Greece’s Second-Home Market: 2024–2025 Trends, Hotspots & Investment Appeal
Greece remains one of the most attractive destinations for holiday-home buyers, offering a blend of Mediterranean lifestyle and stable long-term value. The vacation property market is highly dynamic in 2025, drawing strong interest from both domestic and international buyers.
Market Overview: Growth Fueled by Foreign Demand
Notably, roughly 85% of second-home transactions in Greece’s coastal and island regions are now made by foreign buyers. Key buyer groups vary by location, but predominantly come from Central Europe, the United States, the Middle East and Turkey. This influx drove foreign real-estate investment to a record high in 2024: non-residents invested over €2.75 billion, a 28.9% jump from €2.1 billion in 2023.
Several factors underpin Greece’s popularity among real estate investors and second-home buyers:
Booming tourism & rental yields: Record post-pandemic tourism has fueled demand for short-term rentals, making holiday homes in Greece attractive income-generating investments. Coastal villas in prime spots can command high nightly rates, translating into robust rental returns.
Golden Visa & tax incentives: Greece’s residency-by-investment program (the Golden Visa) and tax breaks like a 24% VAT exemption on new construction have spurred foreign buying. These incentives reduce costs and provide an added residency benefit, drawing many non-EU investors.
Value advantage over other Med markets: International buyers view Greek properties as undervalued compared to Spain, Italy or Portugal. Indeed, comparable coastal homes on Greek islands are still 20–30% cheaper than those in the Balearics or the Amalfi Coast. offering compelling value for money.
Limited new supply in hotspots: Development constraints in prestigious locations are boosting competition for existing homes. For example, in Mykonos a ban on new building permits until 2030 is sharply limiting supply and further elevating prices of available properties. Other islands face strict zoning and preservation rules, keeping inventory in the luxury segment scarce.
Below is a region-by-region look at Greece’s second-home hotspots, current price trends, and buyer interest:
The Cyclades: Greece’s Premier Second-Home Islands
The Cyclades have long been among the most sought-after locations for vacation homes in Greece, and they continue to dominate interest in 2025. Iconic islands like Mykonos, Paros and Santorini lead the pack, while smaller Cycladic isles are emerging on buyers’ radars.
Mykonos: The cosmopolitan “jet-set” island remains a magnet for high-net-worth buyers, consistently attracting global investor attention. Luxury villa prices here are among the highest in Greece, reaching up to ~€11,500 per square meter for prime properties. Despite these price levels, demand stays strong – roughly 60–70% of Mykonos homebuyers are foreigners – focused on turnkey villas with sunset sea views and easy access to beaches.
Paros: This up-and-coming island offers an appealing mix of traditional village charm and modern upscale development. Sea-view homes are especially popular, with top prices also around €11,000/m² for premium locations. The market in Paros has seen phenomenal growth: average prices now hover ~€4,000/m², more than doubling since 2018. Even so, Paros continues on a steady upward trajectory, with strong investment interest from abroad (about 60–70% of buyers) and new infrastructure boosting its appeal.
Santorini: Famed for its whitewashed Cycladic architecture and the postcard-perfect Caldera views, Santorini commands prices up to roughly €8,000/m² in prime spots. It remains a staple of the luxury second-home market, though its price growth has been more moderate (average asking prices ~€4,000/m², up ~55% since 2018) compared to Paros. Buyers here pay a premium for the unique cliffside vistas and the island’s global name recognition.
Antiparos, Kythnos & Kea: These smaller Cycladic islands have moved into the spotlight as “insider” choices for discerning buyers. Demand for high-spec vacation homes is intense, driving top villa prices to around €9,500/m² on Antiparos and Kythnos (and slightly less on nearby Kea). Their appeal lies in unspoiled landscapes and exclusivity; Antiparos in particular has gained fame from celebrity homeowners.
Naxos, Syros, Andros & Tinos: Larger or less-traveled Cycladic islands offer more accessible opportunities. Entry prices for good-quality properties start from roughly €2,500/m²– significantly lower than Mykonos or Paros – making these islands attractive for buyers seeking value or a more low-key lifestyle. Syros, for example, combines elegant neoclassical culture with new investment in short-term rentals, and about 60% of its second-home buyers are foreign. These islands are seeing growing activity, though their absolute price levels remain more affordable.
