The highest income for Cretan Houses
This development is due to the significant drop of cottages market prices in Greece Real Estate in recent years and in much smaller decline in rental prices over the same period. It is significant that during the last six years the sales prices have dropped to 40% as a result of lack of demand and the economic crisis. Therefore, they have become much more attractive for interested property investors.
Specifically, the houses in Mykonos offer annual gross return of 7.4% range, in Crete yields stood at 5.8% in Rhodes 5.6% and 5.5% in Chalkidiki. These destinations respectively occupy the first four positions in the ranking; the fifth belongs to the Dalmatian coast (Croatia), where the farm cottages offer a gross return of around 5.4%, while following two more locations, Corfu with yields of 4.8% and Porto Heli with yields 4.8%. Performance is calculated taking into account the initial cost and the estimated annual rental income (aggregated 12 weeks rental or three months).
Indeed, the future prospects for the Greek market can only be positive, which means even more profits for aspiring buyers / investors in the cottage industry in Greece. According to analysts, those placed on the market today can expect a significant recovery in housing values in the coming years, which means that they can capitalize and capital gains in the future. At the same time, rents are not expected to decrease; on the contrary, the most pessimistic estimates speak of stabilization, while the most optimistic and still expect increases, mainly due to the continued positive performance of the Greek tourism, but also because of the lack of many luxury homes in market.
Already, however, the foreign demand varies a very high level, at least compared to previous years. According to the Bank of Greece, reveals that total capital inflows from abroad to buy real estate in Greece increased in 2014 to 250 million EURO, against 168 million EURO in 2013 and 113 million EURO in 2012. The rise in compared with 2013 stood at 48.8%, while during the last two years, capital inflows from overseas property market exceeded 121% sample of momentum developed.
Moreover, most analysts point to the conclusion that, in all likelihood, the market of cottages has now reached the bottom, since it offered housing even in manufacturing costs, ie no business profit. Already in 2014 was characterized by the lowest price decline, with only 5-6%, a trend likely to continue this year. Therefore, the conditions are ideal for those who have the necessary liquidity.