The first serious snow may be falling in Greece’s mountains and temperatures across the country are now distinctly wintry, but transactions in luxury holiday properties in the island nation have not stopped.
A few days ago, a sale was completed that sets the bar for vacation properties of excellent quality and location at the highest levels. In particular, five villas in Opposite located on an area of 36 acres in total. These are three five-bedroom villas and two other seven-bedroom villas of quality architectural design, as typically reported by real estate sources, in a seaside area on the east coast of the island.
According to the same sources, the shipowner is the seller Petros Pappas, who has been positioned for years in the real estate market of Antiparos and still owns several important properties there. The buyer is also the shipowner Ioannis Martinosson of Dino Martinos, who is also widely known for the development of the Signal Maritime electronic shipping platform.
The specific area of Antiparos is home to other high-quality properties, including the summer home of the American actor and director Tom Hanks. In fact, Tom Hanks also recently bought a second property in the area, while the buyer of the five properties, Ioannis Martinos, also maintains a villa a little further north. The good areas of the island and the quality properties are achieving higher and higher prices.
The specific area of Antiparos is home to other high-quality properties, including Tom Hanks’ summer home.
However, this mobility has brought other lower-quality properties onto the market, as many landlords attempt to capitalize on the island’s popularity. People with knowledge of the market point out, however, that unrealistic prices are being asked for properties without special features, which puts the entire market at risk. However, it is typical that its Greek office Sotheby’s International Realty has published ads for six villas in Antiparos with prices starting from 1.5 million up to 6.7 million, while some of the larger ones do not even have published prices.
Many believe that, as in Mykonos this year, so in Antiparos in the next period, prices will stabilize or even correct and only the very high quality and distinctive holiday properties will continue to stand out.
The Country House Prices Observatory, edited by Geoaxis, a company of certified real estate appraisers, calculates that the sale prices of holiday homes on the popular islands of the Cyclades reached their highest point in the last decade this year. In fact, the trend is upward. 2023 marked the fifth year in a row that holiday home prices on popular islands have increased. The biggest increases are found in ultra-luxury properties with unique features.
Based on Geoaxis analysis, the average sales price of luxury homes in Mykonos it amounts to 13,360 euros/sq.m., in Santorini to 11,270 euros/sq.m., in Paros to 8,000 euros/sq.m. and in Gia at 5,460 euros/sq.m. Notable, perhaps understandably, is the difference recorded in the median asking prices between luxury and standard homes. Thus, in Mykonos a luxury residence can cost up to 5.4 times more than a standard summer residence, in Santorini 5.5 times, in Paros 3.9 times, in Serifos 2.3 times and in Kea 2.8 times .
