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Tourism

Greek Island Luxury Rentals Bring Bigger Returns Than Riviera

Demand for luxury vacation homes is so great that owners can rent them out for prices that bring better returns that some noted international symbols of success and excess.

That includes Cannes and Saint Tropez on the French Riviera or Italy’s island of Capri, playgrounds for the super duper rich and with Greece luring more celebrities each summer to add to its allure.

Luxury homes on Mykonos and even Paros, in the Cyclades bring in bigger rentals in relation to their purchase price, said Kathimerini in a report on the phenomenon, interest remaining even during the COVID-19 pandemic.

For a sixth year, Algean Property conducted a survey across 30 popular destinations in the Mediterranean, recording all the latest trends and prospects in the luxury holiday homes market and Mykonos remained #1.

That was for an average gross yield of 7.4 percent as increased demand has seen prices for the properties shoot up while rents rose at a somewhat slower pace, not taking away the island being a magnet for rich renters and buyers.

On Paros, rents rocketed up to close the gap wity Mykonos and not far behind was Santorini, one of the world’s most desirable spots, Greek islands not losing their luster even during the long health crisis.

Across the Mediterranean, rental prices remained steady or even grew, according to those surveyed, with some fluctuations, Alegean Property adding: “Given the low interest rates in recent years, the purchase of a luxury holiday home is a major investment opportunity.”

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