Greek Properties Prime Buys for Luxury Holiday Home Buyers
Mykonos, Santorini and Paros are among the top choices for buyers seeking to invest in luxury holiday accommodation, Kathimerini reports.
According to an annual report released by Athens-based property consultants Algean Property, nine of Europe’s 10 prime holiday home locations with regard to high return rates (on investment) are at Greek destinations with the majority of buyers from the US, Australia, Europe and the Middle East.
More specifically, property on Mykonos offers an 8.4 percent investment return, which is at 6.4 percent on Santorini and Paros. Leading destinations for tourism-related luxury property ranking high in terms of returns were Rhodes, Skiathos, Elounda, Porto Heli, Halkidiki and Chania, Crete, where return is equal to yields generated from property buys along the Dalmatian Coast, in Tunisia, and Nice, where investment returns are at approximately 4.8 percent, the study found.
Other destinations that attract investor interest but offer lower yields include Kefalonia, ranked 13th with an investment return of 4.1 percent, Corfu at 4 percent, the Athenian Riviera (23rd), at 3.4 percent.
The Algean study is based on investment in a 250m2 luxury holiday home offering a rental income over a 12 week period in the summer months.