Let the Good Times Roll in Mykonos the Greek Island Is the Place to Be and Be Seen, So Luxury Rental Villas Are in Demand, Reports Liz Rowlinson

Source: The Times {Bricks and Mortar} Edition: Country: UK Date: Friday 25, August 2017 Page: 14 Area: 556 sq. cm Circulation: ABC 450064 Daily Ad data: page rate £16,645.00, scc rate £75.00 Phone: 020 7782 5000 Keyword: Beauchamp Estates

Let the good times roll in Mykonos The Greek island is the place to be and be seen, so luxury rental villas are in demand, reports Liz Rowlinson

he island of Mykonos, in Europeans — mainly from the UK, performers [of the Cycladic islands] for a the centre of the Aegean Germany, Italy, France and Scandinavia third consecutive year in terms of rental Sea, has been hailed as — have been drawn to its distinctive yields, with many achieving returns of the “new Ibiza”. The whitewashed cube villas with flat roofs 5 per cent or more. Of these three, Greek party island with and blue shutters. Mykonos is highest, with an average its pretty houses that gross rental yield of 8.4 per cent [Paros Mykonos’s property market didn’t look like sugar cubes, and Santorini offer 6.4 per cent].” T entirely escape the ripples of the Greek boutique hotels, An improvement in access to the economic crisis, and a dip in prices, designer shops and resident DJs has island has helped to fuel the demand. combined with its increasingly become a regular stop on the summer Each year Mykonos airport welcomes sophisticated services, has caught the circuit for the international jet-set and more than 150,000 visitors, and Victor, interest of foreign investors, says Robert haute hippy crowd. the private jet company, reported a 350 Green, the founder and managing Trendy beach restaurants, such as per cent year-on-year increase in charter director of Sphere Estates. “Buyers are Nammos and Scorpios, deliver flights to the island in 2016. New flight attracted by prices often 30 to 40 per chargrilled squid or platters of sushi and connections include a daily service by cent lower than five years ago,” he says. buckets of iced rosé to the luxury yachts Emirates between Athens and New “Foreign-buyer transactions in moored around the prime west area of York’s Newark Liberty international the island, while private jets are lucky Mykonos increased by at if they can get a space at the airport least 10 per cent in 2016 airport. The flight from Athens to during the peak holiday season. compared with the Mykonos takes 30 minutes. year before and this Aside from Sir Philip Green — spotted There has been interest from the US trend is expected to this week smashing plates in Caprice, a and Australia, but also the Middle East, be repeated.” restaurant, with the TV personality Kris says Roi Deldimou, the branch manager Green says that Jenner and the designer Tommy Hilfiger of Beauchamp Estates Mykonos. “It holidaymakers who — the actors Hugh Jackman seems in the past two years everyone previously rented a and Lindsay Lohan, and the wants to be here. They all want a place villa on the island models Alessandra close to Mykonos Town [also called are considering Ambrosio and Heidi Chora], facing west to catch the sunset buying, tempted by Klum have all been and just five to ten minutes’ drive to the the price correction and known to frequent best restaurants — Nammos, Hakkasan’s ability to make an income the island. Ling Ling, and Nobu. Agios Lazaros is from rentals. The strong The good times where many important owners live, but demand for luxury villa rentals, are certainly back other highly sought-after locations are driven by a preponderance of uber- on the Cycladic isle Agia Sofia, Tourlos and Houlakia.” stylish boutique hotels — the latest, that has always been Naturally prices are higher in these Absolut Mykonos, opened this week — a little more areas in the west, which is where the rather than large resorts, means that bohemian than its airport and popular beaches such as high rental yields are possible. neighbours, if not as Agios Sostis, Psarou and Paraga are “The average sale price in Mykonos is picture-postcard pretty as found. Deldimou says that €1.5 million to €6,000 a square metre, with an average nearby Santorini. Jackie €2 million is the typical cost of a villa weekly rental rate of €10,500 for a villa Onassis dropped anchor here in with a private pool and sea views. “For under €1 million you might get a smaller the 1960s and declared that she wanted with three bedrooms and a private pool,” house — maybe 200 sq m — on a small to buy a home on the craggy granite Green says. “Mykonos, Paros and complex with a shared pool,” she says. island, and a steady stream of northern Santorini remain the top three lf h []

Reproduced by Gorkana under licence from the NLA (newspapers), CLA (magazines), FT (Financial Times/ft.com) or other copyright owner. No further copying (including printing of digital cuttings), digital reproduction/forwarding of the cutting is permitted except under licence from the copyright owner. All FT content is copyright The Financial Times Ltd. Article Page 1 of 3 399718528 - JACTIN - B16619-1 - 128921956 Source: The Times {Bricks and Mortar} Edition: Country: UK Date: Friday 25, August 2017 Page: 14 Area: 556 sq. cm Circulation: ABC 450064 Daily Ad data: page rate £16,645.00, scc rate £75.00 Phone: 020 7782 5000 Keyword: Beauchamp Estates

There’s a typical sugar-cube, four-bedroom villa with a private pool at Ano Mera, a mid-price location in the centre of the island, on sale for €600,000 through Savills. There is also a three-bedroom villa for €700,000 at Agios Stefanos on the prime west coast, but with a shared pool, through A Property in Greece, the estate agency. “It is possible to get a small villa for €500,000, but it will be without views or in a less popular area. We have stopped advertising anything less than €700,000 because people can’t get what they want at that sort of price,” says Spyros Mantzos, the owner of A Property in Greece. If you want somewhere a little less crowded, consider Elia on the south coast. Elia has the island’s longest beach and is only 10km from Mykonos Town. The fine-sand beach with shallow, crystal-clear waters is consistently awarded a Blue Flag, a sign of beach and water quality, and offers water sports as well as tavernas and beach bars. About a kilometre inland, A Property in Greece has a four-bedroom, three-bathroom villa with sea views for €1.3 million. However, you’ll need to pay at least €3 million for a luxury detached property with direct access to the sea, although it may command peak-season weekly rentals of up to €30,000. g

Agios Stefanos Agios Sostis

Mykykokonosonoos Anono MMera Rineia EliaElia

MYKONOS Dilos Agios Lazaros

Aegean sea

Reproduced by Gorkana under licence from the NLA (newspapers), CLA (magazines), FT (Financial Times/ft.com) or other copyright owner. No further copying (including printing of digital cuttings), digital reproduction/forwarding of the cutting is permitted except under licence from the copyright owner. All FT content is copyright The Financial Times Ltd. Article Page 2 of 3 399718528 - JACTIN - B16619-1 - 128921956 Source: The Times {Bricks and Mortar} Edition: Country: UK Date: Friday 25, August 2017 Page: 14 Area: 556 sq. cm Circulation: ABC 450064 Daily Ad data: page rate £16,645.00, scc rate £75.00 Phone: 020 7782 5000 Keyword: Beauchamp Estates

Above Agrari beach in Mykonos is a six-bedroom villa on sale for €3 million through Chestertons International

A nine-bedroom villa in Fanari, in the northwest of Mykonos, is on sale for €1.55 million through Sphere Estates