The Cyclades are the Aegean’s most treasured gem. Probably the most famous of Greek islands, they live up to their name by showcasing iconic waters, breathtaking villages, rich history, and a distinct personality. The Cyclades were named after their characteristic shape, since they form a circle around the sacred island of Delos.
Worth knowing about Cyclades
The Cyclades cover 2,572 km2, with approximately 120,000 residents that occupy the islands in a density of 46/km2. They consist of an astonishing number of 220 islets and bigger islands, such as Naxos, Paros, Mykonos, Tinos, and the up-and-coming Schinoussa. The island group is divided into 9 provinces, 20 municipalities and 11 communities.
How is the Real Estate Market in Cyclades
The Cyclades are definitely an attraction point for those wishing to buy a property. Many international buyers choose the famous islands not only for a vacation, but as a permanent home as well. Since 2019, there has been an amazing increase in demand for Cycladic properties from all over the world. The prices are mostly reasonable around 2,000 euros/km2. Luxurious properties are a bit pricier, as expected.
What types of properties can be found in Cyclades?
Just like the majority of Greek islands, the Cyclades have a variety of properties, including simpler and more luxurious options. Most of the Cycladic properties follow the pattern of severe shapes, the use of rock and the characteristic white color that has defined so many of the Greek islands.
- Newly-built properties
- Buyers can choose between one- or even two- and three-story houses
- There is also a vast variety of luxurious villas that are defined by their modern architecture and enchanting pools
What are the advantages of buying a property in Cyclades?
The many islands that create the famous Cyclades are a safe investment when it comes to choosing the destination of your dreams. Whether you are interested in a vacation or relocation, Cyclades is the place to be. They offer the trademark unforgettable Greek beaches, amazing light, beautiful sceneries and a rich history. Their sapphire waters host an array of water sports, while their cobblestone streets are ideal for taking long walks or exploring the many restaurants, bars and clubs most of the Cycladic islands have to offer. Paros, Naxos and, of course, the famous Mykonos are known for combining incomparable beauty with a rich lifestyle suitable for all ages. All in all, the Cyclades are full of sights and activities. From beautiful villages and imposing calderas, to their impressive architecture and picturesque windmills, they are a sight for sore eyes. It’s no wonder famous director Luc Besson chose one of the Cyclades, and particularly Amorgos, to shoot his highly acclaimed film “The Big Blue”!
For the purchase of real estate property, the following are required:
- a valid passport
- a Greek tax identification number (AFM*)
- a certificate from the responsible tax office about the payment of the land transfer tax
What are the Costs and Taxes on Property Purchase?
The purchase costs & taxes for the purchase of property in Greece, are the following:
- Land register costs, imposed for the registration of the property at the land registry or cadaster office, amount to 1,0% of the fair value.
- Other costs such as the legal review of ownership (of at least around € 150) must also be considered.
- Real estate property transfer tax, which arises with the acquisition of real estate property or the acquisition of real rights upon property and is paid in principle by the buyer, before the notarial certification of the real estate property purchase. The current rate of land transfer tax is 3.09% of the purchase price.
- Notarization costs or notarial costs, always borne by the buyer, unless there is a different regulation. The basis of assessment used is the purchase price or the so-called unit value. Always apply the higher value. The certification costs are on average 1,5% plus VAT 24% of the underlying value.
More information about properties in Greece here.
