Santorini

You’ll have seen pictures of Santorini, an island in the Cyclades Island group of the southern Aegean.

Santorini, also known by its official name of Thira, is reckoned to be the most dazzling of all the Greek islands – or at least its views are. It is often cited among the most beautiful spots in the world. Formed after a volcanic eruption 3,600 years ago that collapsed its caldera into a giant bay (and wiped out the Minoan civilisation), the island’s unique geography is matched by its iconic architecture.

Blue domed churches and white-washed buildings are complemented by the bright blue of the South Aegean and the sky. As the city faces east, Santorini is famous for its sunsets, which have been the setting of many proposals, weddings and celebrations. The island also attracts holidaymakers simply seeking sunshine, sand and sea.

Why buy a property in Santorini

Lots of Greece has beautiful nature but Santorini is perhaps the most uniquely beautiful location. The volcanic eruption 3,600 years ago formed Santorini’s dramatic cliffs and caldera. To view it, there are many wonderful hiking routes across the island. Along the way, you may spy Santorini’s stunning flora and fauna, such as its wildflowers, olive and fig trees. The island is famous for its production of Assyrtiko wine. Underwater, there is more to explore, from caves to volcanic reefs to sea creatures.

Santorini’s beaches are distinct too. Perissa is a long stretch of black lava sand, clear waters and beach bars. Red Beach has striking red sand and towering red cliffs, and excellent snorkelling. Vylchada Beach “Moon Beach” has a lunar-like landscape.

The lifestyle in Santorini is very different during peak summer, when tourists outnumber locals. The off-season is considerably quieter, but tourists do still come in winter – it’s worth the five-hour-plus ferry ride from Athens!

The cost of living can be much higher in summer too, though this could be the time that you head elsewhere and rent out your property to holidaymakers for a sizeable profit. Year-round, you can expect a laidback day-to-day of hikes, swims and delicious fresh food, surrounded by visual beauty.

While Santorini does not have the reputation for partying that Mykonos does, there are still plenty of places to dance until the small hours, especially in Fira, Perissa and Perivolos.

The weather in Santorini

The peak holiday season in Santorini is July and August, when temperatures usually reach 30°C, rain is almost unheard of and the sun shines for 11 hours a day. Either side of these months, you can enjoy slightly cooler temperatures and thinner crowds.

There are strong winds (meltima) during summertime too, but the wind is less intense than in Mykonos. Temperatures fall in November, which has an average daily maximum of 17°C. You can swim all year if you’re hardy (or invest in a wetsuit), with average highs of 12°C.

What can I get for my budget in Santorini

As a highly desired island with a limited housing supply, properties in Santorini command steep prices. There is a big difference in homes that come with a caldera view and those that do not, with the latter being much more affordable.

Unless you are after an older home in need of renovating, you will need a budget of upwards of €200,000 for a well-positioned property. Apartments are not super-popular in Santorini, and if you do not have millions to spend, then your options will most likely be pretty, old-fashioned, white-washed homes with modernised interiors.

Santorini has a thriving luxury property market. Discover multi-bedroom villas with gardens, private pools and breathtaking caldera views.

Is a property in Santorini a good investment?

A home in Santorini has the potential to be a fantastic investment. According to indomio, in August 2024, the average price asked for a residential property in Santorini was €4,911 per square metre. This was an increase of 2.57% compared to the previous August.

This makes property in Santorini significantly less expensive than Mykonos (€7,320 per square metre) but more expensive than Naxos (€3,741 per square metre).

Santorini has two million visitors each year, so a holiday rental is likely to be a lucrative investment. The island is frequently featured on lists of the most romantic destinations in the world, and is a top destination for proposals, weddings and honeymoons.

However, buyers should be aware that in the last year, the Greek government has changed regulations on the golden visa and created restrictions on short-term rentals. Now, to apply for the golden visa, a residency-by-investment scheme, buyers might purchase a home worth at least €800,000 in Santorini – a figure that is twice that of less populated areas.

How to get to Santorini

Santorini has Thira International Airport (JTR), and from April to October, there are frequent flights to European destinations such as London, Paris, Rome and Amsterdam. Outside of this time, international flights are drastically reduced, and you may need to fly via Athens.

Santorini is also excellent for island hopping via ferry, be it to Naxos, Crete or Mykonos.

Where to buy in Santorini

Fira: The island’s capital and main hub, Fira is best for being in the heart of the action with its vibrant nightlife, shops, and restaurants.

Oia: Famous for its breathtaking sunsets and picturesque, white-washed buildings, Oia is ideal for those seeking luxury properties and a serene, romantic setting.

Imerovigli: Known as the “balcony to the Aegean”, Imerovigli offers some of the best views on the island.

Kamari: A popular beach resort area with a long black sand beach, Kamari is great for beach lovers and those looking for a more relaxed, resort-style living.

Perissa: Known for its black sand beach and clear waters, Perissa is a more affordable option with a laidback vibe.

Akrotiri: Known for its archaeological site and Red Beach, Akrotiri is perfect for history enthusiasts and those looking for a peaceful retreat.

11 steps to buy in Santorini

Buying a property in Santorini is not difficult, if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality.

1. Research and planning: Download guides, read articles, sign up for events and exhibitions to gather all the information you may need about buying a property in Santorini. Do you know anyone who has already bought in Greece, or lives there? Maybe give them a call. Try to narrow down the location you want to buy a property in.
2. Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
3. Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
4. Get your AFM number The ‘Arithmos Forologikou Mitroou’ number is a tax identification number necessary for financial transactions, including purchasing property. Head to the local tax office with your passport and birth certificate to obtain it.
5. Make essential connections: Connect with a local estate agent. The easiest way to do that is to make an enquiry on a property in Santorini . Also contact an independent property lawyer and maybe a tax specialist too. Your Overseas Home can help you, so give them a call.
6. Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
7. Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
8. Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually around 10%).
9. Plan for utility connections: The wait begins, this can often take several weeks. Look into getting your utilities connecting during this time.
10. Sign the final contract: When ready, you’ll be asked to sign the final contract in front of the notary and pay the outstanding amount on the property, along with the relevant taxes, stamp duty, notary fees, and legal fees. Then, you’ll get the keys to your very own home.
11. Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.