Real Estate

Mykonos is regarded to be one of Greece’s most pricey islands, thus, when considering to buy a property here, do not expect to find anything ‘cheap‘ – and why not? Mykonos is one of the favored locations of Hollywood stars and millionaires to buy properties in.

Properties in Mykonos on average start from 500,000 Euros upwards. This can be in the form of exclusive villas, living resorts, and Aegean homes. While the rich would often prefer the first and the second, the not-so-rich can settle for the last. House properties in Mykonos come in the form of house complex about 50 to 250 square meters in size. Most of these are located in Ornos and Ano Diakofti and were constructed based on the traditional materials (like ceiling trusses made from chestnut wood, forged white plaster, and planked windows) and techniques.

The details of the houses in Mykonos can be observed to have paid close attention to access and convenience. Some of these complexes even have a swimming pool integrated in the building.

Crisis in Greece

Because of the recent economical crisis Greece face today, many of the country’s properties, including those in Mykonos are offered with big discounts. The country’s economic uncertainty led to a tax hike on luxury properties, which means those who own properties costing over 400,000 Euros will face “higher real estate taxes”. This tax hike certainly deterred wealthy buyers in the country. Even the luxury properties in Mykonos are being offered at relatively cheaper price. A half-built villa in the island for example is being sold at €2 million, with a €500,000 reduction.

If these economic uncertainties in Greece continue, the prices of these properties are seen to take further dip in the price, which can be either a good thing or a bad thing for buyers/investors.