According to international real estate consultancy Engel & Völkers, the luxury real estate market on Rhodes is starting to stabilize now that Greece's future in the Euro appears stable.
According to Engel & Völkers, inquiries for high-end residential property increased by about 20%. flats for sale in qatar
On Rhodes, Georg Petras, a partner at Engel & Völkers, says, "The price structure of the luxury second home 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, due to high demand, prices have begun to rise once more. From this perspective, the best time to invest in Greek real estate is right now "..
Exclusive villas and homes are in high demand, particularly those near the coast with direct sea access or spectacular views. The most common properties are those with three or more bedrooms, high-end finishes, and large land plots. In addition to an investment in quality of life, protection, and retirement provision, buyers of top-end homes in a prime location on Rhodes are purchasing a secure asset investment with potential for appreciation in value.
The cost of luxury 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, top prices for properties with sea views increased by 500 euros per square meter to 3,000 euros per square meter at Engel & Völkers. Traditional houses cost 1,000 euros per square meter in the south of Rhodes, while 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' center and suburbs are especially 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 tourist numbers.
The demand for luxury and upmarket second homes must be seen separately from the overall Greek housing market. The majority of vacation homes and luxury residences are owned by rich foreigners or Greek expats.
They normally bought their home with little to 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 homes on Rhodes. There are also parties participating from the United Kingdom, other central European countries, and non-EU countries.
The island's thriving tourism industry has provided additional impetus. In 2015, a further increase is expected, boosted by the announcement of even more flight connections.