Mykonos holiday homes offer investors best returns

Mykonos offers best returns

The popular Greek island of Mykonos is the most attractive investment choice for investors in holiday homes based on rental yields, according to Algean Property.

In a report on yields produced by high end holiday homes in Greece, Algean Property said that Mykonos, was followed by Santorini and Paros.

The average gross rental yields for a place in Mykonos stands at 8.4%, with the return coming in at 6.4% for Santorini and Paros.

"The ranking continues with another four Greek destinations, Skiathos, Rhodes, Elounda and Porto Heli, offering returns higher than 5%," adds the report.

Greece's cheap property prices are drawing the interest of foreign bargain hunters often looking for luxury homes on the beach which can be easily rented when the owners are not in the country.

The figures in Greece are well above yields seen elsewhere in the Mediterranean region, such as Spain's Ibiza and Paphos in Cyprus where the figures stands at 3.8% and 2.4% respectively, said Algean.