Why Greece could be the best place to make a profit

Greek property could hold profits

Over the last few years, many
investors have turned away from Greek property. The country’s economic problems
have seen property values in the country fall while taxes on Greek homes have
risen sharply.

However, new research has found
that Greece could be an excellent place to buy overseas property if you’re
looking to maximise your rental return.

Greek islands offer great rental potential

New figures published in the Daily Mail show that the average weekly
rental return for a three bedroom property is higher in Greece than in many
other parts of Europe. The average return in Corfu is £1,356, on Crete it is
£1,103 and in Cephalonia it is £1,150.

This is compared to £972 in
Tuscany, £660 in the Loire Valley and £659 on the Costa del Sol.

The newspaper reports that
‘Greece rentals generally look expensive compared with the other countries.
Corfu, and particularly the fashionable north-east coast where the prime
minister has holidayed, is one of the pricier islands.’

It seems that while many people have steered
clear of Greek property, it could actually be one of the best places in terms of ROI to buy

Rents on the popular Greek
islands are significantly higher than many other popular European tourist
destinations. And, with the prices of property in Greece falling, you don’t
have to commit as much of your capital to generate a great rental return.”

Rents are a little lower Cephalonia
than they are on Crete and Corfu although certain popular, up-market areas such
as Fiscardo command rents in excess of £1,400 per week.

The Greek islands certainly
attract higher rents than the mainland. The research found that an average three bedroom home in the
Peloponnese generated £841 per week in rent. While this is good in comparison
to many other European destinations, it is 15 per cent lower than similar properties
on Corfu and Crete.

Author :

Nick
Marr