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Economy

Lure of Greek Islands Driving Up Property Asking Prices

ATHENS — A year-and-a-half into the lingering COVID-19 pandemic, with Greece starting to open again because of vaccinations, interest is jumping in Greek islands and pumping up the prices of property on many.

The asking prices have soared 26 percent since the start of the pandemic in 2020, with Serifos one of the most attractive, costing on average some 2,650 euros ($3147.25) per square meter (10.74 square feet) said Kathimerini, citing the Spitogatos Property Index.

Other islands with big costs were Samothrace and Poros, driven by interest from foreigners wanting to acquire property on Greek islands, making costs prohibitive in some cases for those without means, including Greeks.

Antiparos has also seen a major increase in asking prices, up 17.65% year-on-year, to a particularly high rate of 3,823 euros ($4357) per square meter on an island that's the vacation home for actors Tom Hanks and Rita Wilson.

Other spots with bike hikes in prices include Cycladic islands Naxos, Kythnos, and Paros and also others including Cephalonia Tinos and Rhodes, the report added.

Islands not in the Cycles showed a decline though, including Thasos, Ikaria, and Skopelos, as well as Patmos, Leros, and Lesbos, with smaller declines on Kea (Tzia) Syros, Chios and Spetses for the prices.

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