Zakynthos Luxury Real Estate Market – a picturesque island in the Ionian Sea, is known for its stunning natural beauty and pristine beaches. It has quickly become a highly sought-after destination for luxury real estate investments.
Current Market Trends in Zakynthos Luxury Real Estate
The demand for luxury properties in Zakynthos has been steadily increasing, with more affluent investors and high-net-worth individuals drawn to the island’s charm and exclusivity. In recent years, property prices have risen by 10-15% annually, with a growing number of luxury villas and high-end apartments entering the market.
Foreign Investment in Zakynthos
The appeal of Zakynthos as a prime destination for luxury real estate investments has attracted a diverse range of buyers from across the globe. Europeans, particularly from the UK, Germany, and Scandinavia, make up many foreign buyers, followed by Russians and Chinese investors. The Greek Golden Visa program, which grants residency to non-EU investors who purchase property worth at least €250,000, has further boosted the island’s allure.
Critical Areas for Luxury Real Estate in Zakynthos
Zakynthos boasts several exclusive neighbourhoods and regions that offer luxury real estate opportunities. Some of the most sought-after areas include:
Vasilikos, a tranquil and unspoiled region in the southeastern part of Zakynthos, is home to numerous high-end villas and estates. Surrounded by lush greenery and pristine beaches, properties in Vasilikos often come with spectacular sea views and easy access to the island’s natural attractions. Luxury villas in this area can range from €1 million to €5 million.
Keri, located on the southwestern coast of Zakynthos, is another popular area for luxury real estate investments. The region is known for its dramatic cliffs, hidden coves, and exclusive beachfront properties. Prices for luxury villas in Keri typically start at €1.5 million.
Tsilivi, situated on the northeastern coast, is an attractive destination for luxury apartment investments. With its long sandy beaches, vibrant nightlife, and wide array of restaurants, Tsilivi offers a more cosmopolitan experience for property buyers. Luxury apartments in this area can cost between €300,000 and €1 million.
Maintenance and Management of Luxury Properties in Zakynthos
Owning a luxury property in Zakynthos comes with specific responsibilities and expenses. To ensure the upkeep and maintenance of your investment, consider the following:
Property management services: Hiring a professional property management company can help you maintain your luxury property, manage rental bookings (if applicable), and handle any necessary repairs or maintenance.
Property insurance: Insuring your luxury property against natural disasters, theft, and damage is crucial to protecting your investment.
Utility bills and local taxes: As a property owner, you must pay for utilities such as electricity, water, and garbage collection, as well as annual property taxes (ENFIA) based on the property’s size and location.
Luxury Real Estate Market Outlook for Zakynthos
Zakynthos’s luxury real estate market is expected to continue its upward trajectory, with strong demand from both domestic and international buyers. Key factors driving the market’s growth include:
Increasing tourism: Zakynthos has experienced a surge in tourism, positively impacting the luxury real estate market. As more visitors discover the island’s beauty and charm, the demand for high-end accommodations and properties will likely increase.
Ongoing infrastructure development: The Greek government and private sector are investing in infrastructure projects to improve accessibility and services on the island. These developments will likely enhance the island’s overall appeal and contribute to the growth of the luxury real estate market.
Continued foreign investment: The Greek Golden Visa program and attractive investment opportunities are expected to sustain the interest of foreign buyers in Zakynthos’ luxury real estate market.