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Rhodes Drawing Buyers Of Luxury Homes

News Posted On: 07 July 2014

Greek property news

Rhodes is a small island off the Greek mainland and has been a popular and exclusive holiday destination with luxury homes and beachfront villas making a comeback after the real estate crash caused by the Euro crisis. It is now reported that since the first quarter of 2014, the prices are on a record high. Prices on the island have been soaring from the end of 2013 and are now at a record high. This has caused the demand in prestigious residential property in this region to soar.

This has been attributed to the general stability of the property market over the stock market which has led big investors to invest in fixed, tangible assets. The drastic drop of land transfer tax from ten percent to a measly 3 percent during this time has also helped in the growth. One of the biggest real estate firms in the country has recorded a thirty percent rise in customers searching for property in the more exclusive and desirable parts of the island.

The amount of available property however, is limited as there have not been any active housing projects on the island following the downswing crisis years. The other factor to be considered here is the natural setting of Rhodes, which is an island, can have only a certain number of exclusive, beachfront properties along its coast. The other properties that do not lie directly on the beach are not of less value and are still considered desirable, but do not fetch as high a price. The new projects have begun on a good note only at the end of 2013 and the beginning of 2014. It is now on a major high.

Overseas Buyers flocking in

The majority of the potential customers seeking to invest in Rhodes have been from UK, Germany, Switzerland and Austria. These are usually wealthy persons from around Europe or even local Greeks looking for a second or third holiday home and can come up with the needed funds with little or no borrowing. A new bill has been passed to attract even non-EU investors by promising a five year residential permit that can be extended as many times as the investor wishes, so long as they have purchased property worth 250,000 Euros or more. This has been done on a move to attract middle- eastern and Russian buyers.

Strong investment value

The potential for future appreciation of property is also a contributing factor as the real estate market of Greece and the rest of Europe is looking positive in the coming years. Sale can also be quick depending on the location. As the famous real estate adage goes, 'Location, location, location!' its all about where the property is.

The most sought out localities are Lindos, Plefkos and Vlicha as well as the eastern part of the island all the way to the south. All types of housing structures are favored in these regions like villas, bungalows, traditional Greek cottages, penthouse apartments and townhouses. The high rollers prefer large houses with pools, modernized fittings that have three or four bedrooms; this is the current trend.

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