Is Mykonos Expensive? Cost Guide + Nearby Islands

Thinking of planning a trip to the Cycladic Greek Islands? I first visited the Mykonos and Santorini in 2010, and then again in 2023. And if you were to ask me when I first visited, “Is Mykonos expensive” I would have had a totally different answer than I do today!

With the rise of tourism to Greece year after year, also came the price hikes to many of the islands. Mykonos is definitely one of the more expensive Cycladic islands, with some of the most expensive hotels in Greece.

With so many nearby islands you might be wondering if they are all as expensive as Mykonos. And since I have been to 9 of the nearby Cycladic islands, I can help you find the more affordable ones!

In this post, I will review just how expensive Mykonos is and how it compares to nearby islands! Decide for yourself if you think Mykonos is the most expensive island in Greece.

Is Mykonos Expensive?

The short answer is yes, Mykonos is expensive. It is one if the magical islands that I have ever visited, but it does come at a price.

The popular Greek Island has a reputation as a “millionaires island”. So that should give you a hint to what you can expect to pay in Mykonos.

But, I have more information that can help you decide if it is really too expensive for you to visit.

What Makes Mykonos So Expensive?

Honestly, if you can find affordable accommodations Mykonos doesn’t have to be that expensive.

But in order to keep the cost low you will have to make other concessions.

This means eating in very casual establishments and skipping the beach clubs with sunbeds.

Is It Expensive to Get To Mykonos?

There are a few ways to get to Mykonos some routes are more expensive than others.

1. Fly directly to Mykonos. Believe it or not, this might be the most affordable option to get to Mykonos. I like using Skyscanner when searching for the best deals.
2. Take a ferry to Mykonos. The cost to get to Mykonos via ferry will depend on your departure point. If you are traveling from the island of Sifnos for example the ferry ticket could be pretty cheap. If you spend a couple of days in Athens and travel to Mykonos from there the ticket will likely be more.
3. Private helicopter. Now I don’t think I need to tell you that this option is the most expensive way to get to Mykonos. Unless you are a guest of the person paying for the helicopter 😉

Average Price For a Hotel in Mykonos

The hotel prices in Mykonos are the highest in June, July & August. Also, the prices are higher the closer you are staying to Mykonos town.

If you venture out just a little bit you can save greatly Mykonos hotel costs.

A way to achieve this would be to rent a car and stay out in areas such as Ornos.

On average, during the peak season (typically June to August):

– Budget accommodations or basic rooms typically start at €100-€200 per night.

– Mid-range hotels or boutique accommodations you can expect to pay from €200-€400 per night.

– Luxury hotels or high-end accommodations in prime locations can go upwards of €400, with many premium spots reaching €800 or even much more per night.

Best Option For Vacation Rentals & Villas

If you are looking for short-term rentals here are a few to check out:

• Mykonos Villas
• Vacation Rentals and Apartments in Mykonos
• B&B’s in Mykonos

Are Food & Drink Prices Expensive in Mykonos

When it comes to food and drink, is Mykonos expensive? And while it can definitely be a YES, you have more to work with here than you do with accommodation prices.

If you want a top-rated dining experience in Mykonos, expect to pay upwards of 100€. Mykonos is one of the Greek Islands for foodies after all.

But if you are someone who can get down with some cheap street food, then you are looking at about 10-12€ per meal.

Drinking a Mythos, Apha, or Aaos beer is going to cost you anywhere from 7€ to 12€ depending on where you are.

One of the top-rated and labeled as the most expensive restaurant in Mykonos is Thioni Restaturant.

Cost of Getting Around in Mykonos

If you want to fully explore the small island of Mykonos on your own time, you should rent a car.

Car rental prices vary, but if you reserve a car well in advance you often get the best deals!

If you are trying to save money when visiting Mykonos you can take the bus.

The public transit buses will take you are the entire island to places such as Kalo Livadi, New Port, Kalafatis, Ano Mera, Agios Stefanos, and Panormos.

🚌 Download Mykonos Bus Schedule Timetable

Do You Need To Rent A Car in Mykonos?

Whether you NEED to rent a car in Mykonos depends on a few things.

1. Where you are staying and is it far from the port?
2. How many days you will be staying in Mykonos?
3. How many secluded beaches and activities do you want to do?

If you are planning to just stay in Mykonos for 2 days, and are staying close to the port I don’t think you need to get a car.

🚗 Search Rental Car Rates in Mykonos

Beach & Sunbed Prices in Mykonos

The cost of a sunbed in Mykonos could come as quite a shock if you aren’t prepared.

These prices will range from place to place but expect to pay at least 50€.

Is it worth it? In my opinion, it kinda is. Remember you are on vacation, so if you can spare it, I would splurge.

But the cost of sunbeds adds up quickly. Typically you need to spend a minimum of food and drink in addition to the bed itself.

This is one of the reasons Mykonos is so expensive.

Best Time to Visit Mykonos

If you are looking to visit Mykonos at the best time of the year then you want to visit in July and August. The party island will be in full force during these summer months.

Personally, I don’t visit Mykonos for the party, so I visit the island at the end of September.

The weather is still very warm and welcoming. At the end of the season, you will find the best prices and more space overall on the island.

