Mykonos housing market awaits return of international buyers

Α Decrease font Enlarge font
Mykonos housing market awaits return of international buyersHighlighting the well-known island of Mykonos in the Cyclades, the New York Times article pointed out that “sugar cubes,” the typical style of the whitewashed houses on the Aegean Sea, are available for about $2 million or 1.9 million euros

NEW YORK – As the global coronavirus pandemic lockdown begins to lift gradually in Greece, the real estate market is awaiting the return of foreign buyers especially on the popular tourist destination of Mykonos, New York Times reported on June 10.

Highlighting the well-known island in the Cyclades, the Times article pointed out that “sugar cubes,” the typical style of the whitewashed houses on the Aegean Sea, are available for about $2 million or 1.9 million euros.

With lush photos of a modern five-bedroom villa, the Times included the description of the home “nestled in a rocky hillside overlooking Kalo Livadi, one of the longest sandy beaches on Mykonos… the 2,600-square-foot house, a three-story version of the quintessential sugar-cube homes of the Cyclades Islands, was built in 2015 from whitewashed concrete with accents of local stone. Known as ‘Morgan,’ it sits on half an acre in the southeastern part of the island.”

Savvas Savvaidis, president and chief executive of Greece Sotheby’s International Realty which has the listing, told the Times that “the property was designed with a sense of fun and romance,” adding that “you have the luxury to enjoy outdoor living.”

The property includes “several separate entertainment and relaxation areas, from the curved infinity pool and cliffside hot tub to a screening area with comfy seating to a beach bar with a DJ booth and room to dance. The outdoor kitchen has a beer station and a barbecue grill.”

The villa’s main floor middle level has “an entry door opening to a vestibule intersecting the open-plan kitchen, dining room and living room,” the Times reported, adding that “the kitchen has concrete countertops and lower cabinets accented with blue-gray wood doors and a bright blue Fischer & Paykel refrigerator. Lower cabinets extend into a hallway with a glass door opening to outdoor stairs down to the pool level.”

“Floors throughout are gray and white polished cement, the traditional Cycladic ‘patiti tsimentokonia,’” George Kasimis, an agent at Greece Sotheby’s International Realty, told the Times.

Upstairs, the master bedroom has an en suite bath and private veranda with views of the Aegean, the Times reported, adding that “each of the four bedrooms on the lower level has an en suite bath with a shower; three have ceiling fans and open to the outdoor areas. The front bedroom has a sliding door to a covered terrace with a Paola Lenti double-seater swing. The property is being sold furnished.”

Savvaidis told the Times, “Mykonos, because of its robust luxury property market and its strong appeal to high-end tourism, led the recovery of the Greek property market as early as 2014 while the rest of the country followed a couple of years later,” adding that the sales volume of the luxury market has grown “on average by 15 percent year to year, per year.”

Georg Petras, chief executive of Engel & Völkers in Greece, said that Mykonos “gained a lot of visibility around the world by attracting second-home buyers, making it one of the top international second-home destinations,” the Times reported.

Savvaidis noted that “at the high end, prices between 7,000 euros and 10,000 euros a square meter ($929 to $1,022 a square foot) are ‘way lower’ than similar second-home markets in the Mediterranean,” the Times reported.

Ioannis Revithis, owner of Mykonos Real Estate and a former president of the Greek Real Estate Federation told the Times that “condominiums are ‘scattered around the island,’ [and] new condos, no higher than two stories by law, are being built mostly in the ‘blue zone,’ an area encompassing several coastal villages in the southern part of the island,” adding that “many have sea views, while others are in walking distance of the Aegean and ‘some even have private beaches.’”

Revithis said that “prices for a studio, one- or two-bedroom apartment start at about 250,000 euros ($280,000),” the Times reported.

