Strong demand for holiday homes in the Cyclades
Posted by Greeka.com on 25 Aug 2007
The Cyclades are gaining popularity as the ideal travel destination in Greece. In recent years, the islands have witnessed a boom in the tourism market. Simultaneously, the demand for holiday homes is also on the rise. Sensing the potential in the new market, many international builders and developers are purchasing land on the Cyclades. They are especially motivated to build holiday resorts and villas for the tourists.
The price stability was an important factor that let the market grow faster than expected. In fact, if the market rumors are to be believed, the British investors are changing their focus from Spain to Greece. Also, investors from Germany and Scandinavia show great interest in acquiring properties on the Cyclades. Because of the rising demands, there is going to be a huge scarcity of land located in ideal places. It is also likely to create an unhealthy trend in the price rise in the real estate market.
The best example to show the demand of property on the Cyclades is Myconos island, where there is a huge gap between the demand and supply of properties in the ideal locations. The tough situation has created an increase in the price of the properties. To get the best deal, the investors or buyers have to pay up to 5,000 euros per sq. m. in the most popular areas of Myconos, such as Elia and Kalo Livadi.
Santorini is another typical example showing the increasing demand of properties on the Cyclades. The high-speed boat service has considerably reduced the travel time of tourists. Obviously, this has created a sudden increase in the demand of properties in Santorini. The market valuation of properties in Santorini has reached up to 4,500 euros per sq. m. close to caldera and some 2,500 euros per sq. m. in other emerging locations of the island, such as Oia, Fira and Imerovigli.
Another island that has gained much popularity and demand for homes is Paros, the ideal weekend destination for the Athenians. Many apartments and studios have been built in Piso Livadi and Santa Maria to cover the demand of possible buyers.