Press Centre > Articles
2 July 2017
Last week we wrote about real estate and celebrities and how their “name” and owning real estate in a certain project affect real estate prices.
We want to expand this to celebrity places and their effect on property sales and prices. This time we have opted for Mykonos which is becoming more and more popular by celebrities over the very recent years. An island of 30.000 people (winter time) which increases to 100.000 during summer and which accommodates around 2 mil. tourists, is an evident exaggeration of everything.
Each place has its own attraction and the characteristic of this Aegean island is that it is barren of trees, either by nature of burned by locals (burning down any sort of vegetation on land in order not to be classed as forest land and thus not allowed to build!!). What is interesting however is the local architecture that it has managed to be retained due to strict planning, even for public w.cs. to hotels and other. The narrow streets have their attraction be it that they are very dangerous almost at all times especially at night with no lighting, pavements etc.
A visit at Mykonos is an experience worth a visit at least once and for those who have not been we provide a sort of a competitive table V Cyprus 1-10 marks.
Real estate prices
On average, prices near the beach but with very good
views, with some sort of a reasonable public access
For Beach units:
Mykonos is not a destination for thin wallets. Not only the accommodation but eating out (if you go out of the town destination) is an experience. A wine bottle is on average €30 (Cyprus average €15) and reaching several thousand euros, whereas on average taxis cost are €30 + €30 coming back, public transport is very cheap however €2½ - €3/trip.
Property taxes in another item to note bearing in mind that with our own abolition of the property tax, Cyprus real estate become quite competitive. For say a 2- bedroom apartment at Mykonos we were informed that property taxes will reach €270-€350 p.a. Also, the let period is around 5 months p.a., as opposed to the average let period of 7 months p.a. in Cyprus. The let rates are similar to those found at the Protaras region, whereas lets must be more than 30 continuing days in order to be legal (be it that this regulation is similar to Cyprus as well but it is not implemented in both countries).
In ending bear in mind the constant wind and the non-calm sea which are quite common, naming the Mykonos island as The Island of Winds. Due to the expense, the local stay period is on average 4-5 days (Cyprus 8-12 days).
Having an impression as a tourist, is not necessarily correct, since there must be out of the “in” places, other locations both in terms of real estate and entertainment at much lower prices.