Savvaidis noted that the coronavirus pandemic has had an effect, pointing out that “during April and May his agency saw a ‘surge and explosion of requests,’ registering a 166 percent increase year to year in ‘qualified leads,’ [that] he attributed the inquiries to Greece’s flat curve during the COVID-19 crisis, a result of the ‘immediate lockdown measures’ taken by the government when neighboring Italy was overwhelmed.”

According to the data on Worldometers.info, “there were 180 recorded deaths in Greece as of June 8, compared with 33,899 in Italy,” the Times reported.

Savvaidis told the Times, “The people complied. This is now considered a safe place.”

Because the pandemic occurred during the tourism off-season, Petras told the Times that “the consequences are not going to be dramatic” in the housing market, adding that “right now, Greece is promoted as a best-example country in the reaction of the crisis and it is ready to start officially the touristic period.”

Petras “called 2020 year ‘a chance year’ for investors and buyers as the market is ‘reorganized’ and ‘stabilized’ under new circumstances, ‘offering right now smart investment opportunities,’” the Times reported.

Fani Dritsa, a real estate consultant at Savills Greece, told the Times that “it is too soon to know the real impact of the pandemic,” and success in the post-pandemic market depends on “what will happen when the travel restrictions stop and international buyers will be able to travel.”

Revithis told the Times that “Mykonos is an international destination which brings buyers from around the globe,” adding that “foreign buyers are mainly from the United States, Britain, Germany, Switzerland and France.”

Kasimis said “an Australian buyer landed a $12 million home in mid-March, and that interest among Australian buyers is on the rise,” the Times reported, while Petras added that “Middle Eastern buyers come from the United Arab Emirates.”

Read more at thenationalherald.com

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinationsGreek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Zde

Tornos
  1. 19/10 22:34

    Natural History Museum of Meteora and Mushroom Museum win new prizes

  2. 19/10 22:10

    Dutch royal family cut holidays to Greece short following uproar for ‘non essential travel’

  3. 19/10 20:06

    International consortium lowest bidder for Athens Metro Line 4 project

  4. 19/10 11:07

    Melbourne set for New Greek Museum which could compete with the planet's best

  5. 19/10 10:37

    Greece confirms 438 Covid-19 cases and nine fatalities on Sunday

  6. 19/10 10:31

    AP: COVID-19 case in Vatican Hotel recorded where Pope lives

  7. 19/10 10:24

    Analysis of 43 Neolithic skeletons of Theopetra Cave in Greece shows diet of cereals and little meat

  8. 19/10 09:53

    Greek Prime Minister Mitsotakis to visit 'Sotiria' hospital in Athens

  9. 18/10 12:08

    One hundred and one recognised refugees left Greece for Germany

  10. 18/10 12:01

    Covid-19: First local lockdown in Kozani prefecture of Northern Greece

  11. 18/10 11:56

    Russian Foreign Minister Lavrov to visit Greece on October 26

  12. 18/10 11:48

    PM from Evros borders: New fence is the least we can do to make Greeks feel safe

  13. 18/10 11:32

    French President: We will not back down an inch to Turkish provocations

  14. 18/10 11:28

    482 new Covid-19 cases and ten fatalities recorded in Greece on Saturday

  15. 18/10 11:03

    WTTC Consumer Survey: 70% of US and Canadian travelers plan to holiday in 2021

  16. 18/10 09:17

    PM on Samothrace: Borderland Greece and border islands our top priority

  17. 17/10 21:13

    German Foreign Ministry: Only Greece safe for travel

  18. 17/10 21:09

    UNWTO and Expedia to share data and insights to assist tourism recovery

  19. 17/10 20:34

    Four candidates in tender to purchase at least 67% of Alexandroupolis port in Greece

  20. 17/10 19:05

    Minister appeals to Ioannina residents to help break rising of infections

  21. 17/10 17:57

    World Health Organization launches Europe Office for Quality of Health Care in Athens

