The median asking price of summer properties in five iconic Greek islands in the Cycladic cluster has seen a rise for an 8th consecutive year, with the famous islands of Santorini and Mykonos in a league of their own.
According to valuation firm GEOAXIS, the median asking price for a luxury summer property in Mykonos stands at a whopping €16,000/sq.m., followed by Santorini at €13,292/sq.m., Paros at €9,499/sq.m., Kea at €6,219/sq.m., and Serifos at €3,827/sq.m.
The luxury housing market accounts for approximately 5% to 15% of the total real estate activity, depending on the island. It primarily targets international buyers who are in search of unique properties and are willing to pay significant premiums.
There is a notable gap in median asking prices between luxury and standard residences. For instance, in Mykonos, a luxury home can cost up to 5.6 times more than a typical summer residence. In Paros, the ratio is 4.2 times, in Santorini 5.8 times, in Serifos 2.4 times, and in Kea 2.9 times.
Smaller Price Gaps in Standard Summer Homes
Mykonos continues to record the highest median asking price per square meter for standard summer residences, at €2,854/sq.m., followed by Santorini at €2,286/sq.m. and Paros at €2,275/sq.m. Kea comes next with €2,118/sq.m., while Serifos records the lowest among the five islands at €1,595/sq.m.
Compared to last year, there has been a broad increase in asking prices, with a median rise of approximately 3.8% across all five islands included in the survey.
Mykonos and Santorini have established themselves as an exceptionally high-priced market segment, distinctly separate from the rest of the Cyclades.
As a result, opportunities to purchase or rent mid-range quality housing—suitable for year-round use by workers or public sector employees rather than tourists—have further diminished.
The overwhelming majority of buyers in the famous Greek islands of Mykonos and Santorini are foreign nationals, with only a small portion of transactions linked to Golden Visa acquisitions.
