If you are interested in the tourist or the real estate industry you might have noticed that a lot of investors and businessmen have set their sights on a tiny island in the Mediterranean called Mykonos. This small island has always been one of the most popular tourist destinations in Greece, a country known for attracting millions of visitors each year. What sets Mykonos apart from all the other islands and popular destinations in Greece, is the fact that it’s not a place that attracts families and middle-income people. Simply put, Mykonos is a playground for the rich and the famous.
Every summer the island is chock-full of high value tourists which range from successful businessmen to some of the most famous singers, actors / actresses and supermodels on Earth. This essentially means that Mykonos is full of rich people who are no strangers to splurging money on luxury and fun during their vacation, which is why there are so many villas on the island, all those celebrities will need somewhere to stay, after all.
This of course does raise a question: since Greece is going through a very bad financial crisis, where did those villas come from and who exactly is selling them? Those questions are important – you don’t want to buy a villa only to find out that it was the epicenter of a criminal empire – they are also very easy to answer and the answers might make you want to invest in one even more. So, who is selling Mykonos villas and what does that mean for potential buyers? Well, let’s start with the sellers:
Greek celebrities and businessmen
For a few decades, every Greek celebrity or successful businessman had to build a lush villa on Mykonos. It wasn’t mandated by law or the state, but it might as well have been judging by the amount of villas on the island. These people used to spend their summers there in ridiculous luxury, hosting extravagant parties and events such as wedding receptions and fashion shows for their famous friends.
So, why are they selling the villas now? The recent economic crisis has made many businessmen a bit strapped for cash, so it’s not unusual for them to exchange some of their extravagant properties and possessions for cash in order to keep their businesses afloat. Also, many villa owners simply chose to default on their loans rather than be faced with the new and quite harsh property taxes imposed by the governments during the crisis. Finally, some people just decided that they couldn’t afford to own and maintain said properties any more.
They say that people tend to fall in love with Mykonos when they visit it and judging by the number of villas built by foreign celebrities in the island, that saying is probably true. A lot of them came to the island as guests or visitors and they liked it so much that they decided to spend a few summers there, which is why they built their very luxurious and opulent villas. Seeing as celebrities tend to fall in love a lot though, after spending a few summers on the island some decided that it was time to find another summer paradise in Greece or another country and so they decided to sell their villas and move on. The best luxury Mykonos villas are definitely one of the most preferred options when it comes for celebrities to spend their vacations on the island.
What do those two types of owners mean to a potential buyer?
Simply put, the people who built those villas and who are currently selling them, don’t cut corners and they spare no expense when it comes to luxury and living well. In other words, you can be sure that you will buy properties so luxurious that anyone would pay good money to live in them, either as a guest or an owner.