  22. 17/10 15:50

    IATA hails US military report on low risk of COVID-19 transmitted on a flight

  23. 17/10 13:45

    Greek island of Crete remains a safe destination for UK travelers

  24. 17/10 11:40

    Mt. Athos treasures in digitized exhibition at Athens Concert Hall

  25. 17/10 11:29

    Partnership to support aviation safety oversight in the Netherlands

  26. 17/10 11:23

    Greece among eight best honeymoon destinations on Pinterest

  27. 17/10 10:17

    European Council head calls Turkish gas exploration a “provocation”

  28. 17/10 09:21

    Greece records 508 new Covid-19 cases and eight deaths on Friday

  29. 16/10 14:43

    Hotel amenities by NEF-NEF

  30. 15/10 20:40

    UNWTO delegation in Brussels for discussions with European institution leaders

  31. 15/10 10:48

    Greece launches interactive “Covid-19 Map” with data on current cases

  32. 15/10 08:20

    Greek National Defense Minister meets with visiting US Assisatnt Secretary

  33. 15/10 07:04

    Greek President meets with Bulgarian counterpart in Athens

  34. 14/10 22:51

    436 new Covid-19 cases and six deaths recorded in Greece on Wednesday

  35. 14/10 21:44

    AP: Cyprus cancels maligned “golden passport” scheme (video)

  36. 14/10 21:33

    IMF forecast: Greece to return to primary surpluses from 2022

  37. 14/10 20:57

    Conde Nast Traveler Readers’ Awards: Six Greek islands in the top-10 in Europe

  38. 14/10 20:54

    Greek PM meets with GEK Terna and Mohegan CEOs on Hellenikon casino

  39. 14/10 19:47

    UNWTO delegation in Brussels for talks with EU Institution leaders over pandemic

  40. 14/10 19:03

    Greek Foreign Minister meets with Iraqi counterpart in Baghdad

  41. 14/10 17:43

    VIAL hotspot on Chios island under lockdown after Covid-19 infections

  42. 14/10 15:56

    IATA Director General's remarks during media briefing on pandemic on October 13

  43. 14/10 13:37

    ACI and IATA call for urgent industry-wide effort to support recovery

  44. 14/10 10:26

    Failure to coordinate travel restrictions puts millions of jobs at risk

  45. 14/10 09:57

    Covid-19: Growing concern over the course of the pandemic in Greece

  46. 14/10 09:51

    Hermes AHEPA Chapter 186 moves forward virtually due to Covid-19

  47. 13/10 15:23

    Airbnb announces new health and safety mandate for safer Travel

  48. 13/10 15:20

    12th Annual Capital Link New York Maritime Forum on October 14-15

  49. 13/10 15:11

    Hilton survey unveils that Americans are missing travel the most

  50. 13/10 15:07

    Greek wage employment flows balance remains positive in September

  51. 13/10 14:58

    Greece records 295 new Covid-19 cases and seven fatalities on Monday

  52. 13/10 13:54

    Cyprus abolishes Golden Visas scheme after video alleges corruption

  53. 13/10 12:49

    Heavy rain causes problems in many parts of Attica in Greece

  54. 13/10 11:45

    Navarino Challenge event rescheduled in Greece for October 15-17, 2021

  55. 13/10 10:02

    AP: Cyprus reinstates coronavirus restrictions on public and private gatherings

  56. 13/10 09:41

    Greek PM to meet with Foreign Ministers of Canada, Germany on Tuesday

  57. 12/10 21:47

    Athens metro work stoppage on Thursday from 14:00 to 17:00

  58. 12/10 15:56

    The continuous evolution is our secret of success

  59. 12/10 11:25

    Alexandras Avenue in Athens closed due to rally outside Court of Appeal

  60. 12/10 11:19

    Greek government ships hundreds of books to Latin American Diaspora

  61. 12/10 11:11

    New Thomas Cook chief: Greece currently the travel destination with the highest sales

