According to an annual report released by Athens-based property consultants Algean Property, nine of Europe’s 10 prime holiday property locations with high return rates (on investment) are at Greek destinations with the majority of buyers from the US, Australia, Europe and the Middle East.
Mykonos, Santorini are Paros are on top of the list, as Mykonos property is shown to offer 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, Chania, Crete and Halkidiki 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 are also attracting 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.