As tourism numbers surge in Greece and investor activity remains strong, THE ROE takes a look at breathtaking Paros and the hidden value it offers, along with the nearby island of Antiparos.

In the heart of the Cyclades, Paros turns into an investor hotspot.

Property investors have been flocking to Greece’s sun drenched islands and azure coloured seas in recent years but it is the Cyclades, a group of islands located southeast of the mainland, where a new trend is emerging.

The island of Paros, which sits in the heart of the cluster and is known for its sandy beaches, is fast climbing the preference list of those seeking to enjoy Greece’s natural beauty and hospitality.

Strong tourist flows, untouched natural landscapes, and attractive returns are drawing investors as buying momentum in other better known destinations, such as Mykonos and Santorini, slows

“Purchasing a property in the Greek islands offers an attractive investment opportunity for buyers who want to combine the enjoyment of the holidays with the possibility of renting the property for satisfactory returns when they are not using it themselves,” points out Engel and Volkers in a recent report. 

“At the same time the reduced supply of holiday homes on the more popular islands, such as Mykonos and Santorini, has resulted in buyers becoming more interested in new islands, like Paros and other smaller islands, which are now being discovered,” it added.

Foreigners may be now discovering Paros – and the closeby island of Antiparos – but it has been a long-time favorite travel spot for Greeks.

More accessible than other islands, Paros offers exceptional value in food, entertainment and living expenses.

Home to a year-round population of some 14,000 people, it has developing tourism, agricultural and food production industries.

Its main villages of Naousa and  Paroikia, located on the northern and western sides of the island, have a well serviced road network,  24-hour health clinics and a recently built airport also on offer.

Luxury properties

Luxury properties for sale in Paros, offering unique proposition such as beachfront properties, scenic views, and luxury amenities, have seen their prices go up to 15,000 euro per sqm of built-up area. 

Big projects from large investors

Increasing visitor numbers have prompted a plethora of investments on the island, particularly in hospitality. 

Among the new projects are a five star boutique hotel from Grivalia Hospitality in the beach area of Piperi in the north, a nearby 50 million euro project from construction company Ekter and the expansion of an existing hotel facilities in Naousa by Briq Properties, a Greek real estate investment company whose shares are listed on the Athens bourse.

On Antiparos, one nautical mile off Paros, there are more investments taking place, such as the construction of a new four star luxury hotel with two swimming pools by Saint George Villas which was recently approved by authorities.

Large amounts of money are also being pumped into the residential market by foreign buyers, led by French, Italian, German and British investors.

Areas in southern Paros, such as Voutakos and Faragas, are popular among those looking to build their own beachside getaway, or acquire one that is ready made, while Chrisi Akti in the southeast is always a popular choice.

Buyers seeking something quieter often head over to Antiparos – where US film actor Tom Hanks likes to wind down at his own super luxurious villa.

A closer look at the numbers shows why Paros is on the up:

–  The Greek government recently decided to leave the Golden Visa limit unchanged at 250,000 euros for non-EU nationals buying in Paros (in parts of Athens and, Mykonos and Santorini the limit has gone up to 500,000 euros).

– Homeowners renting out their properties can raise some solid income thanks to Greece’s fast-growing tourism sector. Data from Sotheby’s shows that revenues for luxury homes rented out on Antiparos reach up to 35,000 euros per week.

– Annual yields for homes in the Cyclades reach 7%, says RE/MAX Hellas, as opposed to 5% on Ionian Sea islands.