This peninsular region has beaches, mountains and luxury homes at much lower prices than in the popular Cyclades islands
6 min
Three peninsulas make up Halkidiki, an 1,130-square-mile area in Greece’s northern Macedonia region. Like a trident, Athos, Sithonia and Kassandra stretch into the Aegean sea.
Of the three, Kassandra “is the most developed part of Halkidiki,” according to Theodor Nikolaou, an agent with Engel & Völkers Greece in Thérmi. “Activity started in the 1970s and ’80s, and just continued, especially in coastal villages.”
While lower-profile and less touristed than Greek islands like Santorini or Mykonos, Kassandra still boasts sought-after restaurants, nightclubs and shops, said Ioanna Paloka, an agent with Savills Greece in Thessaloniki. “People prefer to buy here because of the amenities, the beautiful beaches, and the mixture of commercial and residential development,” she said. Beaches including Polychrono Beach, Hanioti Beach and Pefkochori Beach boast clear waters, soft sand and postcard-perfect coastal scenery.
Boundaries
Kassandra is the westernmost of Halkidiki’s peninsulas, and the most populated. At about 128 square miles, Kassandra descends from Cassandreia, its northernmost city, to the Aegean Sea. Kassandra is also the nearest peninsula to Thessaloniki, Greece’s second-largest city, and its international airport. “It’s the most accessible part of Halkidiki,” Paloka said.
Seaside locations are most coveted for luxury property, according to Nikolaou. They include the village of Sani, on the west side of Kassandra; Pefkochori, on the peninsula’s east side; and the area around Glarokavos Harbour, just south of Pefkochori. “The combination of sun, the blue of the sea, and the green of pine draws people from around the world,” he said.
Kassandra’s most exclusive locations are Sani, the east-peninsula village of Paliouri, Possidi in the southwest, and Pefkohori, Pakola said.
Thessaloniki is about 60 miles northwest of central Kassandra. Thessaloniki Airport Makedonia, the regional international airport, is a few miles further west. Athens is about 350 miles south.
Price Range
Beachfront properties in Kassandra command premium prices, Paloka said. “Most people at the high end prefer to buy beachfront.” Prices range from €3,000 (US$3,243) to €6,000 per square meter, she said. “For €6,000 per square meter, you’re buying about 20,000 square meters of land with a 1,000-square-meter house, a swimming pool, very modern, in a new development by the sea and surrounded by forests.”
For €5 million in Sani, Savills has listed a 350-square-meter home with six bedrooms and three bathrooms on about 17,000 square meters of land with sea views. In a new development in the village of Siviri, Savills is offering 350-square-meter beach-adjacent homes with seven bedroom suites, private pools, and garages for €2.05 million. Siviri, on Kassandra’s west side, is popular with tourists for its clusters of bars and cafes.
Prices across Kassandra “depend on the distance from the sea,” said Nikolaou of Engel & Volkers Greece. “The closer you are, and the more private the property, the higher the price.” While prices average €2,500 to €4,000 per square meter across Kassandra, they can soar to €8,000 to €10,000 “for the best beachfront luxury property,” he said.
In Pallini, on Kassandra’s east coast, Engel & Volkers is offering an oceanfront hilltop estate on more than 4,000 square meters of land, with nine bedroom suites and amenities including a wine cellar and full bar. Built in 1991, the property is listed for €4,500,000.
The most expensive Kassandra listing in October was a 10-bedroom, 1000-square-meter Sani villa with sea views and a pool for €17,000,000, offered by the Hellenic Property agency.
Housing Stock
In the coastal parts of Kassandra undergoing rapid development, architecture is almost uniformly modern. “There are three types of homes here. Apartments and villas, which aren’t as hot. Multi-home complexes with sea views, which are better. And private luxury beachfront properties, which are at the top.”
Older and even “ancient” properties are common in Kassandra’s mountainous inland regions, according to Nikolaou. “These traditional stone houses in some of the old villages can qualify as luxury homes once they’re renovated, but many require extensive work,” he said. The village of Agia Paraskevi, in south-central Kassandra, has also become a popular tourist destination for its thermal spas and ancient churches.
The higher end of the market consists almost exclusively of detached, modern homes, said Paloka. “Condominiums make up the lower end of the market here,” she said. “And there are almost no historical buildings in the most sought-after coastal areas.”
Luxury Amenities
Greek and international buyers are discovering Kassandra as an alternative to tourist hubs like Mykonos and Santorini. “The fact that Kassandra is not the islands is an amenity in itself,” Paloka said. “It’s very private, relaxed and peaceful, without that madness. Most of the infrastructure here only appeared over the last 10 years.” For golf and tennis, most locals frequent the seaside Sani Resort, which operates private athletic clubs along with its five high-end hotels. Most complexes also have private pools, according to Nikolaou of Engel & Volkers.
