Mykonos' Real Estate Market Insulated from Greek Crisis

As the Greeks decided to decline the latest bailout offer, many are hunkering down for further financial difficulties ahead. Ironically, there seems to be a part of the ancient country that is insulated from the debt crisis, and as reported on wsj.com, Mykonos' very own real estate industry is thriving amidst crisis.

The recent fiscal developments in mainland Greece has caused an onrush of property bargain hunters and speculators. The demand is high, but there have been no transactions as it has been hindered by the uncertainty regarding the Greek financial system. According to one local real estate agent, Savills Greece head Dimitris Monoussakis, "People are mainly surveying the market (in Mykonos) rather than discussing specific properties."

He added, "There are limited transactions at this point. Nobody knows what is going to happen next, so there is very little confidence."

Mykonos has long been a popular holiday destination for many, from A list celebrities to even local travelers. With a lower value of the drahma and summer just around the corner, the island is again bracing itself for foreign travelers eager to cash in on the low value of Greek money.

According to a report from gulfnews.com, thousands are flying into the Greek islands, with hundreds arriving daily from both Europe and other parts of the world. This was confirmed by Mideast travel agency Mykonos Branch Manager Vana Arvaniti, who said, "It's a myth. All tourists don't have problems. They can use their credit card...[and] there have been no cancellations."

There are have been advisories issued though should people seek to transact business in Greece. Amongst them is the cap in place for ATM cash withdrawals from cards issued by Greek banks to just about 60 Euros per day. For foreign cards, expect long lines on the ATM as many tourists opt to use their cards to withdraw funds, until the ATM actually runs dry of available cash. There are also rumors, as reported by independent.co.uk, that many shops and restaurants would only accept cash, specifically euros.