Real Estate: Mykonos Survived Greek Crisis Due To Jet-Set Image

Photo © Maria Theofanopoulou

The international jet-set appeal of Mykonos has helped the island escape some of Greece’s economic woes, according to a recent article in the New York Times referring to the real estate market on the Cycladic island.

“Prices have fallen since 2008, but sales never completely stopped,” the article informs.

The article also presents a traditional island villa on the Southeastern coast of Mykonos that is for sale for 2.9 million euros ($3.97 million) and mentions that a new wave of buyers from the Middle East — in particular Egypt, Israel and Lebanon — has helped compensate for the loss of the Greek market.

In regards to European buyers, the article mentions that they come from Britain, France, Germany and Italy, with a sizable contingent of Americans, many with Greek ancestors.

It is underlined that buyers are looking “both for a vacation home for themselves, and to take advantage of Mykonos’s strong rental market” as they always consider the income they are going to have from the property they are going to buy.

To read the whole article, press here.