A Guide to Hydra for Property Buyers
This section of the Saronicnet website is dedicated to all matters that concern Hydra real estate, selling property on Hydra, buying houses or second homes on Hydra and is a guide to the idiosyncrasies of owning property on this unique island. For people searching for property for sale on Hydra and for new homeowners, you'll find reliable answers to many of your questions here. But if you don't, please feel free to contact me.
One of the most exciting and dynamic of the Greek Saronic Islands. Hydra Island has an understated, sophisticated, jet-set appeal combined with a traditional, unassuming, rural style that's utterly captivating to potential property buyers and visitors. With a reputation for being the jewel of the Saronic Gulf, Hydra is a Mecca for the arts and creative professions. It is also unique as there is an island-wide ban on any wheeled vehicles and the island boasts the biggest herd of working equines in the world. The National Preservation Order prohibits any building work that does not conform to the style of the 18th C., emphasising the fact you are living history and it feels like you've stepped back in time.
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Taking all of this into consideration, it's important that prospective real estate buyers understand that owning and maintaining a home on Hydra has its unique set of foibles to deal with.
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I have provided information here, that I've specifically written for those considering real estate investment or buying a second home or even a permanent home on Hydra. For more general information and a visitor's guide to Hydra, please visit my www.hydradirect.com website.
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Pricing Considerations
Despite a huge number of listings on platforms such as Spitogatos, the reality is that market-ready properties for sale on Hydra that can go to contract are very scarce. The limited number of properties for sale; where all owners agree to sell, that are legal or have been legalised and have their paperwork more or less in order, means that it's a seller's market and this makes the prices are very high compared with other Greek Islands. The geography, views and proximity to arterial roads have a big impact on real estate prices and the physical number of street steps you have to climb when walking to a property for sale, is another major consideration for both sellers and buyers. From a seller's point of view when they are deciding on their asking price, the amount of money they have invested to renovate/rebuild, is also taken into account. These costs are substantially higher than on other islands where lorries and mechanised equipment are possible. All of these considerations conspire to keep property prices on Hydra very high. And then, of course, the "location, location, location" factor, for sure bumps up the prices too!
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Because of the building regulations and preservation order, most houses are unique. You don't get streets of similar houses built at the same time as each other. And the standard of maintenance is not the same either. So trying to make comparisons for valuing property for sale on Hydra can't be done in the same way as those agents who are based in a town such as Athens, can provide true comparable analysis.
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When I am asked to value a property on Hydra, I take all of the above into consideration but the only comparable I can use is the value per meter square in the specific objective area. But irrespective of what my valuation is, invariably the sellers of Hydra property dictate a higher asking/market price they want me to list the property for. This is one of the reasons why prices are very high for Hydra real estate; it's a seller's market, and there is a very small number of properties for sale at any one time, so frankly Hydra sellers have you over a barrel! Having said that, it's Greece where negotiation is anticipated so asking prices are considered to be just a starting point. Offering is always sensible and encouraged.
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Hydra Town,Villages & Countryside
There is one port for Hydra, called Hydra Harbour which is also the main town. So when you arrive at the port, you are immediately immersed in the day-to-day life of the island. Hydra harbour/town faces north across the Saronic Gulf, only slightly separated from the Peloponnese mainland and the tiny port and car park at Metochi. In addition to the main Hydra Harbour, there's a small harbour at Kamini about 1 km along the coast to the west, a jetty at the hamlet of Vlychos and a safe harbour and boatyard at Palamida.
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Hydra town, Avlaki and the area of Kamini blend and is where most of the island's 1,900 registered population lives and works. Everything is within walking distance in under 30 minutes for a reasonably fit person. But there are also small groups of residents in Mandraki to the east of Hydra, and at Vlychos and Palamida to the west. Note that all populated centres are on the North coast of Hydra, and nearly all properties are orientated north across the Saronic Gulf to the Peloponnese mainland, with either east or west views.
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Inland, there is a small village at Episkopi where there are a number of Hydriot-owned family holiday houses that rarely if ever come onto the market. The same can be said of the area called Palamida on the coast. On the other side of the island, the South Coast is hardly populated with only a few houses dotted along the coast on large plots of land. Most of the inland and south coast properties are holiday homes owned by local Hydriot families. There are very limited opportunities to buy property in these areas. Most of these properties in outlying areas are effectively off-the-grid and can take quite a hike to reach.
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Market Value vs Tax Area Prices
There are two values to consider when buying property on Hydra Island. The market value is what a buyer pays the seller and it is this value that the Greek Government levy property purchase tax on. The second value, is the Greek Government's objvective price, which is used to calculate the annual homeownership tax called ENFIA. It is the market value that is used for qualification purposes to obtain the Greek Golden Visa. See GGV Qualification for current requirements.