Dodecanese & Other Island Markets
Beyond the Cyclades, other Greek islands are also drawing investor interest – notably in the Dodecanese (southeastern Aegean) and the Ionian Sea. While generally more affordable than the Cyclades, some of these markets are heating up thanks to infrastructure improvements and niche appeal.
Rhodes (Dodecanese): Greece’s fourth-largest island and a year-round tourism hub, Rhodes ranks among the top destinations for holiday-home buyers. Upscale villas in premier locations (e.g. beachfront or overlooking Medieval Old Town) now fetch up to ~€7,000/m². The island’s strong travel demand and the development of new luxury resorts are boosting high-end prices.
Corfu & Crete (Ionian & Crete regions): On the opposite coast, the Ionian islands and Crete also figure into Greece’s second-home landscape. Corfu, consistently popular especially with British buyers, has seen average prices rise to ~€2,500/m² (an increase of more than 40% since 2018)– still well below Aegean levels, but climbing. Crete, Greece’s largest island, remains one of the best-value choices: in the area of Heraklion (Crete’s main city), second-home prices average just over €2,000/m² despite strong demand. Both locations offer international airports and extensive amenities, making them attractive for those seeking a lower-cost Mediterranean retreat. Compared to the Cyclades or Dodecanese, the larger size of these islands and greater housing supply keep prices more grounded.
Peloponnese, Saronic Islands & Other Coastal Retreats
The Greek mainland’s coast and close-in islands present yet more options for luxury second homes. In particular, the eastern Peloponnese and the Saronic Gulf islands (conveniently near Athens) have become prime targets for high-profile buyers.
Porto Heli (Argolida, Peloponnese): Often dubbed the “Greek St. Tropez,” Porto Heli is one of Greece’s most exclusive second-home enclaves. This seaside area, just a few hours’ drive from Athens, attracts both affluent Athenians and international elites. New-build luxury villas here can command up to ~€6,000/m². The appeal is bolstered by a well-developed upscale rental market – many owners rent out their villas short-term to take advantage of strong summer demand. Porto Heli’s combination of cosmopolitan vibe and natural beauty continues to lure investors looking for prestige properties with solid income potential.
Hydra & Spetses (Saronic Islands): The Saronic islands offer a unique mix of proximity to Athens and cosmopolitan allure. Hydra, with its artist community and ban on cars, and Spetses, known for its naval history and grand mansions, are perennial favorites of wealthy Athenians, politicians and international celebrities. Prices reflect this cachet: values reach approximately €7,000/m² on Hydra and €6,500/m² on Spetses for prime properties. Both islands boast quick access (via ferry or water taxi) from the capital, enhancing their appeal for weekenders. The clientele here is very high-profile, and the limited supply of properties (especially on tiny Hydra) ensures price resilience.
Messinia & other Peloponnese areas: In the southwest Peloponnese, Messinia has gained traction thanks to world-class resorts like Costa Navarino. Villas and homes near the region’s beaches, golf courses, and five-star resorts see high demand, with prices up to ~€5,500/m² in top locations. Further north, more affordable opportunities exist in coastal Corinthia and Lakonia, where quality properties in prime spots can start around €2,500/m². These areas are attracting value-oriented buyers who want scenic coastal living (e.g. along the Gulf of Corinth or near Monemvasia) without the island price premium.
Market Outlook: Steady Growth Ahead
Industry outlook for Greek holiday homes remains positive. Stable demand and modest price increases in sought-after locations are anticipated through the end of 2025. In ultra-prime markets like Mykonos – where supply is artificially capped by the construction ban – prices are poised to stay strong or climb further due to the scarcity factor. Overall, the Greek islands continue to benefit from persistent excess demand at the high end, a favorable investment climate, and the promise of long-term rental yields, all of which underpin a bullish trajectory for the market.
That said, after the rapid gains of the past few years, growth is expected to normalize to a more sustainable pace. Analysts project that property values will keep rising in 2026, but at around 5–10% annually rather than the explosive rate of 2024–25. Importantly, even after recent appreciation, Greek second-home prices remain competitive compared to other Mediterranean hot spots, which should continue to attract buyers seeking both leisure and investment benefits. With solid fundamentals – strong foreign interest, improving domestic economy, and controlled development – Greece’s second-home sector looks set for continued growth on a firm footing, offering investors a compelling blend of enjoyment and equity for years to come.
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