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"Earthquake" also in the real estate market, prices of luxury villas and vacation homes in Santorini fall significantly

2025-02-06 19:48:59Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Santorini

Intense seismic activity in Santorini has led to a surge in real estate listings.

Luxury properties in Santorini, specifically in the Oia area, with stunning views, swimming pools, spacious bedrooms and terraces, are leading the way in advertising, following the ongoing earthquakes in Santorini.

According to what the Greek television MEGA reported, a 63 m2 house fell by 100,000 euros, from 950,000 euros to 850,000 euros. The relevant advertisement was created on October 14 and updated on February 4, at the time of the earthquakes.

And it's not the only example of price drops amid the earthquake panic. Even more affordable properties have seen prices take a downward turn, such as a 55m2 apartment in Thira, with a stunning view and space that could accommodate a family. The apartment in question has dropped by 40,000 euros. The original price was 220,000 euros and dropped to 180,000 euros and is reportedly in dispute. The ad, which was published on December 12, was only renewed on February 5.

Another detached house on the island has seen its price drop. The house is 100m2, which is plenty for a family holiday home with a yard and some areas already renovated. The house has dropped from €420,000 to €380,000 and this is due to recent renovations, even though the ad was created last year in July.

Therefore, the price per square meter is 3800 euros from 4200, with market experts saying that the market is already heading towards the "Richter" market.

Some want to give away their properties and worry that seismic activity could deter buyers, so they lure them with a discount, others fear that the potential damage will cost them time and money, and on the other hand, there are buyers looking for an opportunity, believing that the phenomenon will be temporary.

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