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 per cent and 5 per cent.
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, says: “Rental yields across popular Greek and Cypriot developments and destinations offer consistent and appealing returns. Sitting comfortably between 3 per cent and 5 per cent, 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 and maintaining the unit.”
Popular developments and destinations include the Akamantis Gardens development in Paphos, Cyprus where a three-year rental guarantee a 5 per cent yield. Leptos Estates have three two-bedroom apartments on sale at this development starting at $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 $222,873 +VAT.
The Mandria Gardens development, located in Mandria, will generate a 4 per cent yield for a five-year rental (Block of 6 apartments for $1,781,905+ VAT) and Coral Bay Villas in Coral Bay offers a 3 per cent 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 per cent over a three-year rental. Leptos Estates are currently selling 4 apartments at the development starting from $27,589 for a one-bedroom apartment. Leptos Estates are also selling a three-bedroom villa at Santorini Villas, in Santorini. Priced at $546,365 this villa will generate an impressive 3 per cent 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.
