Recent studies have indicated that for the first time since 1950, intense geophysical activity is occurring at the Santorini volcano. Here, we present and discuss the surface deformation associated with this activity, spanning from January 2011 to February 2012. Analysis of satellite interferometry data was performed using two well-established techniques, namely, Persistent Scatterer Interferometry (PSI) and Small Baseline Subset (SBAS), producing dense line-of-sight (LOS) ground deformation maps. The displacement field was compared with GPS observations from 10 continuous sites installed on Santorini. Results show a clear and large inflation signal, up to 150 mm/yr in the LOS direction, with a radial pattern outward from the center of the caldera. We model the deformation inferred from GPS and InSAR using a Mogi source located north of the Nea Kameni island, at a depth between 3.3 km and 6.3 km and with a volume change rate in the range of 12 million m3 to 24 million m3 per year. The latest InSAR and GPS data suggest that the intense geophysical activity has started to diminish since the end of February 2012.