Lighthouse Quick Takes - Santorini hotel rates surge as Mykonos softens

Santorini and Mykonos sit in the same Cyclades archipelago, but their 2026 pricing trends have pulled sharply apart. Santorini hotel rates are up 35% in May and 31% in June year over year, with July advertised pricing up 16%. Mykonos hotel rates are down 3% in May, 8% in June, and 9% in July on the same basis.

In this Lighthouse Quick Take, Blake Reiter examines what short-term rental data reveals about the split. Mykonos short-term rental gross ADR is growing and now runs more than double Mykonos hotel pricing, while Santorini hotels have overtaken short-term rentals on rate for the first time. The pattern points to a shift in traveler behavior rather than weaker overall demand, with direct implications for how hoteliers in each market think about pricing power.