Greek Mansion With Roof Deck Overlooking the Aegean Sea Lists for €6.5 Million
A Greek retreat with a rooftop pool and terrace has hit the market for €6.5 million (US$6.989 million).
2 min
Known as Andromeda, the mansion is located in the neighbourhood of Vaporia in Ermoupolis, the historic capital of Syros island, about a four-hour car and ferry trip from Athens. It offers just over 5,000 square feet and far-reaching views of the Aegean Sea, according to the listing with Greece Sotheby’s International Realty.
The design breaks free from the white-and-royal blue color scheme Greece is known for, instead featuring a pink facade and teal, amber, lemon and pink interiors. There are also herringbone wood floors and arched glass doorways.
“We fell in love with this very special house, one of the last neoclassical mansions to be built in Greece,” co-owner and author Oana Aristide said in an email. “The island itself looks more Venetian than Cycladic, and its century of glory is rooted in cosmopolitan, modern ambition. We therefore kept the generous spaces and original architectural details but combined it with iconic contemporary design elements. The goal was a fresh 21st century take on old-world elegance.”
Indeed, the home “is all about Old World elegance, where Greek neoclassical and Art Deco accents grace this imposing property,” Despina Laou of Greece Sotheby’s International Realty said in the listing.
A marble staircase with Doric columns on the upper level at the center of the mansion, and there are high, decorative ceilings throughout, the listing said. There’s also a wet bar with a dark red wall and a circular bar shelf.
There are 10 en-suite bedrooms, with marble accents in the bathrooms, and “outdoor plunge pools and private verandas with expansive sea views of the nearby islands of Mykonos and Tinos extend off some of the rooms,” the listing said. The home has most recently been used as a hotel.
A highlight of the home is undoubtedly the roof deck, where guests and residents can take in sunrises and sunsets while lounging poolside.
Vaporia, once populated with the island’s shipowners and industrialists, is within walking distance of the charming historic port, home to Greece’s first opera house dating to 1864, according to the listing. Beaches and waterfront dining are a short drive away, as are other island villages.
Mansion Global could not determine when the home last traded, or for how much. The owners did not immediately return a request for comment.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
New research suggests spending 40 percent of household income on loan repayments is the new normal
3 min
Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.
Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.
“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.
CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.
Sydney
Sydney’s median house price is $1,414,229 and the median unit price is $839,344.
Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.
Melbourne
Melbourne’s median house price is $935,049 and the median apartment price is $612,906.
Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.
Brisbane
Brisbane’s median house price is $909,988 and the median unit price is $587,793.
Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.
Adelaide
Adelaide’s median house price is $785,971 and the median apartment price is $504,799.
Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.
Perth
Perth’s median house price is $735,276 and the median unit price is $495,360.
Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.
Hobart
Hobart’s median house price is $692,951 and the median apartment price is $522,258.
Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.
Darwin
Darwin’s median house price is $573,498 and the median unit price is $367,716.
Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.
Canberra
Canberra’s median house price is $964,136 and the median apartment price is $585,057.
Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts
