Property for Sale in Paxos, Greece

The property market in Greece has been slowly and steadily growing as demand for investment properties and holiday homes on the main Greek islands intensifies and local spending power and demand for housing increases.  Many local Greek estate agents estimate that on average property prices have increased by around 10% a year in the most popular hotspots recently, however property for sale in Paxos, Greece has been increasing by about 30% annually - and yet the island remains a little known secret…

Savvy property investors with an eye for an up and coming location bagged their plots of land or renovation properties in Paxos a good few years ago and they are now reaping the rewards of the speculative approach to property investing as a brand new sea plane route has opened up the island to more tourists and potential home seekers.  Property for sale in Paxos, Greece is defiantly hot right now; we take a look at whether there is room for more growth.

Paxos was previously little known, lesser explored and as a result it remains an oasis in the Mediterranean Sea where many of the other Med islands have been over developed and basically spoiled by mass tourism and demand for holiday apartments and villas.  The reason that Paxos has been preserved is because it was fairly inaccessible; the only way to reach the island was by boat from Corfu which itself only receives large volumes of air traffic in the peak summer season.  Thanks to a company called AirSea Lines however, all that has changed.

AirSea Lines now operates a number of sea planes between Paxos and Corfu and Paxos and mainland Greece meaning that those wishing to live, explore or holiday in Paxos now have many more options for travel and even more importantly, they have affordable options as well because a one way ticket between Paxos and Corfu costs from as little as EUR 35.

For property investors who can move quickly there definitely exists more room for growth in Paxos because as yet the new sea plane route has been under promoted and utilised and Paxos is only now entering the radar of those looking for investment property in Greece as well as holidays in Greece.

There are a few property developers now building small and exclusive estates on the island, such properties will naturally be of interest to holiday home seekers - those investors who can buy off plan and reserve the price today will have the opportunity to benefit from short term capital appreciation.  Other options include buying up run down rural properties and renovating them or buying land and building from scratch, but the one issue that restricts profitability is importing building materials and specialist labour from either Corfu or mainland Greece. 

Those who have already renovated or built and who are already renting to the tourism market aren’t generating significant yields because of the capital outlay made into the restoration or construction of their properties, but as the profile of the island increases and tourism traffic naturally increases so demand for property for sale in Paxos and property to rent in Paxos will increase and improve profitability.

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