Mykonos

Mykonos, an island in the Aegean Sea, has become synonymous with picturesque beaches, luxury accommodation and most of all… partying, as Greece’s answer to Ibiza.

It is home to beautiful Cycladic white-washed architecture and its iconic windmills. For affluent international property buyers, Mykonos is the number one place in Greece for home hunting. A home in Mykonos is like living inside a tourist brochure. It offers a sun-kissed lifestyle of parties, A-list neighbours, high-end shopping and glorious sand and sea.

Why buy a property in Mykonos

Many potential international buyers have their hearts captivated by Mykonos Town (also called Chora). Built around a bay, it is a traditional Cycladic village with white-washed buildings with colourful accents and narrow, winding alleys. But it is lively with boutique shops, bars, clubs and a choice of gourmet and traditional restaurants, especially on Matoyianni Street.

One of the most iconic areas of Mykonos Town is Little Venice, with its colourful buildings that hang over the water. It is the ideal location for a romantic evening meal. A short walk away, you’ll find Mykonos’ famous windmills, which date back to the 16th century, and are one of the most-photographed sites in Greece. The Old Port is also home to plenty of hubbub, restaurants and ferries to nearby islands.

Another huge draw of Mykonos are the superb sandy beaches and their crystal-clear waters. The beaches on the north of the island are less crowded, while the southern coast is preferred because it experiences less wind. Some of the most popular beaches are Platys Gialos, Psarou, Elia and for the best parties, Super Paradise Beach.

Mykonos is known for its legendary parties, attracting celebrities and DJs from around the world each year. With nightclubs such as Cavo Paradiso, Astra and Jackie O’ being incredibly popular. The island is also celebrated as one of the globe’s most LGBQTI+ friendly places.

As a result of attracting an international crowd to its sun-kissed shores, English is widely spoken. The potential downside is that the cost of living is high. This isn’t the island to go to if you’re hoping a home in Greece will be an opportunity for money-saving.

The weather in Mykonos

The peak holiday season in Mykonos is July and August, when temperatures regularly hit 30°C, rain is almost unheard of and the sun shines for 11 hours a day. Either side of these months, you can enjoy slightly cooler temperatures and thinner crowds.

From April to August, rainfall is scarce, which has led to the island sometimes relying on tankers for water supply. There are strong winds (meltima) during summertime too. Temperatures fall in November, which has an average daily maximum of 18°C. You can swim most of the year, although winter highs tend to be around 10°C.

What can I get for my budget in Mykonos

Mykonos is one of the most sought-after areas in all of Greece with the highest property prices. The only comparable prices are in Santorini and the most upscale neighbourhoods of Athens, Kolonaki and Plaka. If what you are seeking is a luxury property, Mykonos is undoubtedly the place to look.

For an apartment or maisonette, you will need a budget of at least €500,000. There are few houses listed for under a million. If you adore the aesthetic of traditional Cyclades homes, you should be aware that even if the home is a little run down, it will still command a high price. Mykonos has a fantastic choice of luxury villas, often featuring private pools, expansive gardens and stunning sea views.

Is a property investment in Mykonos a good investment?

A combination of a limited housing supply, little land for new development and high demand means Mykonos has a competitive property market. In August 2024, the average price asked for a residential property in Mykonos was €7,320 per square, which is more than double that of Corfu and Crete. Recently, A-list hairdresser Charles Worthington listed his Mykonos clifftop mansion for €55million, the highest house sale price in the country.

Given its status as a summertime party hotspot, a home in Mykonos promises a high rental yield. Each year, 1.5 million people visit by plane, a further 1.2 million by cruise ship, more tourists than Peru.

In the last year, the Greek government has changed regulations on the golden visa and created restrictions on short-term rentals. Now, to apply for the golden visa, a residency-by-investment scheme, buyers might purchase a home worth at least €800,000 in Mykonos – a figure that is twice that of less populated areas.

How to get to Mykonos

Mykonos has an international airport with direct routes to Greece, European destinations (such as the UK, France, Italy, Germany) and some in the Middle East (Dubai, Qatar, Saudi Arabia). From late autumn to early spring, international flights are dramatically reduced.

Mykonos is great for island hopping by ferry too. Delos and Tinos are just 30 minutes away, Santorini two to three hours.

Where to buy in Mykonos

Mykonos Town (Chora)

As the heart of the island, properties here are highly desired. A home here will mean you’re just steps away from a fantastic choice of restaurants, bars, and shops. It will also make for an easy roll into bed after a night out. This area is perfect for those who want to be in the centre of the action.

Ornos

Ornos is a popular area for families and those looking for a quieter environment. It offers beautiful beaches, a variety of restaurants, and easy access to Mykonos Town.

Psarou

Psarou is one of the most exclusive areas in Mykonos, famous for its upscale beach clubs and celebrity visitors.

Elia

Elia Beach is the largest beach on the island and is known for its relaxed atmosphere and beautiful scenery. This area is popular with the LGBTQ+ community.

Ano Mera

Ano Mera is a traditional village located in the centre of the island. It offers a more low-key atmosphere with its charming square, local tavernas, and historical monastery. Properties here are generally more affordable compared to the coastal areas.

Kalafatis

Kalafatis is known for its water sports and beautiful beaches. It’s a great area for those who enjoy outdoor activities and a more laidback lifestyle.

11 steps to buy in Mykonos

Buying a property in Mykonos is not difficult, if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality.

1. Research and planning: Download guides, read articles, sign up for events and exhibitions to gather all the information you may need about buying a property in Mykonos. Do you know anyone who has already bought in Greece, or lives there? Maybe give them a call. Try to narrow down the location you want to buy a property in.
2. Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
3. Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
4. Get your AFM number The ‘Arithmos Forologikou Mitroou’ number is a tax identification number necessary for financial transactions, including purchasing property. Head to the local tax office with your passport and birth certificate to obtain it.
5. Make essential connections: Connect with a local estate agent. The easiest way to do that is to make an enquiry on a property in Mykonos . Also contact an independent property lawyer and maybe a tax specialist too. Your Overseas Home can help you, so give them a call.
6. Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
7. Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
8. Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually around 10%).
9. Plan for utility connections: The wait begins, this can often take several weeks. Look into getting your utilities connecting during this time.
10. Sign the final contract: When ready, you’ll be asked to sign the final contract in front of the notary and pay the outstanding amount on the property, along with the relevant taxes, stamp duty, notary fees, and legal fees. Then, you’ll get the keys to your very own home.
11. Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.