Mykonos: Why this year the prices are down by 20% – 30% in the rental villas

Lower, with a drop ranging from 20% to 30%, are the prices of rental villas in Mykonos this year, with the interest, on the other hand, in the sale part of the market remaining consistently high with many candidates from abroad.

The increase in supply, with an abundance of rental properties, combined with the drop in visitor numbers on the Windward Island, brings a drop in prices, in addition of course to the competition from other premium destinations in the Mediterranean. Another aspect has to do with the fact that even the higher income audience, which constitutes the vast majority of travellers to the island, is not willing to spend more on rentals amidst pressures in the international economic environment.

“Prices in rental villas, due to the decrease in visitors this year, are 20-30% lower and will certainly not reach the occupancy rates of the previous two years,” comments Ioannis Revithis, honorary president of the Attica Real Estate Association with a long presence on the island. He speaks of a 10-15% decrease in the number of visitors from Europeans and Americans, but on the other hand, the arrivals of private jets from the beginning of the year to date on the island of Mykonos exceed 1,000. “Last week saw 150 arrivals while mega yachts flooded the southern locations of the island.”

“On the contrary, real estate for residential properties is moving with quite a lot of interest and combined with the suspension of building permits and reviews – for a year now – due to the new zoning being prepared by the ministry, has resulted in a moderation of sales prices while in some specific villas and areas their increase.” According to him, prices for residences from 150 sq.m. to 300 sq.m. range on average at 5,000 euros /sq.m., while high quality villas near the sea or with excellent views of the Aegean Sea and with the signature of well-known architectural firms and construction companies exceed 10,000 euros /sq.m., “residences that have nothing to envy from the country houses of the French and Italian Riviera. It should be stressed of course that the cost of construction on the islands has doubled in the last two years,” says Revithis.

It should be noted here that as it follows from the data of the Spitogatos ad network (www.spitogatos.gr), Mykonos is in the first place of the most expensive islands of the Aegean, with the average asking price from owners this year to be a breath away from 7,000 euros per sq.m. and in particular at 6,936 euros per sq.m., without of course missing and …multiple prices, even above 30,000 euros per sq.m.

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