Buying property in Mykonos as a foreigner: Complete UK guide

Disclaimer: The information in this article is for reference purposes only. All information on this page should not be considered financial or tax advice. You are also solely responsible for calculating and paying your tax liabilities depending on the applicable law. All tax saving strategies or decisions should be made after thorough research and consultation with a qualified financial advisor.

Dreaming of owning a holiday home in beautiful Mykonos? This glamorous Greek island in the Cyclades has it all - pristine beaches, charming white-washed houses, vibrant nightlife and a luxury lifestyle.

It’s easy to see why it attracts so many UK holidaymakers, expats and investors.

If you’re planning to buy a property on Mykonos - whether to live in or rent out - we’re here to help.

Read on for a helpful and practical guide to buying property in Mykonos as a UK foreigner. This includes info on Greek mortgages for non-residents, fees and taxes, property prices, where to start your search and the pitfalls to avoid.

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Can you get a mortgage from a Mykonos bank as a non-resident?

First things first, you’ll need to work out how you’ll finance your Mykonos property purchase. Unless you have the cash upfront, you’re likely to need a mortgage.

The good news is that Greek banks do offer mortgages to foreign citizens, and you don’t need to be a resident to apply.

It’s worth bearing in mind though foreign buyers tend to face stricter lending criteria, and the application process can be more complex.

Interest rates can be higher for non-residents, and you may also find that you can’t borrow as much as local residents. The typical loan-to-value (LTV) ratio for foreign applicants is around 70%, so you’ll need a larger deposit.³

It’s a good idea to start shopping around for mortgages before starting your property search in earnest - and using a specialist broker is recommended.

Taxes and fees for owning property in Mykonos

It’s not just the property price you need to think about when setting the budget for your house hunt. You also need to factor in legal fees, property taxes and other costs.

Here are the main ones to know about when buying property in Mykonos:¹

Fee/tax	Amount
Stamp duty	3% for new builds 3% to 24% for resale properties
VAT (FPA) - new builds only	24%
Registration fees (land registry)	0.5% to 1%
Legal fees	Around 1%
Notary fees	0.5% to 1%

You may also have to pay the following:

• Mortgage fees - including valuation and arrangement fees
• Building survey/technical report fees
• Estate agent fees - if using an agent to find a property on Mykonos.

Fees for these services can vary, so you’ll need to do some research and get quotes.

There are also annual property taxes to consider, which you can read more about below.

📚 Property tax in Greece

What’s the property market like in Mykonos?

The real estate market in Mykonos is high-end, competition and luxury-focused. In fact, the island is one of the most expensive areas for real estate in Greece, with prices for some of its most premium properties hitting asking prices of well over €10,000 EUR per square metre.²

Across the Greek islands, property prices have been rising steadily - and are predicted to grow by around 5% to 12% over the next year.²

On Mykonos, properties are more likely to hold their value than some other islands. This is due to constrained supply, as the island only has limited land on which to build and the authorities there limit new construction with strict planning rules.

Can foreigners buy property in Mykonos?

Yes, UK nationals and other foreign nationals can freely buy property in Mykonos and the rest of Greece, without any restrictions.

In fact, a large proportion of the property sales on the island involve international buyers.

Can you buy property in Mykonos and get residency?

Yes, there is a potential pathway to residency in Greece through the purchase of property.

Greece is one of many countries which has a ‘Golden Visa’ scheme, which allows foreign citizens to gain residency through making an investment in the country. This includes investing in property.

In some locations, the minimum required investment is €250,000 EUR. But in ‘premium’ areas such as Mykonos - as well as Santorini, Thessaloniki and other locations - you’ll need to buy property worth at least €800,000 EUR to qualify.³ Other conditions apply.

So if you have the funds and you’d like to move abroad and live in Mykonos permanently, this could be the pathway to pursue.

📚 Moving abroad from the UK

How much are the property prices in Mykonos?

Now we come to the all important question - how much money do you need to afford a home in Mykonos?

Ultimately, it depends on what and where you buy.

On average though, residential properties in Mykonos cost around €7,656 EUR per square metre (as of February 2026).⁴

Here’s an idea of what types of property you can get for your budget:⁵

Property type	Average cost
Apartment	€500,000 to €900,000 EUR
Traditional white-washed Cycladic house	€1 million to €2 million EUR
Luxury villa with private pool and sea views	€2 million+ EUR

Another thing to note when figuring out the price for property in Mykonos is that international transfers could get expensive, especially if the bank or provider adds a margin to the exchange rate to convert your pounds to euros.

