Paros is emerging as a top destination for buyers of luxury homes in the South Aegean, while at the same time Mykonos appears to be falling out of favor with affluent investors.
Market sources estimate that both the higher supply levels and the lower prices of luxury properties are creating an attractive real estate market in Paros, offering room for upside.
At the same time, there are growing signs that the upward price cycle in Mykonos has come to an end and that the decline in visitor arrivals to the island in recent years is also weighing on the real estate market.
According to data published a few days ago by ReDataset, the average price of a home in Mykonos stands at 7,070 euros per square meter, in contrast to Paros, where the corresponding price is 5,810 euros per square meter.
“With prices marginally lower than those in Mykonos, Paros is emerging as the most attractive alternative for luxury housing in the South Aegean,” ReDataset notes.
The differing dynamics observed in each market are also noteworthy.
In Paros, prices rose by 3.4% over the past year, while in Mykonos they increased by just 1.3%.
In fact, market sources tell Euro2day.gr that preliminary data for the second quarter indicate that prices in Mykonos are falling slightly, while in Paros they continue their upward trend.
Another interesting point is the depth of each market. Nineteen percent of all properties for sale in the South Aegean are located in Paros, which exceeds the combined total of properties for sale in Mykonos and Santorini.
The Islands Stand Out
However, two islands stand out in the South Aegean. In the ranking of property prices, Thira (4,290 euros per square meter) ranks third, followed by Kythnos (4,000 euros per square meter), Naxos (3,910 euros per square meter), and Tinos (3,580 euros per square meter).
“Mykonos and Paros clearly represent the premium segment of the market, with prices exceeding the regional median by 50%–80% and significantly higher than those in the other regional units,” adds ReDataset.