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One of the most popular tourist destinations within the Ionian Islands, the Greek Island of Kefalonia is an intoxicating blend of warm Mediterranean climate, crystal clear waters and stunning white beaches. These natural attributes, coupled with Kefalonia’s friendly population and traditional architecture have seen this stunningly beautiful island increase its tourist revenues consistently in recent years. It is easy to see why Kefalonia has caught the eye of both investors and developers alike in recent times.

The largest of the seven Ionian Islands, Kefalonia covers over 780 square kilometres, and has a coastline which stretches over 250 kilometres. The coastline itself is a mixture of superb beaches, rocky coves and beautiful bays, all surrounded by the clear blue water for which Kefalonia is so well known. Despite strong cultural influences from throughout Europe, Kefalonia has managed to retain much of its original Greek charm and personality, something lost in popular Mediterranean tourist destinations.

This beautiful island has understandably begun to attract the attention of the major European Tour Operators in recent times, and today tourism plays a major role in the economy of Kefalonia. According to the World Travel and Tourism Council, tourist revenues in Greece and its islands are expected to increase by an average of 4% per annum until 2017.

Outside of the consistent growth in tourism, a number of other factors have also seen Kefalonia become increasingly attractive to overseas property investors. Since joining the European Union, Kefalonia has seen a series of financial benefits to both its economy and housing market alike. As witnessed in so many emerging property markets throughout Europe, accession to full membership of the European Union has often proved the catalyst to increasing property prices.

Investors from overseas are attracted to the numerous benefits of EU membership, and factors such as increased stability and lower interest rates are often the difference between a new and a successful real estate market.

Now seen as an emerging property market, house prices in Kefalonia are currently increasing at around 15-20% per annum. With demand for both second home and retirement property in Kefalonia on the increase through tourism growth, it is likely the price of property in Kefalonia will continue to rise for many years to come.

A number of luxury developments have been announced in Kefalonia in recent times, which have already proven commercially successful with considerable interest from overseas investors. However the market for property in Kefalonia is still in an embryonic phase, and an increasing number of opportunities are slowly beginning to come online for overseas investors.