FT: Mykonos is the new ‘French Riviera’

The cosmopolitan island of Mykonos has become of the most sought after and expensive pieces of land in the property market, according to financial newspaper Financial Times. Despite the economic crisis that has hot the rest of the country, and its small size (5 times smaller than Spain’s Ibiza) the Cycladic island attracts celebrities from all around the globe who are willing to spend large sums to buy property on the island. Financial Times dubs it the Cote d’Azur, with a mere cocktail setting you back 20 Euros and the cost for a night’s accommodation estimated at 507 Euros in August last year, surpassing even that of Monte Carlo at 470 Euros! Meanwhile, all the famous restaurants are opening up on the island with latest being Hakkasan from London or Parisian Buddha Bar. ‘It’s like a small Saint Tropez’, says Nicolas Mugni of French real estate agency Demeures de Grece. The island’s glamour and its position among the ‘elite’ hotspots of international jet setters has made it a prime piece of property in the global market. Mykonos combines glamour and tradition, says Algean Property analyst Konstaninos Sideris. Mike Braunholtz of Prestige Property Group comments that Mykonos has showed notable resistance amid the economic turmoil, although he adds that there has been a 30% drop in value since 2008, which was a correction in market value, as they costs were overvalued.

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