When it comes to investments in the tourist industry, it seems that buying a villa on the Greek island of Mykonos is definitely one of the best. What makes the island stand out is the fact that it is a very popular destination for all kinds of very wealthy people who are looking for a fun vacation and some of the hottest parties in the world during the summer. Celebrities such as Mick Jagger, Madonna, the Hadid sisters and many more have been repeatedly spotted on the islands cobblestone streets. In other words, Mykonos is like a magnet for celebrities and people that dream of living like one, which is why there are so many villas there.
Villas may be the accommodation of choice when it comes to the rich and the famous, but “regular Joes” also book them. They choose to stay in villas for a couple of days in order to make their vacation truly memorable and to see what it feels like to be and live like a celebrity. They also book them in order to have a unique party or wedding reception. As you can tell, if you are looking to buy a villa in order to rent it, you will have no shortage of potential guests.
Now, since Mykonos is known to attract rich people, there is no shortage of villas, some of them are new, others have been around for some time. Which one is the best for you, though? What should you be looking out for? Let’s find out.
You know what they say about buying property “it’s all about location, location, location”!
When it comes to private Mykonos villas, you should know that most of them tend to be quite secluded, this is because they are meant for people who want to stay away from prying eyes and the paparazzi. If you intend to rent your villa mainly to celebrities, then the more secluded and private, the better. However, if you would like to rent it out for parties and such, you should pick one that is a bit out of the way, but is still close to Chora or another large town.
Most villas tend to be in a good state of repair because the people that used to live there were quite wealthy and they took care of their property. However, since a lot of Greek businessmen fell into hard times because of the crisis it’s not uncommon to find villas that are not as well maintained as others. This is because their previous owners just couldn’t afford the maintenance costs and they decided to let the new owner handle it. If you don’t want to spend time and money repairing and renovating a property – you could and should be renting the villa almost as soon as you buy it – then make sure that you are buying property that is in the best possible state.
Rich people and particularly the nouveau-riche are not known for their restraint when it comes to building houses and villas. What we are trying to say here, is that the previous owner may have made some pretty “out there” design and / or architectural choices while building his or her villa. Just try to stay away from villas that reflect the taste of their previous too much because they can be really hard to rent or flip and really expensive to renovate.
Like we said earlier, many stars own property on Mykonos. Buying neighbhoring villas can be a double edged sword: on one hand, you will get the added selling point of having a celebrity as a neighbor, on the other hand though, this same fact may drive the price up. In the end the choice is yours and it depends in your business plan and the kind of people that you intend to rent your property to.