The Market Value is the selling price. On Hydra property asking prices are considerably higher than other Greek islands or the mainland. The phrase, "location, location, location" influences market prices a lot. Property that's low down, ie less than 100 steps, with a panoramic sea view, in good structural condition and good 'move-in-tomorrow' condition are premium priced. So the east side of Hydra harbour (facing the sunsets) and the hillside of Avlaki plus the sides of Kamini Harbour, are highly desirable, therefore the most expensive market value even if a property for sale is actually a ruin as the asking prices reflect the potential!
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The market value is the price agreed after negotiating offers to buy a property. This is the price that the seller wants to achieve and the price the buyer must pay. Once an offer has been accepted, this amount is noted in a contract of sale. Government property PURCHASE tax is calculated as 3.1% of the contract value. (As of 21 April 2025). In other countries, this tax is sometimes called "stamp duty". It's a one-off payment that's calculated and paid by the buyer just before the sales contract is signed.
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The real estate location on Hydra is used to calculate the objective value of the property. The Hydra town, village & countryside plan, is divided into 12 areas. The Government specifies the value of each area and the objective value of properties in those areas. The objective value of property for sale on Hydra is generally lower than the market price. ENFIA tax is annual property OWNERSHIP tax, and is calculated based on the Tax Area. So a 150m property for sale in Hydra harbour will get a much higher annual ownership ENFIA tax to pay than an identical property for sale in the less expensive area of Kiafa. ENFIA is calculated annually in April and homeowners have the option to pay it in three instalments by the following December.
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For more information about your financial obligations of owning a property on Hydra, please see my buyer's guide.
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CAGR vs ROI
These are subjects that I am increasingly asked about now that property prices on Hydra are escalating into the millions.
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The CAGR (Compound Annual Growth Rate) for a property that's been renovated and kept in good order is between a nice steady 10-12% on Hydra. So a property bought in 2001 for the equivalent of €200,000 (it was still Drachma then) sold in 2025 for €2,600,000 gives a CAGR of 11,2973%. But if you had to spend €500,000 to make it livable, then the CAGR would drop to 5.6197% which is still a very respectable investment profit. But notice that I have given an example with twenty-four years between initial purchase and selling; I have to say that it takes years after initial investment for you to recoup your renovation costs!
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ROI (Return on Investment) is a more difficult calculation as it depends on what you want to include. The main way for people to make money from their investment is to holiday rent the property when they aren't using it. So really you need to consider thinking along the lines of income vs costs. So if you have a rental income of €4000 for one week, take away between 30-50% as costs to be realistic. You also need to factor in tax on rental income irrespective of whether you're Greek or an expat and unless you are set up as a company, your costs are not tax deductible.
Hydra's Preservation Order
Back in the 1950s, Hydra was given national heritage status and the associated preservation order has ensured that the architecture and its streets remain much the same today as the island looked in 1850. The Preservation Order is enforced by the national Greek Ministry of Culture with various departments contributing to the effort to keep Hydra as pristine as it is. The preservation order has protected the island from the Sixties surge in high-rise construction that has changed the character of so many other islands. From a homeowner's point of view, this has a significant impact on how you can alter your home. Even painting your windows a different colour, technically, requires a permit. Building anything modern is completely out of the question.
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Building and alterations require permits from three organisations. The first is from the Municipality (takes about 2-4 weeks), the second is from the Greek Government's Planning Office (1-6 months) and the third is from the very strict Archeological Association department of the Ministry of Culture. This final, third approval can take anything from 1-3 years.
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For all my buyers, I provide comprehensive details of what they can and can't do to alter a property before they buy. I am happy to refer potential buyers to reliable builders, architects and surveyors pre-sale to ensure that all buyers know what to expect from the property for sale before they commit.
Wheeled Vehicles Banned Island-wide
One of the most attractive features of Hydra is that no wheeled vehicles are allowed on the island (anywhere, except for rubbish trucks, ambulances, and the occasional truck but only for a limited-use and limited-time permit). This is a Presidential Decree that was issued around the time that the Preservation Order came into being. As a homeowner or house builder, this has a considerable impact on the price of getting deliveries not just of provision shopping but building materials. Everything from fridge/freezers to the stones used to build houses is carried by mules. Given that a mule can only carry three 25 kilo sacks of cement at a time, the cost of getting building material to your plot can go up very quickly.
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Transport costs are very difficult to provide a fixed quote for. It depends on the location of the property being built or renovated. If it's on a main route that's level with no street steps, then it would be possible to have building materials brought in by lorry. This will keep costs down considerably. You also have to remember that any builders rubble and rubbish also has to be taken away and disposed of in the same way. Again this cost varies depending on accessibility.
