Which Cyclades island has the cheapest accommodation and what’s on in Mykonos?

Although homes in the Cyclades win the initial stages of precision compared to the rest of the Greek islands, there are also some cases such as Andros and Tinos where the cost of properties is still within the reach of potential buyers.

At a time when housing prices continue to soar on the most crowded islands of the Cyclades, Mykonos and Santorini, which seem to be gradually paying the price for excessive precision.

According to the latest research by Engel & Völkers in Greece, Andros holds the cheapest houses in the first half of 2024, where their cost can start from 2,000 euros per square meter. And can reach a maximum of 4,000 euros per square meter. Next is Tinos, which, although it does not have a particularly developed tourist infrastructure, has reasonable prices for its properties. Specifically, the cost of housing starts from 2,500 euros per square meter. And can reach 5,500 euros per square meter.

A special case is the island of Syros, an island that mainly contains magnificent mansions and historical properties. The cost of these distinctive homes is not high, as their prices start from 3,000 euros per square meter. For the most luxurious properties, the price reaches 6,500 euros per square meter. At the same level, there is Naxos, which has a low stock of available homes, however, it is one of the few islands in the Aegean that, due to its large area, has a large stock of land plots, making it an ideal investment destination for building and buying luxury homes.

Gia and Kythnos retain more expensive prices, with high demand from French, Germans and Britons looking to buy upscale homes. The islands are also popular because they are only an hour away from the port of Lavrio, which is 30 minutes away from Eleftherios Venizelos Airport. Specifically, prices start at €3,500 per square meter and go up to €6,500 per square meter.

However, property prices in Paros currently start at 3,500 euros per square meter. They can reach 10,000 euros on average, without excluding much higher figures for luxury constructions with special architectural elements, with a similar picture recorded in Antiparos.

Santorini and Mykonos are the champions of punctuality for another year. With house prices starting from €5,500 per sq.m. and reaching €10,000 per sq.m. for Santorini and €12,000 per sq.m. for Mykonos.
However, Mykonos seems to have recorded a significant decline in sales and tourism this year due to over-adherence to schedules. In particular, over-tourism and uncontrolled construction have caused serious problems on the island.

For this year, the summer season has started with adventure from the very beginning. According to data published by Fraport, which operates these airports, the number of foreign passengers handled at Mykonos Airport in March fell to 338 from 864 in the corresponding month of 2022, a decrease of 60.9%. In this quarter, the number of passengers from abroad was 350 from 929, a decrease of 62.3% compared to the first months of 2023.

However, it should be noted that the decrease in traffic is not related to customer dynamics, nor to the popularity of the island. It is mainly due to the increased supply of rental homes on the market, which in previous years were developed by developers, buyers and investors from abroad for their own use. In fact, the cost of construction today exceeds 5,000 euros when it comes to a luxury residential unit and the cost of building materials and labor is double compared to construction in Athens.