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As Kassandra’s profile has risen, its restaurant scene has flourished, with high-end eateries including Metoxi, in a temple-like stone building with sunset views; “creative Greek” spot Giria Elia in Pefkohori’s Hotel Anna Maria; and Kriopigi’s Fiki Fiki, the first Asian-Peruvian fusion restaurant in Halkidiki. Several private medical clinics operate on the peninsula, including the 24-hour Kassandria’s Health Center and Primary Medical Care of Pefkochori.
What Makes It Unique
“Kassandra is a picturesque environment, surrounded by forest, with clean, beautiful, crystal-clear seas,” said Paloka. “The proximity to Thessaloniki also makes it unique. You’re just an hour from the city centre, but you can enjoy all Kassandra has to offer.”
Kassandra’s annual Sani Festival brings A-list musical talent to the peninsula every year; the 2024 edition saw stars including Placido Domingo, Madeleine Peyroux, Tom Jones, and Emeli Sande on the roster.
Who Lives There
Nearly 40% of buyers in Kassandra are “from central Europe, especially German-speaking countries,” Nikolaou said. “They see the Mediterranean, and this part of Greece, as the Florida of Europe. They want a home in the region to use in retirement.” Another 25% of buyers come from the Balkans, including Bulgaria and Romania, “and other countries without direct access to the Mediterranean Sea. This is the first possible access for them,” he said. An additional 15% of buyers hail from Israel and the Middle East. “Thessaloniki once had a significant Jewish population, and Israelis love it. They want to invest here,” Nikolaou said. Just a handful of buyers come from North America, he added.
Kassandra’s largest, most extravagant villas belong to Greeks, according to Paloka of Savills. But those owners are starting to take their profits. “Those properties had been second homes, and the Greek owners are now selling to mostly European buyers,” she said.
Greece’s golden visa program, which grants a five-year residency permit in exchange for a minimum real-estate purchase, has attracted “a huge number of foreigners, but to less expensive properties,” Paloka said. In October, however, the Greek government raised the minimum investment for a golden visa to €800,000 from €250,000 in sought-after destinations including Halkidiki, the region where Kassandra is located.
Notable Residents
Swiss-based Greek billionaire Aristotеlis Mistakidis “has bought a lot of property in Halkidiki, including a villa in Glarokavos,” Nikolaou said. Brad Pitt and Angelina Jolie vacationed in Kassandra when they were an item, and John Travolta and Robert De Niro “spend summers in Kassandra with their families,” Nikolaou said.
Outlook
“Consistency” is the hallmark of the market in Kassandra, said Paloka of Savills.
“Prices may have gone up on lower-end properties, but prime estates have stayed the same or maybe dropped just a bit. What’s key is that it’s more affordable than the islands, and a better value for your money.” Kassandra’s rental market is also “extremely strong, year-round,” meaning owners can generate revenue from their properties, she said. “Even at Christmas, people love coming here. The islands are great, but you can’t get flights there all year―you have to take a ferry off-season.”
Nikolaou, however, said that “the demand for second homes means prices will continue to increase.” He also noted that property prices per square meter “are much more of a value for the money, especially for beachfront properties.”
Investors “are now looking to Kassandra and Halkidiki to develop new tourist areas,” Nikolaou said. “They don’t want to go to the islands. If you count the kilometres of seashore here, it’s like you have 100 islands. And it’s sunny the whole year.”
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What a quarter-million dollars gets you in the western capital.
Alexandre de Betak and his wife are focusing on their most personal project yet.
Unmarried home buyers say they are giving priority to a financial foundation over a legal one
4 min
The big wedding can wait. Couples are deciding they would rather take the plunge into homeownership.
In reshuffling the traditional order of adult milestones, some couples may decide not to marry at all, while others say they are willing to delay a wedding. Buying a home is as much, if not more of a commitment, they reason. It helps them build financial stability when the housing market is historically unaffordable.
In 2023, about 555,000 unmarried couples said that they had bought their home in the previous year, according to a Wall Street Journal analysis of Census Bureau data. That is up 46% from 10 years earlier, when just under 381,000 couples did the same.
Unmarried couples amounted to more than 11% of all U.S. home sales. The percentage has climbed steadily over the past two decades—a period in which marriage rates have fallen. These couples make up triple the share of the housing market that they did in the mid-1980s, according to the National Association of Realtors.
