Why Buy Mykonos Real Estate

2016, it’s fair to say, hasn’t been a happy year for Greece. There’s increasing anxiety over the tough austerity measures imposed by the government, the €5.4 billion budget cuts are widely resented and there’s been a revival of the calls for Grexit, especially now that Britain has voted to leave the European Union.

In fact, according to a poll that was carried out by Kapa Reseach, it was found that only 49.5% of Greeks felt that Greece should continue to stay in the EU and fulfil the bailout agreement. 44.5% want Greece to exit the Eurozone. There’s a lot of pressure on the government to return the country to the Drachma, the traditional Greek currency.
In Greece, there is generally a distrust of the banks, so a lot of Greeks hide money within their homes, and they would be worried about the fast developing situation in Europe, following the recently concluded Brexit referendum. That’s why there’s a strong clamour to invest in real estate in the country.

There are a lot of people here who just want to buy real estate, but the question is where do you buy real estate in Greece – should you buy in Athens? No, because Athens has become pretty much toxic because of the political squabbles, protests and demonstrations.
The best solution available to those looking to invest in Greek properties to invest in a property on the Greek Islands, and talking of Greek Islands, there is none better placed or more insulated from the so-called Greek crisis than Mykonos.

Indeed, real estate in Greece offers an attractive option because many great properties are available for very little. Homes in Greece have never been more affordable. Many homeowners are desperate to sell because of high property taxes, rise in income tax, cut in pensions and increase in social security payments.

Greeks have the highest ratio of homeownership in Europe, today there is a pressure on lot of people to sell.  Property values, according to the Bank of Greece, have dropped by 35% since the outbreak of the financial crisis. Real estate agents put the actual decline to 50%. Villas in Greece, even luxury villas, have never been cheaper.

But fundamentally the country has not changed. If you visit Greek Islands such as Mykonos, you will see that things are just the same as they always were. 2015 saw record tourist inflow of 22 million in Greece. Mykonos is perhaps the most popular of all Greek islands with tourists, and here the party has always been on, crisis or no crisis.

The island remains clean, the garbage gets taken out on time, power is generally available on a 24/7 basis, the living amenities are as good as you would expect them to be in a European nation, and the nightlife is as great as ever. The folks here generally have a lot of fun, wining, dining, flirting, partying and dancing the night away to the music.

So if you’re considering buying luxury accommodation in Mykonos, or investing in affordable Mykonos villas, things have never been better or cheaper as far as Mykonos real estate is concerned.

Indeed, with a number of luxury villas in Mykonos available for half of their old price, there’s never been a better time to buy Mykonos villas, whether you are a local or a foreign buyer. Remember, “cash is king” in Greece, so if you can make an all-cash purchase, getting a luxury accommodation in Mykonos of your dream is very much in your grasp.