Tips to Save Money in Mykonos

1. Travel in the Shoulder Season: Visiting during the months of July and August, otherwise known as the high season can be expensive. Consider going at the end of May or mid-September, and enjoy mild temperatures, sunny days, and fewer crowds.
2. Accommodation Choices: It’s all about finding affordable hotels! The trick is to book EARLY, think 8 months out. Consider staying slightly outside the main areas or Mykonos town for better deals.
3. Eating Out: Instead of high-end restaurants, opt for local cuisine without the premium price. On a strict budget? Good to the grocery store and have a picnic. If you’re a beer drinker, buy from local brands or look for happy hour deals at popular beach clubs.
4. Transportation: Utilize public transportation like the local bus and consider water taxis or shared taxi services instead of private taxis.
5. Activities: Skip the parties at the beach clubs and enjoy the gorgeous beaches. Also, explore archaeological sites and ancient ruins for a taste of ancient history without spending much. Walking through the small streets of Mykonos town or Little Venice can be a free and delightful experience.
6. Flights: Look for direct flights or deals from the United States or other countries to Mykonos.
7. Shop Wisely: Don’t come to Mykonos Island ready to shop. Come prepared with everything you need, especially things like sunscreens. They really get you on the essentials!
8. Avoid Tourist Traps: Places like Little Venice are beautiful but can also be pricier due to high demand. Venture out and explore the rest of the island for a different story.
9. Day Trips: Instead of staying overnight, consider a day trip from Athens.
10. Plan Ahead: Pre-book activities and services during sales or off-peak times to get the best deals. Sometimes, paying in advance or with a credit card can offer discounts.

‼️ Protect Your Trip to Mykonos and Get Travel Insurance!

Is Santorini more expensive than Mykonos?

In my experience, Santorini was a little more expensive than Mykonos, but not by much. They offer different kinds of experiences.

In Santorini, you are paying for the dramatic views and idyllic sunsets. In Mykonos, you are paying to be part of the who’s who at the vibrant beach clubs.

Most Affordable Islands Close To Mykonos

Folegandros

The Cycladic Greek Island of Folegandros is 53 nautical miles away from Mykonos.

Not ideal for a day trip, but definitely a great island as an alternative if Mykonos is too expensive.

Average Hotel Cost in Folegandros

When it comes to accommodation costs, Folegandros is generally more pocket-friendly. Although its reputation as a quieter getaway is growing, the island remains less commercialized.

When I visited in July I paid considerably less for a hotel room in Folegandros compared to Mykonos. While Mykonos boasts a range of luxury hotels reflecting its status as one of the most famous islands,

Folegandros provides more modest accommodations at reasonable prices.

Depending on the time of year and exact location, expect to find prices in Folegandros that are 20-40% less than those in Mykonos.

When I visited I stayed in the Chora at Polikandia Hotel Folegandros.

This hotel had a swimming pool and a charming room with a very comfortable bed.

Food & Drink Prices in Folegandros

The average meal in Folegandros was under 25€ and that included 1 glass of local wine. A little bit more if I ordered an Aperol Spritz, which I often do ; )

If you opt for beer you will pay on average 4€ for that same beer that might cost you 10€ in Mykonos.

Serifos

Serifos is one of my favorite Greek Islands for solo females and budget-conscious travelers! With Serifos only 2 hours from Athens, it makes for a great island to visit if you are short on time.

Average Hotel Cost in Serifos

Since Serifos is a lesser-known gem in the Cyclades chain within the Aegean Sea, you get the experience without the hefty price tags in Mykonos.

When considering beachside accommodation, the price largely depends on the type and location. On average, a standard room in a guesthouse or a budget hotel near the beach can range from €50 to €100 per night during the peak summer months.

If you want boutique hotels or luxury apartments with beach views, you can expect prices to be in the range of €100 to €250 or possibly higher.

Many accommodations also provide amenities like balconies overlooking the Aegean’s crystal-clear waters, adding to the experience.

I stayed at Petteo for 150€ a night in August with a balcony and view of the Aegean Sea. In Mykonos, something this nice would easily have cost around 500€ per night.

Food & Drink Prices in Serifos

Many of the restaurants in Serifos are along with port with tables just feet from the Aegean Sea!

An experience like this in Mykonos would be wildly expensive, here in Serifos you could pay as low as 30€ including alcohol, appetizer, and entree.

Naxos

Naxos is one of the closest islands to Mykonos. You can reach Mykonos from Naxos by ferry in just under an hour and a half.

If you don’t want to go there alone, you can take advantage of the several tour companies that offer a day trip to Mykonos from Naxos.

So rest assured if after reading about the prices of Mykonos it’s out of range you can still check it out by doing a day trip.

Average Hotel Cost in Naxos

Naxos, while still a popular destination, with a laid-back and family-friendly vibe, has reasonable hotel prices. A standard room in a mid-range hotel close to the beach might range from €60 to €120 during peak season.

More upscale or luxury accommodations near the beach can be found in the ballpark of €120 to €250, depending on the amenities and exact location.

My favorite boutique hotel in Naxos is Nastasia Village Hotel.

Comparing that to how expensive it can be in Mykonos, Naxos is the island for me!

Food & Drink Prices in Naxos

Naxos has some great restaurants that don’t get enough credit. Now, you might not get a three-course meal that deserves a Michelin star, but you will be happy.

Mykonos Trip Cost Guide

Conclusion: Is Mykonos Expensive?

I think we established pretty early on in this post that Mykonos is expensive, but there are ways to make it more affordable.

It is not impossible to visit Mykonos without a lot of money, but staying in other places on a budget, like Athens is a lot easier.

My hope is that if you read this post and feel like Mykonos is out of your reach for now you will consider some of the other incredible Greek Islands that are a bit more budget-friendly!

Planning a trip to Greece?