Businessmen in Mykonos are changing their way due to reduced visitors to the island of the Winds. Increased prices in restaurants and Airbnb-style accommodation have caused a financial shock to tourists.
Little by little, Mykonos is losing the momentum it had gained in recent years as a tourist destination. The first numbers appear below expectations and show a significant decline both in terms of receipts and arrivals.
The traffic drops noticeably due to high prices but the prevailing tendency of tourists to look for so-called “value for money”, i.e. places that are worth visiting but without having to empty your bank account.
Airbnbs
Mykonos, therefore, enters the “game” of sales next season, in an attempt to attract tourists by providing financial incentives in view of a very difficult tourist season.
Business circles of the island, speaking to OT, report that the “heavy wallets” have left Mykonos and… are traveling to Tinos, Syros, Serifos and Sifnos. Or they even prefer to experience the Greek summer in other popular Greek islands, such as Rhodes, Crete and Corfu.
The exorbitant prices on accommodation on the cosmopolitan island have led Airbnb owners to slash prices by 20%-30% due to an unprecedented drop in bookings in May and June. Prices in hotels and villas have been significantly reduced in order to attract tourists to visit the island again.
Last year, the pre-bookings for July and August for Airbnb-type villas were around 95%, while this year, in the same period, they are at 80%.
For example, the cost for six nights in a villa of 190 sq.m. with three bedrooms it is around 3,000 euros in July and 4,000 euros in August. Whereas last year, in the same months, it reached 3,600 euros and 4,800 euros respectively.
According to the Airbnb platform, the average price per night in the most popular destinations in Greece and Europe for August finds Greece to be significantly more expensive.
For example, the average price per night in Ibiza is 302 euros, while in Mykonos it is 532 euros. The average price per night in Corsica is 158 euros, while in Paros it is 261 euros. The average price per night in Saint Tropez is 245 euros, while in Paxos it is 410 euros.
According to data from the Airbnb platform, demand appears reduced compared to last year in Mykonos (-15% in July and -9% in August) and Santorini (-3% in July and -6% in August).
Arrivals
Foreign arrivals at Mykonos airport in May were among the lowest in the last six years after the years 2020 and 2021 when the restrictive measures to deal with the coronavirus pandemic were in place.
In more detail, international passenger traffic in May this year amounted to 67,122 passengers, a number reduced by -17.5% compared to 81,323 passengers in the corresponding month of 2022.
The drop is even greater and reaches 22.6% if compared to the international traffic of 2019, which had reached 86,719 passengers.
Compared to 2018, the decline is less than 7.7% with international passengers in May of that year standing at 72,768
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Trump Tariffs Jeopardize Growth: Piraeus Chamber of Commerce
The tariffs, aimed at reducing the U.S. trade deficit, are expected to have both direct and indirect effects on the European economy
EU Condemns Trump Tariffs, Prepares to Retaliate
As tensions escalate, the EU is expected to continue negotiations with Washington while preparing for potential economic retaliation.
The Likely Impact of Trump Tariffs on Europe and Greece
Trump tariffs are expected to negatively affect economic growth in the Eurozone while Greece's exports could take a hit.
Motor Oil Results for 2024: Adjusted EBITDA of 995 mln€; Proposed Dividend of 1.4€ Per Share
Adjusted EBITDA for 2024 was down 33% yoy. The adjusted profit after tax for 2024 stood at 504 million euros, a 43% decrease from the previous year
Cost of Living: Why Greece’s 3% Inflation Is Raising Alarm
Greece appears to be in a more difficult position when it comes to price hikes, just as we enter the era of Trump’s tariffs.
Fitch Ratings Upgrades the Four Greek Systemic Banks
NBG’s upgrade reflects the bank’s ongoing improvements in its credit profile, Fitch notes in its report, including strong profitability, a reduction in non-performing exposures (NPEs), and lower credit losses
Trump to Announce Sweeping New Tariffs Wednesday, Global Retaliation Expected
With Trump's announcement just hours away, markets, businesses, and foreign governments are bracing for the fallout of one of the most aggressive shifts in U.S. trade policy in decades.
Inflation in Greece at 3.1% in March, Eurostat Reports
Average inflation in the eurozone settled at 2.2%, compared to 2.3% in February
Greece’s Unemployment Rate Drops to 8.6% in February
Despite the overall decline, unemployment remains higher among women and young people.
Jerry Kalogiratos Highlights Key Role of Energy Transition and Data Demand in LNG Outlook
Energy transition and the prospects of LNG were discussed at Capital Link’s 19th Annual International Maritime Forum, during a panel discussion with Jerry Kalogiratos (Capital Clean Energy Carriers Corp.)
![ΕΛΣΤΑΤ: Αυξήθηκε η οικοδομική δραστηριότητα κατά 15,6% το Δεκέμβριο [πίνακες]](https://www.ot.gr/wp-content/uploads/2025/03/DSC9655-2-1024x569-1-90x90.jpg)