  62. 12/10 10:47

    Greek Minister travels to Luxembourg for EU Foreign Affairs Council

  63. 12/10 10:01

    Greek Peloponnisos Doc Festival dedicates screening to Armenia

  64. 12/10 09:24

    Media report: Greek yoghurt may be the next great ‘Superfood’

  65. 12/10 09:09

    Experts believe that Greek Island of Antikythera can help fight climate change

  66. 12/10 08:54

    Four Greek cities have won European Union “Capital of Culture” Awards

  67. 11/10 21:41

    Varosha has reopened in occupied northern Cyprus by Turkey

  68. 11/10 21:39

    Philo4Thought Young Professional Empowerment Seminar in NY on October 24

  69. 11/10 20:27

    Greece records 280 COVID-19 cases and 13 fatalities during the last 24 hours

  70. 11/10 18:21

    The palace where Alexander the Great was born opens to the public in Greece

  71. 11/10 17:03

    United States Consul in Thessaloniki city: Greece is not alone

  72. 11/10 16:31

    Gemflix: At the foot of the Acropolis in Athens on October 14

  73. 11/10 15:36

    Deputy Labour Minister: Greek government aim is active policies against poverty

  74. 11/10 15:17

    Greek Finance Minister to take part in IMF and World Bank annual meeting

  75. 11/10 11:10

    Greek Prime Minister visits the Museum of Contemporary Art in Athens

  76. 10/10 21:46

    Ecumenical Patriarchate offers a new vision to the Archdiocese of America

  77. 10/10 11:03

    Greece launches international tender for Skaramangas Shipyards in Attica

  78. 10/10 00:29

    Clinics and medical centres where you can get a free Covid-19 test in Greece

  79. 10/10 00:09

    AP: Growing condemnation for Turkey's reopening Varosha beach in Cyprus

  80. 09/10 22:32

    Online mapping system with updated info on Covid-19 measures in Greece

  81. 09/10 20:43

    Greek Finance Ministry presents eight tools to fund economic recovery

  82. 09/10 17:19

    391 new Covid-19 cases and one fatality reported in Greece on Friday

  83. 09/10 15:56

    U.S. Embassy and diplomatic offices in Greece closed on October 12 for Columbus Day

  84. 09/10 13:46

    AP: Hawaii pushes forward with tourism in spite of safety concerns

  85. 09/10 11:39

    Aegean Airlines receives first A321neo aircraft at Athens airport

  86. 08/10 23:48

    436 new coronavirus cases and six fatalities reported in Greece on Thursday

  87. 08/10 23:43

    Greek island of Crete 3rd best global destination in TripAdvisor Travelers’ Choice Award 2020

  88. 08/10 23:38

    Greek museums and ancient sites on top of international visitors’ preferences

  89. 08/10 23:32

    Deputy Minister: Next two years expected to be difficult for tourism in Cyprus

  90. 08/10 23:30

    G20 tourism leaders commit to heighten efforts for a sustainable recovery

  91. 08/10 17:12

    Research demonstrates low risk for coronavirus transmission inflight

  92. 08/10 16:19

    Greek 10-year bond yields attain all-time record low on Thursday

  93. 08/10 15:47

    Finance Ministry unveils more debt relief measures to taxpayers in Greece

  94. 08/10 14:01

    Digital 'Art Athina' to commence in the Greek capital on October 15

  95. 08/10 13:54

    Financial aid and coronavirus testing key to aviation’s recovery in Southern Africa

  96. 08/10 12:45

    Promoting Greece to your clients? That’s a wise decision!

  97. 07/10 20:21

    Russia: Opening of Varosha by Turkey in Cyprus is unacceptable

  98. 07/10 20:15

    StaEllinika: Full version of Greek language learning tool launched online

  99. 07/10 19:49

    ACI World and IATA recommend globally consistent approach to Covid-19 testing

  100. 07/10 16:56

    91 asylum seekers transferred from Greek islands to Germany on Wednesday