Have you ever wondered which islands in the Mediterranean offer the best return on investment? An annual review by Algean Property of 30 locations across the Mediterranean region found that demand for holiday destinations boosted dramatically during the pandemic and remains high.
Islands with the Highest Yield
Much like in the previous year, Mykonos is at the top of the list, with an average gross yield of 7.4 percent. Surprisingly, Paros edged out Santorini as the second highest performer. This is thought to be a result of spillover from Mykonos and Santorini, as they are close geographically.
It is worth noting that yields in Mykonos reduced from 8.3 percent to 7.4% from 2021 to 2022. At the same time, Paros boosted from 6.5% to 7.1%. In other words, if this trend continues, Paros is poised to be even more popular than Mykonos in 2023.
Other countries surveyed include in the Algean study were Tunisia, Spain, and France.
Why Paros?
Paros can be thought of like a little brother to Santorini and Mykonos. Its port of Parikia is breaking records, with over 1 million passengers arriving by boat in 2022.
Based on data from the Port Authority and the State Airport of Paros, this was a 5% increase to last year’s numbers.
The recent growth is due to a number of factors, including the island’s blend of authenticity and luxury. It still has the local Greek hospitality without the masses of crowds in nearby Santorini. It is known for its rolling valleys, golden sand, and private chapels. The fishing town of Naoussa on the northern side of the island is also a draw because of its boutique hotels.
Most recently, Paros was featured in a Forbes magazine release of its “Top 23 places to travel in 2023” along with destinations in the British Virgin Islands, Morocco, and Qatar.
How do I buy property on these Islands?
Greece has 138 inhabited islands, so there are many areas to choose from when searching. Locales vary with regard to taxes, legislation and procedures. For guidance on the practical matters involved in the purchase of real estate in Greece, you can reach out to us at contact@elxis.com.
