Foreign 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.