The Greek government will cut the Value Added Tax (VAT) by 30% for 19 remote Aegean islands, a move aimed at boosting local economies and supporting their residents, Prime Minister Kyriakos Mitsotakis announced.
Properties priced between €5,000 and €20,000 are being massively sold to Turkish, Bulgarian, and other foreign hands in border and defense zones, as a legislative gap dating back to 2011 has whetted the appetite for the accumulation of Greek assets by foreigners. Muslims have appeared en masse to acquire housing in Northern Evros, while companies of Bulgarian and Turkish interests – along with EU passport holders, mostly of Turkish origin – are buying land and property in remote villages at minimal cost, while local leaders are sounding the alarm over an impending “silent settlement” in areas of vital interest that are gradually being emptied of Greek inhabitants.
The average sale price of properties in the Aegean islands, especially the Cyclades, has exceeded €4,000 per square metre, according to recent data.
The surge in demand and prices is not limited to popular islands; smaller, remote islands are also experiencing significant increases.