The New York Times dedication titled “House Hunting in…Naxos, Greece” uses a mansion on the Aegean island of Naxos in order to study real estate prices in Greece at a time when the country is recovering from five years of consecutive recession. The villa in question overlooks Plaka Beach and was built in 2004. Known as Tower Villa it recalls tower homes that dominated Naxos for around 300 years starting at the 13th century.

“Down a gated stone pathway, the front door opens onto a foyer on the home’s middle level. Beyond, the living and dining “lobby” has a stone-tiled floor, a fireplace and panoramic sea and coastal views through several sets of wood-trimmed double glass doors. The entertaining area opens onto a lattice-covered veranda leading to two swimming pools. Water from the top pool cascades over a wall into the slightly lower adjoining pool,” said Mareike Buchholz, the listing agent for Mobilia Real Estate of Athens.

Patrick Tkatschenko, owner of Mobilia Real Estate, tells the New York Times that “prices are not falling as much as in previous years.” Though prices are stable they are not rising. Mr. Tkatschenko says that he has noted “renewed interest” among foreigners in buying second homes on the beachfront, on islands or in chic Athens neighborhoods. He says that homes are used for vacations or to rent out or even to use during retirement.

Naxos is seen as a place with a lot of potential with a number of clients asking for it.

This view is reinforced by Manolis Lagogiannis, a consultant with Naxos Real Estate Agency Veronis. He says that the last two years have seen the market getting “better and better” and sales increasing by 30-40% from 2009-2012 levels.

The budget for most buyers is at 150,000 euros to 250,000 euros ($190,000-$316,000) with the average buyers seeking homes from 750-1,300 square feet with “open views” and good workmanship.

Athens-based lawyer Stephane Benard says that home seekers include Europeans and Americans have a growing interest on the Greek market as well as those from China and Russia that are increasing their interest to previous years. On Naxos, Mr. Lagogiannis said he has clients from northern Europe, particularly Sweden, Denmark and Norway and some from Italy, France, Belgium and Switzerland.

Non-Euorpean buyers purchasing a home worth at least 250,000 euros in Greece can also get a special residence permit for themselves and their families for five years. This law is currently being revised so as to give foreign investors full citizenship.