The real estate market in Serifos

The real estate market in Serifos has seen an important fall of 25% in the last three years. About 25% of the value has been lost. These losses are not as steep as the ones in Athens, but they are still pretty heavy. In 2011 new constructions were very few and mostly done on order.
While demand from Greek buyers has disappeared, foreigners, namely French and Italians, have kept an interest in our market.
Supply is extremely low, with the exception of homes built on order. However quite a number of homes is coming to the market offered by Greek owners at large discounts, due to the current crisis.

In the island we have several areas of interest for a real estate investment:

• HORA. Here we have one of the most beautiful villages in the Cyclades, with a very limited number of houses attracting amateurs from all over the world.
  To have an idea, visit the homes on our site, both the ones which are out for sale and the ones listed for rent to have an idea of what is offered in Hora. Prices here do not have a direct relationship to the houses' surface, as they are bought and sold on the basis of exposition to prevailing winds, view, number of steps to climb in order to reach the house, etc. It is becoming a very fashionable area
• LIVADI AND LIVADAKIA. Here we are close to the sea and to the port, supermarkets, tavernas, and the principal beaches. Here we have a few homes for sale and a few under construction. In 2006 prices were around 3.500 euros per sq m, and for new constructions the asked price is around 3.600 for the good quality estate, usually well built and with good fixtures. They are compatible with the Greek Cycladic style. Since 2006 prices remained stable, or coming down a bit in 2009. For 2010 we saw prices to be a little weaker than 2009 levels. In 2011 we saw a new low at 2.800 euros per sq m.
• OTHER AREAS. There are developments in the southern part of Serifos in areas close to the sea and with fantastic view (Agios Sostis). Prices are about the same as Livadi.
• LAND. Outside of villages land sell for a range between 10.000 to 70.000 euros per strema (1 strema= 1.000 sq metres).
  You need 4 stremata to build one house. The price range depends on many factors, where view and proximity to a beach are strong factors. Also access to electricity and water play a role.

We assist our clients in all the steps, including the contract, a bank loan, which in Greece is competitive compared to the rates in other European countries.
Generally speaking Serifos is more expensive than other islands. It is only 2 1/2 hours from Piraeus and it is still very wild and natural.
The buyers are usually families who aim at a quiet place instead of the mass tourism such as the one in Mykonos.
It is important to note that Serifos is protected by the European Program Natura 2000. This forbids construction in large areas and limits developments in quite a few other protected zones. On the other hand Nature is well protected here.