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Should investors be considering Greece’s best-kept secret?

A few months ago, Property Investor Today explored how Greece’s property market is bouncing back with increasing investment after years of austerity and economic woes.

And this investment is continuing, with Kéa Island – the closest Cycladic island to mainland Greece and hailed as the country’s best-kept secret – poised to welcome a new arrival in 2021 ‘that will redefine the hospitality landscape in the Aegean’.

Luxury Greek developer Dolphin Capital, in partnership with Kerzner International, has begun construction of One&Only Kéa Island – a high-end resort with private residences. 

The second European resort for the brand, One&Only Kéa Island will aim to offer a ‘definitive luxury lifestyle experience’ celebrating the rich culture and unspoilt charm and character of the island. The collection of suites and private homes on offer will be set into the hills within a secluded bay, providing sea views for residents.  

Should investors be considering Greece’s best-kept secret?

Part of a 60-hectare beachfront site along the island’s western coastline, the new resort will be made up of 75 resort villas and a limited number of One&Only private homes, ranging in size from one-bedroom upwards. The homes aim to include the best of indoor and outdoor living, as well as light-filled rooms, family gathering spaces, party-ready kitchens, cascading hillside terraces and private infinity pools overlooking the sea. 

Owners of the home will also benefit from privileged access to the resort, including a range of amenities such as a state-of-the-art spa and a private beach club, as well as a number of restaurants and bars serving fresh cuisine and daily catches of the day.   

In order to mark the launch of sales for the private homes, Dolphin Capital has revealed plans for three fixed design villas available to purchase, all with a guaranteed rental return of 4% across eight years. These homes – two 2-beds and one three-bed – offer private access to the sea and freehold ownership.

Managed by One&Only, each of the private homes will be constructed on two levels in plots of at least 2,000m2, offering spacious indoor and outdoor living areas, fully landscaped outdoor spaces and secluded swimming pools.

There are also different land allotments, able to accommodate larger homes, available on the other side of the bay, which provide more of a bespoke option as they allow for certain modifications to be made.

“The island of Kéa has remained relatively undiscovered despite being steeped in heritage, and an abundance of iconic landscaped scenes,” Miltos Kambourides, founder and chief executive at Dolphin Capital Partners, said.

“Coupled with its close proximity to Athens, Kéa offers the ideal location for what will be the ultimate luxury resort with private residences on the Aegean shoreline, and probably the entire Mediterranean. We’re committed to creating an incredible destination retreat of the highest standard – across both design and service – all the while continuing to support local economies. One&Only Kéa Island presents a unique opportunity to invest in a branded seafront Private Home that will last a lifetime.”

Should investors be considering Greece’s best-kept secret?

An undiscovered gem

Although peaceful and almost untouched, Dolphin Capital insists that Kéa is as seductive as the archipelago’s better-known islands of Santorini and Mykonos.

A popular retreat for Athenian second-home owners, Kéa is an island full of picturesque villages ‘with quintessential blue, white and terracotta-coloured villas’. There are also sheltered coves surrounding ‘pristine turquoise beaches’ and olive grove-filled landscapes, making it one of the most scenic islands of the Cyclades.

Approximately 60% of the island’s forests are safeguarded by the Natura 2000 Network - a network of protected areas covering Europe’s most valuable habitats – ensuring the island is something of a hiker’s paradise, while visitors can also explore the island’s winding hillside walking routes, cobbled streets and arched passages via its coastline and forestry.

Kéa’s history dates back to ancient Greece and acted as the inspiration for many Greek myths. The land, for example, was thought to be the original home of water nymphs who lived among the natural springs and woodland. Home to four ancient cities - Ioulis, Korissia, Poisses and Karthaia - the island is also known for its Doric temples, as well as the newly excavated tiers of Karthea’s temple.

As you might expect, prices for a turnkey two-bed private home at One&Only Kéa Island don’t come cheap - starting from €3 million – but such luxury overseas living was always bound to come at a premium.  

It was recently revealed that overseas investors – in particular from China and Turkey - have shown a very keen interest in receiving their five-year residence rights with the purchase of property in Greece through the country’s Golden Visa scheme.

Meanwhile, according to data from the Bank of Greece, the Golden Visa programme seems to be stimulating Greece’s previously slow housing market, attracting foreign investment to the tune of €736 million in the first half of 2019, up by 94% compared to the corresponding period in 2018.

All of which suggests Greece’s renaissance as an overseas investment hotbed shows no signs of slowing down.

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