Working Equines
The Preservation order means that most of Hydra's lanes are too narrow for roads and the ban of wheeled vehicles, means that everyone walks and carries as much of their shopping or luggage as possible. But when the load is too vast or heavy, this is when Hydra's workforce of well-cared-for mules keep things moving on Hydra. The island has more mules living on it than there are people. The muleteers operate teams of mules of different sizes depending on the type of loads they typically carry. Some only ever carry weekly shopping and suitcases because the size of the mules dictates how heavy a load they can carry. Larger mules are used by the building trade to carry loads of brick, cement and wood. There are muleteers who specialise in furniture and kitchen appliances. What can be carried is always dependent upon the size and stamina of the mule. Unlike other islands that get bad press because of animal abuse, on Hydra abuse of mules is not tolerated. The muleteers feed and water their animals with good diets and provide regular vet checks to keep their animals in peak condition because their living depends on their animals. On Hydra, mules do not work when it is raining (not because they don't like getting wet) to protect mules from slipping and hurting themselves. If the summer temperature goes over 35 degrees, by law, mules must stop working and be put into the shade with water and food until the temperature goes down. If a muleteer is caught working his mules in high temperatures he is fined €10,000.
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From a homeowner's point of view, mule deliveries can be expensive, so you need to get organised with your shopping and do most of the bulky heavy things weekly. Then carry any daily fresh stuff yourself. Using mules also means that you must check to see how heavy your delivery is when you make your purchase. Basically, anything that weighs more than 100 kilos is going to be a problem. You won't find many of the outsized combined larder/fridge/freezers on Hydra because they have to be carried up by 6 men as they're too big and heavy to put on a mule! You will also find that since the COVID epidemic, all the supermarkets will do home delivery for free if you spend more than €50. (although tipping the delivery man is polite and always appreciated.)
Local Regulations
Apart from the ban on using wheeled vehicles, building regulations, and not working your mule if it's too hot or raining, there aren't too many other local regulations to worry about.
No water on the streets
One, that on Hydra seems to be ignored by many since the commissioning of the desalination plant for water on the island, is that we are not supposed to hose down our terraces or the streets outside. The rule isn't there to conserve water, it's to prevent humans and mules from slipping on what are already slippery marble stones.
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Siesta Time
In Hydra harbour it gets quiet in the afternoon but the tourist shops and supermarkets stay open. But the banks, couriers, DIY and building trade shops close by 2 pm. Siesta time between 3-6 pm is still observed. Woe betide any builders who continue making construction noise during siesta time. During August (the national holiday month) no building work is allowed on Hydra.
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Rubbish Collection
Because there are no roads on Hydra, households have to take their rubbish to their nearest wheelie bin collection point. You are not supposed to leave it in the street. The drop of times are shown with notices on the sides of the bins.
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Large Item Disposal
The municipality should be contacted to remove large items such as broken washing machines, garden rubbish, bascially anything that won't fit in a black bag in a wheelie bin. You will be charged (€50, 2025), told where and when to leave it to be collected from (so you also have to pay a muleteer to collect on the correct day) and then your rubbish will be collected by the municipal lorry and taken to the island's rubbish site.
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No Bikes Allowed
The specific wording of the Presidential Decree is "no wheeled vehicles". This does include bikes. Local children (under the age of 12) are allowed to have small bikes to play with but only in Hydra harbour during the winter months. But the use of bikes is frowned upon generally and the Government stepped in (May 2025) giving the police on Hydra the correct legal mechanisms to enforce the ban.
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Poop-scooping
Whether you have a mule or a dog, if you are out walking anywhere within the town confines, you are required to clean up after your animal. Muleteers who don't sweep up after their mules will be fined €5000 and with the boom of dog ownership and visitors coming to Hydra with their dogs, it is likely that this fine will be extended to dog owners as all.
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Animal Welfare
On Hydra there is zero tolerance of animal cruelty. The municipality will participate in prosecuting animal cruelty when it's reported to the local police. Please see the charity groups for more information www.hydraark.com.
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Fire Prevention
Wild fires on Hydra are a serious concern. BBQ's or fires on the beach or in the countryside are not allowed and you can be prosecuted and held liable for damages. This extends to garden fires as well. During the height of summer, July and August, or when the emergency services send out an alert, no-one under any circumstances is allowed to burn anything. Smokers walking in the countryside, must refrain especially if there is even a light breeze during the summer months, and must carefully make sure their cigarette is out and take the butt with them.
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Littering
Although the municipality is responsible for sweeping the streets, it is expected and understood that residents and visitors must either use the bins provided or take their rubbish with them. Please help to keep Hydra clean.
Useful Numbers
I recommend that all homeowners have these numbers programmed into their phones.
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Contact
Port Authority of Hydra: +302298052279
Hydra Hospital: +302298053150
Municipality of Hydra: +302298320200
Police of Hydra: +302298052205
Hydra Health Center: +302298052420