Rhodes, a Greek island, is making a comeback in the luxury market.

According to worldwide real estate consultant Engel & Völkers, the luxury real estate market in Rhodes is starting to stabilize now that Greece’s future in the Euro appears safe. cars parts

According to Engel & Völkers, inquiries for high-end residential property climbed by almost 20%.

On Rhodes, Georg Petras, a partner at Engel & Völkers, states, “The price structure of the luxury second house market on Rhodes has been less affected by the financial crisis than that of the first home market. During the financial crisis, the value of luxury vacation homes fell marginally. However, because to increasing demand, prices have begun to rise once more. From this perspective, the best moment to invest in Greek real estate is right now “..

Exclusive villas and homes are in high demand, especially those along the shore with direct sea access or spectacular views. The most popular properties are those with three or more bedrooms, high-end finishes, and large land plots. In addition to an investment in quality of life, security, and retirement provision, buyers of top-end properties in a prime location on Rhodes are purchasing a secure asset investment with potential for appreciation in value.

The cost of premium real estate on Rhodes is expected to rise.
The trend toward higher luxury property prices on Rhodes is already visible on the island’s east coast: In comparison to the previous year, maximum prices for properties with sea views increased by 500 euros per square meter to 3,000 euros per square meter at Engel & Völkers. Traditional buildings cost 1,000 euros per square meter in the south of Rhodes, whereas villas with park-like land plots cost 4,000 euros per square meter. Prices in the island’s most sought-after real estate hotspot, Lindos, start at 2,500 euros per square meter and rise to over 6,000 euros per square meter. The town of Rhodes’ core and suburbs are particularly popular with first-time buyers. Existing properties in central locations cost between 1,600 and 3,500 euros per square meter.

Price stability is the product of wealthy foreigners and increasing visitor numbers.
The market for luxury and affluent second homes must be considered separately from the overall Greek property market. The majority of vacation homes and luxury properties are owned by rich foreigners or Greek expats.

They probably bought their home with little or no borrowed money, so they aren’t under any pressure to sell in most cases. This encourages a natural price stabilization. Germany, Austria, and Switzerland are the countries with the most requests for second residences on Rhodes. There are other parties interested from the United Kingdom, other central European countries, and non-EU countries.

The island’s thriving tourism business has provided additional incentive. In 2015, a further growth is expected, boosted by the announcement of even additional aircraft connections.