When it comes to budget, both Santorini and Mykonos are on the premium side,
But Mykonos generally takes the crown as the more expensive island. Known for its luxury beach clubs, high-end hotels, and party scene, Mykonos often attracts a more glamorous (and spendy) crowd. It has VIP sunbeds, €20 cocktails, and fine-dining bills that’ll make your wallet flinch a bit.
Santorini, while still upscale, offers a wider range of options. Obviously, Oia’s cliffside suites come at a premium price range, but budget travelers can find cozy guesthouses and traditional stays in places like Fira or Pyrgos without breaking the bank. Dining in Santorini also varies from fancy restaurants with caldera views that cost more, but there are plenty of shops serving delicious local dishes at reasonable prices.
In short, Mykonos is better for big splurges and nightlife luxury, while Santorini offers better value for money with a romantic, laid-back vibe. Your total cost will depend on where you stay, how you dine, and whether you’re there to party or explore. Either way, it’s possible to enjoy both islands with a smart, balanced budget that is just plan ahead and preferably travel in the shoulder season if you're hoping to save.