This is a villa and second-home market with a short, intense season. A twelve-month yield does not exist for most of the stock; the honest model is owner use plus a managed summer let, with management fees and wear priced in.
Zoning and construction permissions on the peninsula are tightly and inconsistently enforced, with genuine history of unpermitted building. Demand the iskan — the occupancy permit — and the permit chain, not just the tapu.
Site fees on gated compounds — pool, security, landscaping, private jetty — are the recurring cost that decides whether an off-season holding makes sense.