Consider checking out Wise to securely handle your large transfers with mid-market exchange rates and low, transparent fees*.

Where is the cheapest place to buy property in Mykonos?

If you’re property hunting on a budget, you may struggle on a ‘premium’ island like Mykonos - where many properties are ultra-luxe villas and celebrities are buying homes there.

However, it is possible to find slightly cheaper property on the island if you look in inland or rural areas away from the waterfront. For example, the traditional village of Ano Mera, in the centre of the island, where property tends to be more affordable.

Buying property in Mykonos as a foreigner - a step-by-step guide

Now, let’s walk through the main steps involved in buying property in Mykonos:

1. Get your finances in order

Before you do anything, it’s a good idea to get your finances sorted. This means setting a budget, getting a mortgage offer (approval in principle) and getting all your paperwork together.

You may also need to open a Greek bank account.

📚 Open bank account in Greece

2. Get your Greek tax number (AFM)

Foreign nationals need a Greek tax number called an AFM to buy property in Greece.

You can apply for your AFM at the local tax office with your passport and a completed application form.

📚 Buying property in Greece

3. Find a property and arrange viewings

There are two main ways to start your search - using online property portals and/or local estate agents to find properties. If you’re using an agent, make sure they’re registered with the Hellenic Association of Realtors (HAR).

If you’ve found somewhere you like, arrange a viewing as soon as you can, and start researching the area in the meantime.

4. Make an offer

Found your dream house? Submit a competitive offer to the estate agent, or to the buyer directly. You can negotiate, just like in other countries.

5. Appoint a solicitor and carry out due diligence

While it’s not mandatory, it’s strongly recommended to find and appoint a lawyer experienced in Greek property law.

They will check over and translate all documents and contracts, as well as carrying out due diligence on the transaction. This includes conducting a thorough title search at the Land Registry or Cadastre.

A personal recommendation is a good way to find a solicitor, but you can also find a list of English-speaking property solicitors on the UK Government website.

6. Get a survey

A building survey isn’t mandatory, but it could help to flag up any serious issues early on.

If the technical report flags anything up, you may be able to go back to the seller to negotiate on price, or arrange to have issues rectified before the sale completes.

7. Sign the preliminary contract and pay the deposit

If your offer is accepted, due diligence checks are underway and you’re ready to proceed, it’s time to sign the preliminary contract.

It expresses your commitment to buying the property, and sets out the terms of the transaction.

You’ll also need to arrange a transfer to pay the deposit, which in Mykonos (and the rest of Greece) is usually around 10%.⁵

Consider using the Wise account here to convert your pounds to euros, avoiding hidden fees and getting the mid-market exchange rate.

8. Appoint a notary

A notary is a key part in property purchases in Greece. They are a public officer who ensures that the transaction, documents, contracts and processes are carried out in line with the law.

You can learn more about finding a notary through the Hellenic Notary Association website - your solicitor may also be able to point you in the right direction.

9. Completion

This is the final crucial step, involving the following actions:

• Signing the deed of sale and the final sales contract
• Transferring money to pay the final balance
• Registering the property title in your name
• Getting the keys to your new home.

All of the main steps will need to be done in person at the notary’s office, and it’s crucial to have your solicitor there as it may be conducted in Greek (including documentation).

📚 Transferring money to buy overseas property

How can you find a property in Mykonos?

The two main routes to find property to buy in Mykonos are local real estate agencies and online property websites.

Property agencies and agents in Mykonos

You aren’t required to use a real estate agent to find a property to buy overseas. But it can be helpful, especially if you’re moving to Greece from the UK and are unfamiliar with the property market there.

A specialist buying agent or broker might offer helpful advice and insight into the local market, as well as helping you narrow down your search.

However, there will usually be a fee to pay for this service. You should also make sure they’re licensed with the Hellenic Association of Realtors (HAR).

📚 Moving to Greece

Property websites in Mykonos

Keen to start your search online? Popular real estate websites in Greece include:

• Spitogatos.gr
• Hellenic Realty
• Tospitimou
• XE.gr
• Rightmove Overseas.

What are some of the pitfalls of buying property in Mykonos?

