Why is the Mediterranean so much more expensive than the Caribbean?

I visited both recently and was struck by the difference in price for the same level of accommodation. <br><br>For example in November I stayed in a 5* hotel in the Maldives for $240 per night and in the Caribbean $420 per night. Similarly, my sister just stayed at a 5* hotel on the island of Santorini for $630 per night. <br><br>I can’t seem to find a logical explanation for why the Mediterranean is more expensive than the Caribbean? <br><br>Both destinations are island locations in the tropics with beautiful beaches and a similar climate. I’d expect them to be similar in price but that doesn’t seem to be the case.