is going to just throw away millions on a potential loss. I can assure you, his advisors would try and stop him from a bad investment.

    The bottom line is, and you can read about it all over the internet. Greece is a very bad investment right now, and in the future. All those alleged sales to Pitt, Jolie, Buffett, and Depp, were all a hoax created by some Italian realtor. It’s all desperation propaganda by the Greek government.

  7. Well said, Phil. This American bigot lives on Rhodes and spouts his venom over the English web (clearly, he didn’t learn any Greek).

  8. Gasp, a former USAF Major, Judge and a land development mogul ! You should be running for US President. What other positions have you held just so we know your qualifications.

    So not to beat the issue to death. Words are loud BUT actions are much louder. Investors are interested in Greece’s UPPER END real estate as a good buy at deeply depressed prices. Maybe they know something you don’t about this sector of the market. Likewise Greek ship owners purchased ships and not surprisingly real estate when the market was down and sold when it was up and made millions in the interim as well. That’s not my opinion it’s a fact.

  9. Well, then let me put it this way. I certainly wouldn’t invest in Greece right now, or anytime in the near future.

    I was a president, just not of the USA.. I also didn’t have to run for office. Just pay all the corporate taxes.

    This new bail-out loan is not going to work, because the Greek government is too stupid to use the money to implement a business infrastructure, and change the business laws in Greece. The Greek economy, and government will collapse. Property owned by non-Greeks will probably be nationalized.

  10. he claims to be CEO and founder of several multi billion $ companies

    also an engineer at lockheed

  11. Greece is like a casino…where you put the money but you don’t know…. you may win or lose…. Euro going down is good for EU which keep euro high to kill most of Europe with purpose…

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