International Property
Cyprus & Greece
CYPRUS AND GREECE RENTAL YIELDS REACH RECORD HIGHS
AS BRITS UTILISE HOLIDAY HOME INVESTMENTS
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%.
British purchasers have spearheaded the international investment into properties across Greece and Cyprus in recent years, seeking out beautiful holiday homes in amazing locations. Since Brexit, those purchasers without EU residency have had limitations on the length of time that can be spent in either Greece or Cyprus.
Many Brits have therefore resorted to renting out their homes when they are not in use, whilst those purchasing purely as a rental investment can still use their homes for two weeks of the year or if they’re property is in use can opt for a similar unit within the Leptos portfolio for the same period.
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, 10% of Leptos Estates' sales were to British buyers.
Among these buyers, the preferred property types were 2-bedroom apartments for holiday use and 2-3 bedroom villas for permanent residences with typical locations favoured by Brits being the coastal areas.
Many overseas purchasers cite the diverse potential of their properties as a key factor behind their investment. Whether purchased as a holiday home or purely as investment/ income generator, Cyprus and Greece remain some of the most popular holiday destinations with YouGov revealing that Greece is the second most popular overseas destination for Brits in 2024.
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 Estates provide 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/maintaining the unit etc.“
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 €219,000. 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 €206,000 +VAT.
The Mandria Gardens development, located in Mandria, will generate a 4% yield for a five-year rental (Block of 6 apartments for €1,647,000 + VAT) and Coral Bay Villas in Coral Bay offers a 3% yield for a five-year rental. (Package sale of 4 villas for €2,682,000 + 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 €255,00 for a one-bedroom apartment. Leptos Estates are also selling a three-bedroom villa at Santorini Villas, in Santorini. Priced at €505,000, 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 Leptos Estates on Tel: +357 26880120 (Cyprus), +30 28210 20830 (Greece),
(+44) 208 883 2333 / (+44) 788 767 3342 (UK),
email: info@LeptosEstates.com or visit: www.leptosestates.com