To make it work, couples must look past the significant risk that the relationship could blow up, or something could happen to one partner. Without a marriage certificate, living situations and finances are more likely to fall into limbo, attorneys say.
Mark White, 59 years old, and Sheila Davidson, 62, bought a lakeside townhouse together in Newport News, Va., in 2021. But only her name is on the deed. He sometimes worries about what would happen to the house if something happened to her. They have told their children that he should inherit the property, but don’t have formal documentation.
“We need to get him on the deed at some point,” Davidson said.
White and Davidson both had previous marriages, and decided they don’t want to do it again. They also believe tying the knot would affect their retirement benefits and tax brackets.
Couples that forgo or postpone marriage say they are giving priority to a financial foundation over a legal one. The median homeowner had nearly $400,000 in wealth in 2022, compared with roughly $10,000 for renters, according to the Federal Reserve’s Survey of Consumer Finances.
Even couples that get married first are often focused on the house. Many engaged couples ask for down-payment help in lieu of traditional wedding gifts.
“A mortgage feels like a more concrete step toward their future together than a wedding,” said Emily Luk, co-founder of Plenty, a financial website for couples.
Elise Dixon and Nick Blue, both 29, watched last year as the Fed lifted rates, ostensibly pushing up the monthly costs on a mortgage. The couple, together for four years, decided to use $80,000 of their combined savings, including an unexpected inheritance she received from her grandfather, to buy a split-level condo in Washington, D.C.
“Buying a house is actually a bigger commitment than an engagement,” Dixon said.
They did that, too, getting engaged eight months after their April 2023 closing date. They are planning a small ceremony on the Maryland waterfront next year with around 75 guests, which they expect to cost less than they spent on the home’s down payment and closing costs.
The ages at which people buy homes and enter marriages have both been trending upward. The median age of first marriage for men is 30.2, and for women, 28.6, according to the Census Bureau. That is up from 29.3 and 27.0 a decade earlier. The National Association of Realtors reported this year that the median age of first-time buyers was 38, up from 31 in 2014.
Family lawyers—and parents—sometimes suggest protections in case the unmarried couple breaks up. A prenup-like cohabitation agreement spells out who keeps the house, and how to divide the financial obligations. Without the divorce process, a split can be even messier, legal advisers say.
Family law attorneys say more unmarried people are calling for legal advice, but often balk at planning for a potential split, along with the cost of drawing up such agreements, which can range from $1,000 to $3,000, according to attorney-matching service Legal Match.
Dixon, the Washington condo buyer, said she brushed off her mother’s suggestion that she draft an agreement with Blue detailing how much she invested, figuring that their mutual trust and equal contributions made it unnecessary. (They are planning to get a prenup when they wed, she said.)
There are a lot of questions couples don’t often think about, such as whether one owner has the option to buy the other out, and how quickly they need to identify a real-estate agent if they decide to sell, said Ryan Malet, a real-estate lawyer in the D.C. region.
The legal risks often don’t deter young home buyers.
Peyton Kolb, 26, and her fiancé figured that a 150-person wedding would cost $200,000 or more. Instead, they bought a three-bedroom near Tampa with a down payment of less than $50,000.
“We could spend it all on one day, or we could invest in something that would build equity and give us space to grow,” said Kolb, who works in new-home sales.
Owning a place where guests could sleep in an extra bedroom, instead of on the couch in their old rental, “really solidified us starting our lives together,” Kolb said. Their wedding is set for next May.
Homes and weddings have both gotten more expensive, but there are signs that home prices are rising faster. From 2019 to 2023, the median sales price for existing single-family homes rose by 44%, according to the National Association of Realtors. The average cost of a wedding increased 25% over that time, according to annual survey data from The Knot.
Roughly three quarters of couples move in together before marriage, and may already be considering the trade-offs between buying and renting. The cost of both has risen sharply over the past few years, but rent rises regularly while buying with a fixed-rate mortgage caps at least some of the costs.
An $800 rent hike prompted Sonali Prabhu and Ryan Willis, both 27, to look at buying. They were already paying $3,200 in monthly rent on their two-bedroom Austin, Texas, apartment, and felt they had outgrown it while working from home.
In October, they closed on a $425,000 three-bed, three-bath house. Their mortgage payment is $200 more than their rent would have been, but they have more space. They split the down payment and she paid about $50,000 for some renovations.
Her dad’s one request was that the house face east for good fortune, she said. Both parents are eagerly awaiting an engagement.
“We’re very solid right now,” said Prabhu, who plans to get married in 2026. “The marriage will come when it comes.”
