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Foreign Interest Drives Up Prices of Luxury Villas on Greek Islands

The prices of luxury holiday villas on popular Greek islands can be six times higher than on other property on the same islands, a new study done by property valuation firm Geotaxis reveals.

The prices are thought to be driven in part from foreign interest in buying properties in Greece, as the luxury property market is expected to see an increase following the unstable atmosphere in neighboring Turkey caused by the failed military coup in July. Turkey was previously a big competitor for Greece in foreign home investments.

The report from Geotaxis reveals that villas on the islands of Santorini and Mykonos have inflated prices per square meter in comparison to more moderate homes on the same islands.

According to their findings, a luxury holiday villa on Santorini is priced on average as high as 10,800 euros per square meter, whereas a regular house on the island will cost an average of only 1,800 euros per square meter.

Mykonos also had high costs for luxury villas reaching and average of 12,500 euros per square meter, while a house on the island costs only an average of 2,160 euros per square meter.

Source: greece.greekreporter.com