When it comes to investing in real estate in Greece, Mykonos is definitely the first place that comes to mind. This is mainly because of the fact that this tiny island is one of the most popular holiday destinations in Europe, especially with wealthy tourists and celebrities. It’s not an exaggeration to say that during the summer, Mykonos becomes a playground for the rich and the famous that flock to enjoy parties in its famous clubs and beach bars. These people are more than willing to spend a lot of money in order to have a nice vacation in a luxurious villa, which makes owning property on Mykonos akin to owning a gold mine.
With that being said, if you are thinking about buying property on Mykonos there are a few things that you need to know. Let’s see what they are.
Simply put, properties on Mykonos can still cost a few million Euros, depending on their location. The financial crisis that engulfed Greece may have reduced those prices a bit, but Mykonos properties were quite expensive to begin with. In other words, even though real estate on Mykonos is not as expensive as it used to be, it’s still quite expensive. If you think that you will buy prime real estate for peanuts, you will be disappointed. If you want to have an experience of living in a villa in Mykonos but you don’t want to spend the money needed to buy one, Zinas Mykonos Villas is one of the best rental agencies for you to have this experience.
Location, location, location
It goes without saying that a property’s location will greatly affect its cost. Modern villas on the northern part of the island can set you back as much as 6 million Euros while villas and other properties on the southern side of the island go for 2 million, on average. With that being said, it should be said that the ultimate selling point for a Mykonos villa is a sea view. Properties with a sea view AND beach access are the most sought after properties and they are also ridiculously expensive but on the other hand, they are amazing investments.
There are some bonuses to buying property on Mykonos and in Greece in general that a lot of people don’t know about. The biggest of course is the fact that if you spend more than 250.000 Euros to buy property in Greece you can apply for Greek citizenship, which means that you and your family can get Greek passports. The Greek passport is one of the most “powerful” in the world, which is why a lot of people outside Greece are buying property there. In other words, buying real estate on Mykonos can get you both a valuable property and a passport.
How the deal will be made
Once you find a property that you are interested in, a property management agency will take care of actually completing the deal. It goes without saying that everything is done by a notary and the process is not actually that long or hard. You will need to get a tax identification number and to go through some other bureaucratic hoops, but again, the process is surprisingly fast and easy. You should know that there is no digital land registry which means that property limits aren’t clear. This is generally not a problem, however since each square meter of real estate on Mykonos costs several thousand Euros, it’s good to be as clear as possible with your property’s boundaries.
Fees and taxes
It goes without saying that a transaction that can be worth a few million Euros will have some fees and taxes tied to it. All in all, you should know that the total amount of fees and taxes will add a further 10 to 15 percent to the price.