‘Real Estate Fever’ Is Damaging Greek Islands and Fragmenting Its Iconic Volcanic Rocks

"This island is a diamond, but unfortunately in recent years it's become nothing but money, money, money!” There were the remarks of just one resident who fumed after hearing that a luxury hotel had decided to carry out a 59-room extension in the area, with some of them to feature private swimming pools. Dozens of residents living nearby are expressing frustration and bitterness after knowing that their beloved island, Milos, is now being exploited by the “predators” of real estate as a golden goose for their monetary benefits.

Milos, one of the most precious jewels Greece has, is punctuated with postcard-worthy sights from the cobblestone alleys to intense nightlife and elusive papafragas caves with crystal green rivers snaking through them. Dramatic blue-domed churches, moon-like beaches, and waxy white houses, which often become backdrops for movie shots, are now suddenly peppered by a disturbing clamor of what media outlets are calling “real estate fever,” according to a report by AFP, per France 24.

Milos Mayor Manolis Mikelis calls this project an "environmental crime." Another official calls it “voracious, predatory real estate,” reflecting that the vast construction site is disrupting the traditional Cycladic architecture and fragmenting its signature volcanic rocks. A fleet of construction machines—excavators, bulldozers, cranes, and others—are still scattered around the site, evoking further resentment in those who pass by. "The geological uniqueness of Milos is known worldwide. We don't want its identity to change," the mayor asserted.

All this comes in the wake of a hot-headed impetus of real estate owners whose projects are threatening to destroy the iconic landscapes of the Cyclades archipelago. The trails dotted with whitewashed houses, where honeymooners flock to snap selfies, are now clattering with the noises of whirring machines and chattering construction workers. In Milos only, the home to over 5,000 residents, 48 new hotel projects are underway.

Sarakiniko, one of the most picturesque beaches in Greece, is now packed with bathers tighter than an astronaut’s suit during summertime, as the outlet describes it. Despite that, the beach has availed no protection under the Greek law. Paros too is drowning in the real estate frenzy. Over 459 building permits were granted over the same period. In Santorini, 461. Los, another small-sized island with an intense nightlife, became the target of a Greek investor. Having previously made a fortune on Wall Street, the sole investor now owns 30 percent of the island that received business from a thumping 40 million visitors in 2024. 

For investors like these, the real estate projects are “strategic investments.” But there is “no oversight,” as Ioannis Spilanis, emeritus professor at the University of the Aegean, remarked, criticizing the projects. Mikelis also noted that the projects often have “legislation loopholes” and that the "Cycladic islands are not grounds for pharaonic projects.”

"The very existence of our islands is threatened," cautioned Nikos Zorzos, the mayor of Santorini, who joined the gathering of mayors across the Cyclades, including those from the Dodecanese, to sound the alarm on the increasing vulnerability of the island-scape. From what future officials can project, the scenario looks grim. Residents can no longer find housing. Owners prioritize lucrative short-term rentals. Planning waste management strategies and efficient management of water resources is a constant hassle. Visions like these make all those cranes, forklifts, and asphalt cutters standing on the island seem like giant ghosts awaiting to chop Cyclades into powder and fashion a new city upon its ashes.

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