One of the main things to watch out for when buying property abroad are scams.

To avoid these and other pitfalls, it’s best to work with verified, independent and qualified professionals such as real estate agents, brokers and property solicitors.

Appointing an independent real estate lawyer is particularly important. This is an expert who works just for you and has your interests at heart, rather than working for the seller or real estate agent at the same time.

To find one, start with this handy UK Government list of English speaking lawyers around the world.

Other important things to remember include:

• Mykonos (and Greece in general) has an issue with properties which have unauthorised building work such as extensions or swimming pools. It’s crucial to have this checked before buying.
• If you’re buying a property to rent out - check the rules and restrictions for short-term lets. You should also look at rental demand around the year, not just in the peak tourist season.
• Be cautious and do your homework before sending money or a deposit.
• Ensure that the seller has the legal right to sell the property - along with carrying out other due diligence checks.
• Get an inspection/survey carried out if you have any concerns about the property, especially if it’s an older or historic home.

How do you choose the right property in Mykonos?

Your dream home in Mykonos will be the one that closest fits your search criteria. The most important factors will be location, the type of home and of course, how much you can afford to spend.

If you’re not already living there, it’s worth travelling to Mykonos to check out the specific area you’re interested in.

You’ll want to stroll around the neighbourhood, checking out local transport links and amenities, as well as viewing properties.

Condition of the property

It’s a good idea to do as much research as possible before committing to purchase a property.

It’s not mandatory, but it is strongly recommended to commission a building survey or inspection. This will flag up any major issues and give you a better idea of what you’re buying.

Type of property

Mykonos is famous for its charming traditional white-washed houses, but you’ll also find modern apartments and luxurious villas - as well as townhouses tucked away within the narrow streets of Mykonos Town.

You may even be lucky enough to find building plots zoned for development.

📚 Building property in Greece

Moving into your Mykonos property

There are a final few tasks to complete before moving into your new home, including getting insurance and setting up your utilities.

Insurance

It’s strongly recommended to take out a buildings insurance policy starting from your completion date. In fact, it’s likely to be a condition of your mortgage.

Setting up utilities and bills in Mykonos

If you know when your completion date will be, it makes sense to get some essentials set up in advance of moving in.

A prime example is utilities, such as power and water. Get these sorted as early as you can, and the moving process should be a little smoother.

Renovating property in Mykonos

For some properties, some building work or improvements may be needed before you can move in.

Our guide to building and renovating property abroad covers everything you need to know, from planning permission to finding a local builder - and some of the main costs you can expect.

📚 Renovating property in Greece

Save on currency conversion fees with Wise when buying property in Mykonos

After reading this guide, you should have all the essential info you need to start your property search in Mykonos.

This includes those crucial first steps such as finding a broker and searching online property portals, and getting your finances in order.

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Additional FAQs about buying property in Mykonos

Where is the best place to live in Mykonos?

Mykonos Town (Chora) is in the heart of the action, with nightlife, shopping and culture right on your doorstep.

For a calmer, family-friendly lifestyle, Ornos may be a better choice.

Laidback Kalafatis is great for outdoor activities lovers, while glamorous Psarrou is ideal for those with the budget to afford one of the island’s most expensive luxury homes.

Which Greek island is the cheapest to buy property?

The Greek islands of Amorgos, Andros and Naxos in the Cyclades are all known for their affordable property prices. You may also find cheaper property prices in Kos, Chios and Lesvos.

Do I need a Greek bank account to buy property in Greece?

Yes, it’s likely that you’ll need a Greek bank account - and an AFM tax number - in order to buy property in Greece.

Does buying a house in Greece give you residency?

It can, but only if you qualify for a Greece Golden Visa - which means investing the minimum required into Greek real estate, as well as meeting other conditions.

How much is property tax in Greece for foreigners?

All property owners - whether they’re local, foreign, resident or non-resident - need to pay the annual ENFIA property tax. This is set at a rate of €2 to €16.20 EUR per square metre for buildings, and €0.0037 to €9.25 EUR for land.⁶

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Sources used:

1. Properstar - mortgages in Greece
2. Investropa - Mykonos market information
3. La Vida Golden Visas - Golden Visa Greece
4. Indomio - housing prices in Mykonos
5. Your Overseas Home - average deposit amount
6. Immigrant Invest - property tax rates

Sources last checked on date: 6 Feb 2026