Mykonos is one of the most popular tourist destinations in Greece, attracting millions of visitors every year. The real estate island is renowned for its picturesque villages, stunning beaches, crystal-clear waters, and vibrant nightlife. Over the past few years, Mykonos has also become a popular destination for real estate investors. The island’s popularity, combined with its stunning beauty, has made it an attractive place for people to invest in property.
If you are considering investing in real estate on the island of Mykonos, this article will provide you with everything you need to know. We will explore the current state of the Mykonos real estate market, the types of properties available for investment, and the best areas to invest in. We will also discuss the legal and tax implications of investing in Mykonos real estate and provide some tips on how to make a smart investment.
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The Mykonos Real Estate Market
The Mykonos real estate market has been growing steadily over the past few years. Property prices have been increasing, and demand for real estate on the island has been high. According to a recent report by the Greek property website Spitogatos, Mykonos has the highest property prices in Greece. The average price per square meter for a property on the island is €5,600, compared to the national average of €1,850.
The Types of Properties Available for Investment
There are a variety of properties available for investment in the real estate of Mykonos. Some of the most popular types of properties include:
- Villas: Mykonos is famous for its luxury villas, which offer stunning views of the Aegean Sea. Many of these villas come with private swimming pools and other high-end amenities.
- Apartments: Apartments are a popular choice for investors looking for a more affordable option. There are plenty of apartments available on the island, ranging from small studios to large, luxurious penthouses.
- Commercial Properties: Mykonos is also an excellent place to invest in commercial properties. There are plenty of opportunities to invest in hotels, restaurants, and retail spaces.
The Best Areas to Invest in Mykonos Real Estate
The best areas to invest in real estate Mykonos depend on your goals and budget. If you are looking for a high-end luxury property, you may want to consider investing in one of the island’s exclusive neighborhoods, such as Agios Lazaros or Ornos. These areas offer stunning views, easy access to the beach, and high-end amenities.
If you are looking for a more affordable option, you may want to consider investing in a real estate on the outskirts of the island, such as Ano Mera or Kalafatis. These areas offer a quieter, more peaceful atmosphere and a more affordable price point.
Legal and Tax Implications of Investing in Mykonos Real Estate
Investing in real estate on the island of Mykonos comes with certain legal and tax implications. Before making an investment, it is essential to understand the legal and tax requirements.
One of the most important things to consider is the Greek Golden Visa program, which allows non-EU citizens to obtain a residence permit in Greece by investing in real estate. This program can be an excellent opportunity for investors looking to obtain residency in the EU.
When it comes to taxes, there are several taxes that investors should be aware of, including property tax, income tax, and value-added tax (VAT). It is crucial to work with a tax advisor to ensure that you are complying with all of the necessary tax requirements.
