FT: Mykonos is the new ‘French Riviera’

17 August 2016
272 Views

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.

You may be interested

ND on the verge of absolute majority, latest poll suggests
GREECE
shares37 views
GREECE
shares37 views

ND on the verge of absolute majority, latest poll suggests

makis - Dec 13, 2017

Major opposition party New Democracy (ND) leads ruling SYRIZA by 9.4 percentage points, according to the latest poll conducted by…

Greece to speed up migrant transfer after Turkey deal
GREECE
shares48 views
GREECE
shares48 views

Greece to speed up migrant transfer after Turkey deal

makis - Dec 13, 2017

Greece will speed up the relocation of thousands of migrants from its overcrowded islands to the mainland before the onset…

Greek Supreme Court rules for extradition to US of Russian cybercriminal
GREECE
shares60 views
GREECE
shares60 views

Greek Supreme Court rules for extradition to US of Russian cybercriminal

makis - Dec 13, 2017

The Supreme Civil and Criminal Court of Greece (Areios Pagos) ruled on Wednesday in favour of the extradition to the…

Leave a Comment

Your email address will not be published.