Real Estate Investment in Greece – Why Buy a Villa in Mykonos

Have you considered real estate investment in Greece? You should, in spite of the fact that the Greek economy has had a rough time in recent years. Greece is a country that offers more value for your money than the UK, USA or Australia. Indeed, you can buy a beachside villa with an excellent view of the sea in Greece, for a fraction of the cost a comparable property would have in the UK.

Greece has still retained its distinct rural identity and the lifestyle here is decidedly laid back. Things in Greece remain the same as they always have in spite of the rapid changes seen in other countries. People still get together for lunch and every meal is an occasion. There is a real sense of community in Greece, which you will not find anywhere else.

Greece has much better weather than most of the other countries in Europe. In fact the Mediterranean climate that you get in Greece couldn’t possibly be better. Whether you are looking for a holiday home, retirement home or a permanent home, Greece has something for everyone.

Admittedly, Greece has been through an extremely turbulent time since 2009. Things haven’t been easy in Athens, which saw protests, strikes and demonstrations almost on a daily basis in 2015, when the Greek crisis was at its worst. Things have cooled down in Athens since then, and the national economy has been slowly limping back to normalcy.

But did you know that even during the worst moments of the crisis, the Greek islands, such as Mykonos, were doing just fine? Indeed, over 22 million tourists visited Greece in 2015, which is a record. We expect more to visit in 2016. How does one explain this?

Well, you should know that life in the Greek Islands such as Mykonos is completely different from what you would experience in Athens. Things have always been calm here and most people were busy partying or having a good time, even as folks in Athens were participating in political demonstrations. It is as if Greek Islands are an entirely different country.

So does it make sense to buy a villa in Mykonos? It absolutely does! The question is what do you need the villa for – are you looking for a second home, so that you can spend a few weeks a year there? Are you looking for a retirement home to spend your retirement here?

There are other things to consider – do plan to buy the villa in Mykonos on an all-cash deal, in which case you will get it faster, or do you need time to arrange your finances?

People buy villas in Mykonos for a variety of reasons. Many buy a holiday villa here with a view of retiring in Greece permanently, or at least, in order to spend 6 to 9 months of each year here. For other home seekers, Mykonos is a perfect holiday destination, a place to spend their summer vacations.

Mykonos has a number of great beaches, has an open culture, friendly people, great sights, busy restaurants, pubs and bistros, and a vibrant and thriving night scene. It is also very safe generally, with a very low crime rate, and women can walk alone late in the night on the streets of Mykonos without any fear whatsoever. And yes, Mykonos gets perfect sunshine for much of the year.

Buying a home in Mykonos is an excellent investment, regardless of why you want it for. While Mykonos has remained unaffected by the so-called Greek crisis, there is no question that home prices here are no longer as high as they were 8 to 10 years ago. You can now buy a beautiful Mykonos villa that was worth $2 million in 2009 for half of that amount.

Conclusion

Since the Greek economy has bottomed out, things can only get better from this point. So buying a villa in Mykonos represents an excellent investment. There is no reason to delay buying your dream home in Mykonos any longer.

Kostas Palkogiannis is the owner of Mykonos Estates, one of the most experienced agencies in the field of residence in the most famous island of the Aegean, Mykonos.