Mykonos, a jewel of the Cyclades and one of Greece’s top tourist destinations, is facing a surprising dip in summer demand, prompting Airbnb hosts to slash prices to attract visitors.
Hospitality professionals report that booking levels are below expectations, even for the peak months of July and August, which typically drive the island’s tourism revenue.
Luxury and budget accommodation providers alike are responding with significant discounts. LuxuryLiving, a company managing nearly 200 villas, has cut prices by approximately 15% and intensified international marketing efforts. “Since Easter, demand has noticeably declined, and this isn’t unique to Mykonos,” a company source noted, pointing to broader regional trends.
Industry experts attribute the slowdown to Greece’s fading cost advantage. “Rising taxes and operational costs have eroded Greece’s reputation for affordable holidays,” an insider explained. With economic pressures in key markets like Germany, the UK, and France, tourists are increasingly price-sensitive, seeking value for money.
Mykonos’ image has also suffered from viral reports of price gouging, which fueled social media backlash and negative international coverage. Meanwhile, INSETE Intelligence data shows a 1.6% drop in international air arrivals to Mykonos in March, signaling potential challenges ahead.
Adding to the pressure, competitors like Turkey, Egypt, Croatia, and Albania are luring tourists with budget-friendly packages, intensifying regional rivalry. As Mykonos grapples with these dynamics, hosts are taking proactive steps to salvage the 2025 summer season.
