Cyprus and Greece rental yields reach record highs

Leading Greek and Cypriot real estate developer Leptos Estates reveal that rental yields in both Cyprus and Greece are consistently reaching all-time high levels as international purchasers let their holiday homes across sought-after destinations. The developer reveals that rental yields across some of their most popular destinations and developments are consistently reaching between 3% and 5%.

MENA purchasers have spearheaded the international investment into properties across Greece and Cyprus in recent years, seeking out beautiful holiday homes in amazing locations.

Taking advantage of the quick and direct connections between the Middle East and Cyprus, MENA investors take advantage of renting out their properties on the island when they are not in use or full time for those acquired purely as a rental investment.

The rental yields achieved from these holiday homes are so consistent and impressive that more homeowners are renting out their vacation properties. After seeing the rental returns being made on these homes, more investors are purchasing within popular destinations with the foresight to rent out their properties to generate impressive income. This has boosted the overseas sales traffic within popular holiday destinations in both Greece and Cyprus. In 2023, 15% of Leptos Estates’ sales were to MENA buyers.

Among these buyers, the preferred property types were 1 & 3-bedroom apartments for holiday use and large private villas for permanent residences, typically located as close to the beach as possible.

Pantelis Leptos, Co-President of Leptos Group of Companies, said: “Rental yields across popular Greek and Cypriot developments and destinations offer consistent and appealing returns. Sitting comfortably between 3% and 5%, purchasers can enjoy a passive income on their homes when they are not choosing to holiday there. These returns have been a catalyst for international investors to buy second homes in Cyprus and Greece as they seek to capitalise on steady rental income.

“Leptos Estatesprovide a rental team that takes care of all aspects of the rental process, creating a seamless and stress-free process when letting a holiday home. Owners feel assured that their homes are being handled with utmost care and attention whilst reaping the benefits of rental income. From posting the unit on various rental portals, including its own ‘Resitours’, doing the check in, check out and maintaining the unit.”

Popular developments and destinations include the Akamantis Gardens development in Paphos, Cyprus where a three-year rental guarantee a 5% yield. Leptos Estates have three two-bedroom apartments on sale at this development starting at US$236,938. Coral Gardens, located on the outskirt of Paphos, offers a guaranteed yield of 3% with five-year rental. Leptos Estates are selling nine apartments here starting at US$222,873 +VAT.

The Mandria Gardens development, located in Mandria, will generate a 4% yield for a five-year rental (Block of 6 apartments for US$1,781,905 +VAT) and Coral Bay Villas in Coral Bay offers a 3% yield for a five-year rental. (Package sale of 4 villas for US$2,901,682  +VAT).

In Greece, the highly sought after Molos Beach Village in Paros will generate rental yields of up to 3% over a three-year rental. Leptos Estates are currently selling 4 apartments at the development starting from US$27,589 for a one-bedroom apartment. Leptos Estates are also selling a three-bedroom villa at Santorini Villas, in Santorini. Priced at US$546,365 this villa will generate an impressive 3% rental yield.

All these properties are testament to the rising demand for incredible rental homes across mainland Cyprus and popular Greek Islands. Whether for work or leisure, properties amongst popular destinations are consistently achieving high yields creating a profitable outcome for investors.

Leptos Estates is the leading provider of new homes in Greece and Cyprus. For more information contact the Dubai Office on Tel: +971 4 2579306  / +971 509482424 or email Jenny.Pullon@LeptosEstates.com

Last Updated on 4 months by News Desk 2