Splash out in the Greek islands

Prices are on the up as visitors look for places of their own. Ben West profiles three hotspots
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The Independent Online

Property prices in the Greek islands are steadily increasing, not least because in 2004 the Greek government introduced new controls on housing developments outside building zones, thus limiting the supply of land available.

And according to Paris Gabriel, director for Greek developments at Leptos Estates, increasing numbers of visitors are buying in their favourite islands, for holidays, retirement or investment. "This has helped to fuel an increase in property prices - up 10 per cent last year and with a further increase of 20 per cent is predicted for 2006," he says.

"But compared with other property hotspots such as Spain, Portugal and France, the Greek islands are still up to 50 per cent cheaper," he says.

Think carefully before buying on one of the smaller islands, however. Many are easily accessible in summer, but in winter the tavernas may be closed, the flights (if any) axed and the ferry may only be running a skeleton service.

Leptos Estates (020 8883 2333/ www.leptosestates.com); FX Property (07005 931 006/ www.fxproperty.co.uk)