Mikonos

2021: Wealthy Europeans return to Mykonos

2020 Greek realtors call the worst in a decade. But they hope that mass vaccination will return the real estate market to pre-species indicators.

According to the Ministry, the tourism Greece number of flights to Mykonos fell from 474,081 in 2019 to 132,807 in 2020. However, private aircraft have increased: from January to June 2020, the number of such flights increased by 17% year on year.

Real estate on Mykonos is more often available to foreigners.

About 80% of real estate buyers in Greece are foreigners. The leaders are Germans, Swiss, Austrians, as well as citizens of the Benelux countries and the United States. For the first quarter of 2021, according to the Central Bank of Greece, foreigners invested EUR 214 million in Greek real estate. Slightly less than a year earlier (EUR 230.7 million), but time will tell whether 2021 will surpass its predecessor.

Wealthy Europeans are interested in villas overlooking the sea in respectable areas in the west and southeast of the island. Such residences are sold at EUR 10,000-12,000 per square meters. m For comparison: in the north of the resort, housing costs half as much, about EUR 5000-6000 per "square."

What attracts investors?

Greek authorities stimulate capital inflows in various ways: offer residence permits for real estate investments more expensive than EUR 250,000,,24% VAT for new buildings replaced by 3%, which equalizes the conditions for local buyers and foreigners.

The beaches of Mykonos for the rich and famous are no longer empty, but only time will tell how the summer revival will affect investment flows to the Greek economy.