While the debt crisis has investors forgoing stocks and bonds, there is still interest in Greek vacation properties on the island of Mykonos — despite concern that homes could soon be valued in drachmas instead of euros. Brokers report spying an increased number of foreign opportunists sniffing around properties on the island.
“People are mainly surveying the market (in Mykonos) rather than discussing specific properties,” Dimitris Manoussakis, head of Savills, a real estate firm in Greece, told the Wall Street Journal.
While property values elsewhere in Greece have plummeted 40 percent since 2007, the value of island properties have been less effected thanks to foreign interest. However, even on Mykonos prices are down 30 percent. That’s drawing optimistic luxury housing developers like Euroterra Capitalis, which is planning to open an office in Mykonos in September.