NYT: The Financial Crisis Hasn’t Reached Mykonos

“The international jet-set appeal of Mykonos has helped the island escape some of Greece’s economic woes. Prices have fallen since 2008, real estate agents said, but sales never completely stopped, and a new wave of buyers from the Middle East has helped compensate for the loss of the Greek market,” noted a New York Times article about the real estate market in Mykonos. Furthermore, the extensive article of the American newspaper refers to a traditional 5,000 square meter villa on the southeastern side of the island that was sold for over 2.9 million euros. According to NYT, “in recent years, agents said, Mykonos has become popular with buyers from the Middle East — in particular Egypt, Israel and Lebanon — who are looking for an escape from the region’s turmoil.” Moreover, the article stresses that the “European buyers tend to come from Britain, France, Germany and Italy, he said, with a sizable contingent of Americans, many with Greek ancestors,” while “buyers are looking both for a vacation home for themselves, and to take advantage of Mykonos’s strong rental market.” According to a local real estate agent, foreign buyers always consider the income they are going to have when they buy a property, which is very good for the market.  

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