Prices, especially for summer rentals, are booming in Mykonos – FT Weekend
House & Home

Nota Bene contributes to Zoe Dare Hall’s Mykonos feature in the House & Home section of the Weekend Financial Times, June 2019.

Nota Bene Global Real Estate is exceptionally well positioned, with extensive knowledge to advise on real estate in the Greek islands.

Looking for luxury? This summer sees the launch of the first million-pounds-per-month holiday villa on the Greek island of Mykonos.

Villa Tamarisk, a huge, nine-bedroom villa set on a headland in Houlakia, overlooking the bobbing boats and twinkling night lights of Mykonos Town, is available for the first time for €330,000 a week. That price includes a butler, chef and a chauffeured Mercedes V Class to zip guests around the island. It is only available in August, however.

August is when the big money arrives.

Average sales prices for luxury villas are around €7,000-€8,000 per sq m, though can exceed €10,000 per sq m for prime beachfront locations such as Agios Lazaros.

The most expensive property on the sales market is an estate with two villas, set on one hectare of beachfront land on Agari Beach in Elia, available for €11 m. At the very top end – where sales often take place off-market – prices can exceed €15m.

Luxury house prices in Mykonos have risen by an average of 10 per cent a year for the past five years. Annual gross yields average between 5 and 7 per cent.

While Villa Tamarisk sets a new price benchmark, up to €120,000 a week is achievable for villas of 1,000 per sq m or larger that offer a wide range of in-house amenities including a fitness room, home cinema and spa – or in the case of Espérance, a six-bedroom villa in St Lazaros, near Mykonos Town, a helipad.

Mykonos is now regularly compared to Ibiza in terms of the upmarket party lifestyle it offers and attracts a similar crowd. “The kind of person who rents a villa in high season on Mykonos will sit down to long, late lunches at fashionable beach clubs such as Scorpios, where two sun-loungers will cost €120 and lunch for two at least double that. Much later, they will shop at the expensive boutiques and party at Interni,” says Anthony Lassman, founder of the upmarket travel consultancy company Nota Bene Global.