This is a great chilled out spot to have dinner/drinks at sunset and avoid all the crowds that are in Oia to see sunset.
Easy enough to find, walk down the main road to the fishing port in Oia and you can't miss the turn off to Katharos Beach. Bit of a hike back up though, so just ask them to ring you a taxi when you want to leave :-)
The Raki cocktails are dangerous - you have been warned :-)
Also quick tip, they don't have a phone line in the restaurant/bar so accept cash only.
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