In the Market for a Greek Island Villa? Here’s a Look at Four

(Bloomberg) -- After breaking tourism records in 2023, the Greek islands are at a fever pitch this summer, with even more visitors expected this year. And as travellers flock to its famed beaches and line up outside souvlaki spots in the peak season, brokers are tied up with wealthy clients looking for vacation homes to extend their island idyll year-round.

Despina Laou, head of the Greece Sotheby’s International Realty private office, says there’s a marked increase in enquiries and interest from potential buyers during and after their summer holidays. “It’s common for those inquires to turn into actual purchases in the months following the peak season,” she says, noting the majority of buyers are coming from Greece, the US and Switzerland.

Serge Cowan, an adviser at DDRE Global, says the post-Covid shift toward remote work has been a net benefit—given the attractiveness of Greek islands, visitors are staying for longer stretches of time. “Mykonos and Santorini have been particular strongholds for holiday homes,” he says, adding that  “emerging destinations like Paros have been gaining popularity.”

Home prices in the Cycladic islands have been gaining, surging to the highest levels in a decade according to new data from Geoaxis research. The island of Mykonos in particular, famed for its hedonistic mix of bars, beach clubs and restaurants, saw prices rise 10% from the previous year. 

This is in part due to Greece’s golden visa program—offering residency in return for foreign investment—which has been propelling a wave of interest from overseas buyers, particularly from China. By the end of August, the Greek government will increase the required investment amount to a minimum of €800,000 ($863,000) from €500,000 in popular areas such as Athens, Mykonos and Santorini; a lower €400,000 threshold will still apply in less-populous areas. The government cited pressure on the country’s home and rental markets for the changes. 

“The golden visa program has undoubtedly played a role in the luxury real estate market in Greece by increasing overall demand and attracting international buyers,” Laou says. “However, its impact on the ultra-high-end segment is less pronounced.” She says wealthy buyers instead are prioritizing investment potential for their second homes or the exclusivity of the property.

Here are four such island homes for sale now. 

New-Build Villa in Mykonos for €25 Million  

Villa Lithos is one of the most expensive homes to come to the market in Mykonos in 2024. The recently completed project from Greek businesswoman Sofia Bithara, founder and creative director of fashion chain BSB Sa Garments, is a contemporary 14,445-square-foot villa inspired by the traditional Mykonian style. (Think white walls and heavy use of stone.)

The layout, spread over three levels, features views across the Aegean toward the beloved islands of Paros and Antiparos. There’s a cinema room with a projector, and a gym with Technogym equipment  but the star of the show is the heated infinity pool, which spans nearly the entire length of the house. The property is for sale fully furnished in a soft, natural color palette, with the work overseen by Bithara; it’s also available for rent from €125,000 a week. Beauchamp Estates

Neoclassical Retreat With Rooftop Pool in Syros for €5.5 Million 

Instead of the white-and-blue paint and natural stone the islands are famous for, this restored neoclassical mansion, known as Andromeda, features a pink facade. Syros, the capital of the Cyclades, is home to the region’s courts and public offices, meaning there’s a vibrant population year-round and not just in peak summer season.  

Inside, there are herringbone-wood floors, glass-windowed arched doorways and a white marble staircase that leads up to the bedrooms, which have 16-foot-high ceilings. Several of the rooms have private plunge pools and verandas with views toward neighboring Mykonos and Tinos. There’s also a shaded garden and a rooftop pool where you can take in the Aegean at sunset. The historic property is within walking distance of the port and the shops, bars and restaurants of the town of Ermoupoli. It’s also just an eight-minute walk to the beach. Greece Sotheby’s International Realty

Home Overlooking Hydra’s Harbor for €5.5 Million

The carless island of Hydra, famed for its natural beauty, donkey carts and homes laced into the jagged hillside, has long been popular with wealthy Athenians, as it’s just a two-hour ferry ride from the capital’s port of Piraeus. Villa della Vita, occupying an ideal position in the hills overlooking the buzzy harbor with its restaurants and bars, is just a five-minute walk down to the sea.

The villa has plenty of outdoor space ideal for use at different times of the day, so you can always enjoy the balmy Mediterranean climate. There’s a terrace just off the master bedroom that the owners use for breakfast; a shaded, vine-covered terrace to eat lunch at midday; and a west-facing terrace to watch the sunset with dinner. The showpiece swimming pool features a bar area beside it. Ploumis Sotiropoulos Real Estate, an affiliate of Christie’s International Real Estate

Beachfront Home in Mykonos for €6.5 Million 

Set on the southern coast of Mykonos, near Glyfadi beach, the gated Villa O! features an infinity pool, but it’s also only steps away from the sea, making it feel like you have your own private stretch of shoreline. The home’s layout is designed for hosting large groups; besides the primary suite, there are six bedrooms on the ground floor, with independent temperature control.

The primary suite with its large picture windows takes up the entirety of the top floor, offering a wrap-around terrace with a fire pit and jacuzzi. The villa is in a serene part of an island famous for its party-until-dawn nightlife scene, but it’s only a 15-minute drive to the shops, restaurants and bars of Mykonos Town. Beauchamp Estates

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