April 18, 2024


Mad about real estate

Who Wants to Buy Mykonos Villas?

So who wants to buy luxury villas in Mykonos? While it is true that Greece is still in the middle of a severe economic crisis, it does seem that the Mykonos real estate market has been literally thriving. No crisis here, whatsoever!

Mykonos has been for long one of the best holiday destinations in the world, loved and frequented by some of the biggest celebrities out there. But it’s not just about celebrities; a lot of ordinary folks have made their way to Mykonos and have purchased luxury accommodation in Mykonos.

Many would prefer to rent a villa in Mykonos, rather than stay here, as they are here for the short-term. But what is clear is that there is a huge amount of interest in Mykonos villas. Everyone wants a piece of them.

Indeed, in spite of the severity of the economic crisis in Greece, in spite of the protests, demonstrations, referendums and elections, Greece still saw a tourist inflow of 22 million in 2015, which is remarkable really.

No surprises for guessing that most tourists to Greece spent most of their time on the Greek Islands, including Mykonos, which have been pretty much insulated from the whole economic crisis. Today, thousands of tourists are flying every day to the Greek islands. Many hope to buy holiday homes here.

Indeed, foreign investors and buyers are lining up to buy properties on popular Greek islands such as Mykonos. The demand has never been higher. There is great demand for holiday homes on the Greek islands. Mykonos, along with Santorini, is perhaps the favourite choice of foreigners who wish to buy a summer home on a Greek island.

Generally, the same nationalities that visit the holiday destinations in Greece are the ones who buy luxury villas here. Britons are among the biggest buyers of Mykonos villas, no surprises there, as British tourists here in Mykonos are quite common. One sees them here, there and everywhere.

Mykonos attracts buyers from across Europe, not just from Britain – from Sweden, Denmark, Norway, Switzerland, France, Russia and Germany. There is a lot of demand for Mykonos real estate from China, Israel, India and Turkey as well.

In fact, wealthy individuals from emerging economies generally show a lot of interest in Greek Islands, and the recent economic crisis hasn’t stemmed the demand even one bit. Luxury accommodation in Mykonos that cost over $1 million are bought almost every other day.

Indeed, wealthy Chinese buyers have recently become very prominent here, with most buying luxury villas in Mykonos in all-cash deals. There is a lot of demand for cottages that have a direct view of the sea. Newly built or newish beachfront Mykonos villages are incredibly popular.

Many foreign investors in Mykonos have benefited from the currency exchange rate, which is in their favour. Some are attracted by the Golden Visa offered by Greek government to non-European Union nationals.

This guarantees foreigners the right to a renewable residency permit for an investment of 250,000 EUR in properties in Greece. They are also given the right to travel to all European nations subject to the Schengen agreement.

Many wealthy Chinese and Hong Kong bankers, hedge fund managers and business executives have been buying Mykonos real estate for this reason.

Things are certainly looking good for the Mykonos real estate market. The interest is high and buying activity couldn’t have been better. It is expected to get much better when the Greek economy stages a recovery, which should happen soon.

In fact, experts predict Greece to stabilize in the near-term and for things to get back to how they were when the goings were good. But this is still a work in progress.