Santorini is the supermodel of the Cyclades
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Santorini is the supermodel of the Cyclades

According to the Financial Times the clusters of whitewashed houses, dotted with the occasional blue-domed roof, gate or window frame draw thousands of Instagram-hungry tourists to Santorini in the Aegean Sea into early autumn. For vacation homebuyers, however, the most appealing aspect of the volcanic island in the Cyclades might be its home price.

Economic turmoil following the financial crisis of 2008 has helped flatten property values on the island and fuelled surging interest from foreign buyers.

Despite the dip in property values, Santorini is still among the most expensive areas of the Cyclades islands for real estate. The average asking price on the island is €3,130 per sq metre, according to a survey by the Spitogatos online property search engine. That is just behind the Greek islands of Mykonos and Patmos, which have reached €4,759 per sq metre and €4,064 a sq metre, respectively.

The island’s priciest homes are strewn along the ocean in villages such as Imerovigli, Megalochori and Oia, all of which are on the west coast. In Oia, Savills is selling a traditional three-bedroom, three-bathroom home with an outdoor pool for €1.2m. In Megalochori, the same agent is selling a four-bedroom home with a large courtyard and outdoor pool for €695,000.

Though its sales market is still recovering, Santorini’s rental market has remained buoyant.

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