The housing market in the South Aegean displays significant differences between islands, both in terms of housing supply and price levels. While Mykonos continues to hold the top position in property values, Paros is steadily strengthening its position, while several other islands remain considerably more affordable options for those seeking a home or investment opportunities.
An analysis of 4,726 active residential property listings in the South Aegean covering the period from January to May 2026 shows that the regional market does not operate as a single unified market, but rather as a cluster of individual markets with distinct characteristics and dynamics.
The Cyclades dominate housing supply
The Cyclades represent the main pillar of the regional housing market, accounting for 78.9% of the total residential supply. In fact, Paros emerges as the island with the largest number of homes available for sale, representing 18.79% of active listings and surpassing even Mykonos (12%) and Santorini (6.01%).
Rhodes follows with 16%, Syros with 13.18%, Naxos with 8.72%, and Kea–Kythnos with 7.66%. The next tier includes Santorini with 6.01%, Andros with 5.44%, and Tinos with 5.04%, while smaller market shares are recorded by Kalymnos (2.5%), Kos (2.35%), and Milos (2.01%).
The data indicate that the South Aegean housing market is concentrated around a limited number of strong hubs, with the Cyclades attracting the majority of interest from both homebuyers and investors.
Detached houses remain the dominant property type
In terms of property type, detached houses clearly dominate the market, accounting for 59.8% of all homes currently available for sale.
Apartments follow with a 21.3% share, while maisonettes represent 18.9% of total supply. This market structure distinguishes the South Aegean from most regions of mainland Greece, where apartments typically represent the dominant residential property category.
The strong presence of detached houses is closely linked to the islands’ holiday-home and tourism-oriented profile, as larger homes remain the preferred choice for second-home ownership, short-term rental activity, and investment purposes.
Mykonos and Paros lead property prices
An analysis of median asking prices reveals a two-speed market. Across the South Aegean, the median asking price stands at €3,660 per square meter. However, Mykonos and Paros operate at an entirely different price level.
Mykonos remains the most expensive residential market in the South Aegean, with a median asking price of €6,670 per sq.m., followed by Paros at €5,500 per sq.m. These two markets trade at prices up to 80% higher than the regional median, creating a distinct premium segment.
The next tier includes Milos at €4,150 per sq.m. and Santorini at €4,100 per sq.m., while Kea–Kythnos (€3,740 per sq.m.) and Naxos (€3,710 per sq.m.) also remain above the regional average.
The most affordable islands for homebuyers
At the other end of the spectrum, several islands continue to offer considerably lower price levels. Rhodes and Kos record the lowest median asking prices in the region, both at €2,210 per sq.m. They are followed by Syros at €2,500 per sq.m., Andros at €2,760 per sq.m., and Kalymnos at €3,240 per sq.m.
The gap between Mykonos and the most affordable island markets is striking, as prices in the leading Cycladic market are nearly three times higher than those recorded in Rhodes and Kos.
Detached houses remain the most expensive option
Detached houses remain the most expensive optionThe price premium of detached houses is also evident across the islands. In Mykonos, detached houses record a median asking price of €7,070 per sq.m., compared with €6,370 per sq.m. for apartments and €5,980 per sq.m. for maisonettes.
In Paros, detached houses stand at €5,810 per sq.m., while both apartments and maisonettes are priced at €5,000 per sq.m. In Santorini, detached houses reach €4,290 per sq.m., compared with €4,000 per sq.m. for maisonettes and €3,970 per sq.m. for apartments.
Similarly, in Rhodes, detached houses are priced at €2,800 per sq.m., while apartments and maisonettes both stand at €2,000 per sq.m., highlighting the significant price gap between the region’s premium and more affordable island markets.
The premium for newly built homes
The age of a property remains one of the most important factors influencing asking prices.
Homes built between 2020 and 2026 record a median asking price of €5,000 per sq.m., while properties constructed between 1960 and 1979 stand at just €2,340 per sq.m. This represents a price premium of 114%, reflecting the substantial value placed on modern residential developments.
Homes built between 1980 and 1999 record a median asking price of €2,990 per sq.m., while those completed between 2000 and 2009 reach €3,360 per sq.m. Properties constructed during the 2010–2019 period rise further to €4,220 per sq.m.
At the same time, newer properties also exhibit greater price dispersion. Among newly built homes, 50% of listings fall within a range of €3,660 to €6,600 per sq.m., indicating the strong presence of high-specification homes and luxury residential developments.
A market of multiple speeds
Overall, the South Aegean housing market is characterized by pronounced contrasts. Mykonos and Paros remain the undisputed leaders in residential values, while islands such as Rhodes, Kos, Syros, and Andros continue to offer significantly more affordable price levels.
At the same time, the dominance of detached houses, the concentration of housing supply in the Cyclades, and the substantial premium commanded by newly built homes shape a market that continues to be driven by demand for holiday homes, tourism-related investments, and high-value residential real estate.
