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Summer houses: Increased interest from abroad for Greece

Summer cottages in Greece are experiencing a surge in interest from international buyers, particularly in renowned island destinations such as Mykonos, Paros, Santorini, Serifos, and Kea.

According to the latest data from the GEOAXIS Summer Holiday Homes Observatory 2023, there has been a consistent uptick in median asking prices for summer residences in these sought-after locations for the past five years.

Luxury properties command substantial premiums compared to typical summer houses, with prices soaring up to 5.5 times higher in Mykonos and Santorini, and 2.3 times higher in Serifos.

This trend is fueled by affluent buyers from abroad seeking exclusive properties with unique features.

Overall, asking sales prices across all five islands have seen a horizontal increase of 3.4% compared to the previous year.

Paros and Mykonos boast the largest summer residences, with median surface areas of 262 sqm and 240 sqm, respectively. Meanwhile, in the other islands, median surface areas range between 110 and 160 sqm.

The median age of available properties exceeds 15 years across all islands.

The real estate landscape is evolving, with a focus on hyper-local developments and significant infrastructure projects in major cities like Athens and Thessaloniki.

The trend towards green, sustainable development is gaining traction, driven by corporate initiatives and consumer demand for eco-friendly properties.

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In Athens, attention is drawn to the ongoing urban redevelopment in areas like Elliniko, spearheaded by projects such as Little Athens—a modern, green neighborhood with direct access to the sea and park.

With approximately 1,115 residences and 115 shops planned, Little Athens represents the future of sustainable living in the capital.

Despite rising prices, the Greater Athens area remains an attractive investment destination for both Greek and foreign investors.

Property prices along the Athenian Riviera, for instance, are notably lower compared to other European regions like France and Spain, presenting opportunities for savvy buyers looking to capitalize on the market.

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