Breaking Down How Expensive Mykonos Is: + Money Savings Tips

Renowned for its luxurious hotels and high-end lifestyle, Mykonos is often perceived as one of the most expensive Cycladic islands.

But is it true? The straightforward answer is an emphatic “absolutely,” but that shouldn’t deter you from visiting.

The hefty costs in Mykonos can be mitigated by savvy planning, including choosing the right time to visit, getting creative when booking accommodation, and researching restaurants ahead of time.

In this blog post, we’ll break down the expenses of a Mykonos holiday and give you tips on how you can make it a more affordable one!

Why Is Mykonos REALLY That Expensive?

The surge in tourism across Greece has, as expected, driven up prices, with popular destinations like Mykonos experiencing the most significant impact.

I can confidently say that Mykonos is pretty much the most expensive Greek Island.

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

But, with my tips and information below, there are ways to visit that don’t involve breaking the bank.

Why Is Mykonos So Expensive? A Breakdown of Prices

These are the 3 factors that drive the price up in Mykonos in peak season:

1. Hotel costs- Average 3 star $200 per night – I’ll share a great hotel under $200 per night
2. Food & drink- Average entree 25€, cocktail 18€ – But I know cheaper places (we will look at some receipts)
3. Sunbeds and minimum food purchase requirements– Sunbeds start at around 50€ when sitting in the back row, and the food minimum varies, but expect around 50€.

*Getting around could cost you a lot if you are staying in a secluded area and are not staying on the bus route.

Category	Budget Traveler	Mid-Range Traveler	Luxury Traveler
🛏 Accommodation	€50–€150 per night (hostels, B&Bs)	€150–€400 per night (boutique hotels)	€400–€1000+ per night (luxury resorts)
🍽 Food & Drink	€10–€25 per meal (street food, snacks)	€25–€50 per meal (sit-down dining)	€80–€150+ per meal (fine dining)
🍹 Cocktails/Drinks	€6–€10 per drink	€12–€18 per cocktail	€20+ per cocktail at beach clubs
🏖 Sunbeds	€0–€30 (off-season or last row)	€50–€80 (mid-row, some food min)	€150+ (front row w/ food & bottle service)
🚍 Transportation	€2–€5 (bus), €10–€20 (short taxi)	€30–€70/day (rental car or quad)	Private drivers or helicopter transfers
🎟 Activities	Free–€25 (beach, walking, ruins)	€50–€150 (boat tours, clubs)	€200+ (VIP beach clubs, private tours)

How to Save Money in Mykonos (Real Examples!)

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Hotels

Have you ever heard of using credit card points for your hotels? I am a big believer in these points programs, if done correctly, you achieve FREE hotel stays! I did this most recently on a solo trip to Venice.

Honestly, if you can find affordable accommodations, Mykonos doesn’t have to cost you an arm and a leg.

I used my booking.com account and, with my Genius discount, scored an excellent hotel 8 minutes from the center for 149€ per night! Check out Hotel Madelena, I added my pictures below.

Food & Drink

Who says you must spend over 100 euros for a fantastic meal in Mykonos? I would literally grab food from a vendor and go sit at the harbor at sunset.

Sun Beds & Beach Clubs

Sunbeds in Mykonos can be surprisingly expensive, often starting at 150€ for front-row seats. This is at all clubs, may I remind you.

While the cost adds up, especially with minimum food and drink purchases during peak season, it’s worth the splurge if you’re on vacation.

To save money, consider visiting in the off-season, like late September, when prices are lower. There will be no famous live DJs, but you are still getting the premium experience for a lower cost.

☀️ My sun bed at Paradise Beach Club cost 30€ for the last row, and there was no minimum cost for food or drink.

How Much Does It Cost To Get To Mykonos?

There are a few ways to get to Mykonos some routes are more have a higher price tag than others.

• ✈️ Fly directly to Mykonos. $$ (Prices vary) Believe it or not, this might be the most affordable option to get to Mykonos. I like using Skyscanner when searching for the best deals. I’ve seen flights for 60€ from Athens.
• ⛴️ Take a Ferry to Mykonos. $$ (price varies) 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. **Ferry Tickets in September 2023 were €70 each way to and from Athens

• 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?

What You Can Expect to Pay On Average For a Hotel in Mykonos

The hotel prices in Mykonos are the highest in June, July & August. I’ve seen hotels starting at 175€ per night.

Also, the prices are higher the closer you are to Mykonos town and places like Paradise Beach Club.

By exploring just a bit outside the main areas, you can significantly reduce your hotel expenses in Mykonos.

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

Hotel Options For Every Budget

• MyCoccon Hostel– This is not your standard hostel, but this one is pretty cool with its Grecian vibes and cool amenities. $$ Budget accommodations or basic rooms typically start at €100-€200 per night.
• Myconian Korali– This is a beautiful and bougie little boutique hotel in Mykonos. $$$ Mid-range hotels or boutique accommodations you can expect to pay from €200-€400 per night.
• Santa Marina, A Luxury Collection Resort. This is your high-end, ritzy resort-like hotel. $$$$ 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

Food and Drink Prices

When it comes to food and drink on the island of Mykonos, is it crazy overpriced? While it can 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.

Is Beer Cheap in Mykonos?

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

What is the Most Expensive Restaurant in Mykonos?

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

Affordable Restaurants in Mykonos Recommend by Locals (Tourist Tested)

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. It’s cheap! You can get a ticket for 3.60€ roundtrip, but cash only.

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

One of the mistakes to avoid in Mykonos is planning to use taxis all the time. Taxis are not cheap and can be hard to find during the busy months.

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

Best Time to Visit Mykonos On A Budget

The best time to visit Mykonos on a budget is in the shoulder season, specifically the end of the season, like October.

If you are looking to visit Mykonos at the best time of the year for a party, then you want to visit in July and August.

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.

Final Tips to Save Money in Mykonos

1. Travel in the Shoulder Season: Visiting during July and August, otherwise known as the high season can be expensive. Consider going at the end of May or mid-September.
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. Or plan on staying on one of the cheaper Greek islands and then doing a day trip from there.

Is Santorini More Expensive Than Mykonos?

In my experience, Santorini was a little more expensive than Mykonos but fairly comparable. They offer different kinds of experiences.

Overall 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 beach clubs.

A 3-star hotel in Mykonos with a 10-minute walk to the center is comparable to a hotel in Santorini without a view of the sea.

Food and drinks vary by establishment, but overall you can expect to pay the same for 18€ average cocktail price and 25€.

In the End, Is Mykonos Worth The Cost?

Yes, Mykonos is expensive — but it doesn’t have to be. If you play it smart (like I show above), you can enjoy the glam without the regret.

In my experience, Mykonos is worth visiting despite the cost. It’s an iconic island that you should experience and if you budget correctly, it is managable.

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.

If you read this and still find Mykonos a bit too pricey at the moment, I encourage you to explore other budget-friendly islands near Mykonos!

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