High Rents Force Mykonos’ Businesses to Shut Down (video)



    The high prices owners demand from businessmen to pay for rent at Mykonos‘ highstreet of Matogianni, has led many businesses to shut down.

    Residents of the popular Greek island say that some owners ask for outrageously high prices, which include, apart from the rent, a huge amount of money just to secure the deal.

    For example, the average monthly rent in Matogianni was €5,000 ($5,700) last year, with the extra amount of money needed to be paid upfront reaching the figure of €300,000 ($340,000).

    If someone adds to this amount of money the cost of renting a small apartment in Mykonos for the summer months and the cost of employing staff, doing business on Mykonos’ high street has literally become impossible.

    People who know life on the island say that tourists can now find everything they need in businesses located right next to the beaches, making the stores located on high street much less profitable.