Why Rhodes?
Rhodes Property Boom...Since the 1970’s Rhodian’s have been welcoming holiday makers from the UK and other countries to their beautiful Island to relax and soak up some of the 300 days of sunshine that warms the crystal clear waters of the Mediterranean each and ever year.
Before ten years the only holiday accommodation you could find were hotels, B & B’s and apartments. If you were looking to rent a private house or villa with a swimming pool for your holiday there were none to be found!
A small number of construction / development companies took hold of this situation some 7 years ago and started building private residential developments in carefully selected tourist locations across the east coast of the Island.
The market has grown faster than anyone could have anticipated and now as you drive around the Island you see many new homes and private residential developments being built by a number of different construction / development companies.
Rhodes Island is protected by very tight density laws that prohibit over building and this vast amount of construction that we are witnessing now will not last forever. Experts are predicting that new builds will keep increasing over the next 5 years but thereafter when we start reaching maximum density on the east coast the market will change and move more strongly into the resale market rather than new build / off plan that is currently experiencing its boom.
One main contributor to the high annual increases is the ever increasing price of land here on the Island over recent year’s land prices have more than doubled as the demand for more new homes has increased.
Four years ago annual property prices were increasing an average of 7 – 12%. Over the past two years in selected locations we have witnessed annual increases of 12-18% these high increases will level out once the number of off plan properties being built decreases.
Buying off plan is a great way of investing your hard earned money. A home in an area that is popular to tourists will surely appreciate in value, which makes it a great way of making your nest egg for the future. It is also a wonderful way of making your money work for you by putting it in something that would accrue more money in the long term compared to putting it in a bank where it will only earn a very small amount of interest each year.
For the past three years International Villa Rental Companies have been block booking villas across the east coast of the Island directly with owners or through owner appointed management companies they then rent out the properties to UK holiday makers who are searching for holidays that are more private and more relaxing people who long for a holiday where they are not surrounded by hoards of other holiday makers… who wouldn’t want to rent a private villa with swimming pool solely for the use of you and your family?
According to major Tour Operators Private Villa Holidays is one of the fastest growing sectors in Tourism. Clever purchasers are taking full advantage of the strong tourist market and are using their rental income and offsetting it against their mortgage payments making buying an investment, retirement or 2nd home on Rhodes much more affordable than you think.
Financing your purchase here in Greece is also very easy local mortgages are available and rates are notoriously lower here than that of the UK. Loan values of up to 100% are available with lending terms extending for 10 - 40 years with minimum and maximum ages for borrowing 18 – 75 years. Your Greek lender will not require you to use your UK property as security the loan is approved and secured only against your Greek property. Most Greek lenders will pre-approve your loan within 24 hours during your trip so that you can be sure you qualify for financing before you secure and proceed with a purchase.
There has never been a better time to buy in Greece… These prices won’t last forever… Don’t miss out
