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Information for Investors
Owning property overseas is now high on the check list, often coming in as a priority over nice cars and fancy watches. Owning property overseas is something the whole family can enjoy.
At Savvaidis & Associates we know that buying a house is the biggest investment most people make in a life –time. Investing in a property abroad is an even bigger decision. Rhodes is one of the safest, most reliable and strongest emerging markets in Europe. So, investing in Rhodes property now makes perfect sense and proof of a strong and rising market can be demonstrated by the following factors.
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RECENT DEVELOPMENTS
Rhodes is in a world all of its own! While Greece as a whole is seeing times of financial difficulty, Rhodes demonstrates a strong, stable economy. Greece is part of the E.U. minimizing any chances of political situations. It has been a member of the European Union since 1981 with the Euro as currency since 2001. Greece is part of the Euro-zone and has obviously no intention to move away from the safety of the Eurozone. The Eurozone countries are fully supporting Greece in its plan to restructure its economy. They are committed not to allow speculators to threaten the broader stability of the euro.
European Central Bank President Jean-Claude Trichet said "speculation that Greece or any other nation could end up leaving the European single currency as a result of sovereign-debt worries was "absurd."'
Quality of life in Rhodes is very high. Greek society remains very family-oriented in urban and rural communities alike; because of this close social structure Rhodes has 0% crime-rate. |
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ESTABLISHED PROPERTY MARKET
The property market in Rhodes is an extremely resilient property market. Unlike other established markets ie Cyprus or Spain where property prices dropped by 20%-30%, prices in Rhodes have seen an average drop of 5% in 2009. Rhodes property prices are shaped by Greek buyers, unlike other Mediterranean or Balkan property markets where international real estate fever has pushed prices so far up that locals can no longer afford a home.
The last 2 months there are lot of signs of a stabilization of prices.
What has become more apparent is the increase in the number of days a property will remain on the market. This is testament to the fact that Rhodians would rather keep hold of their property than sell it for, what they consider to be, a low offer.
The Rhodes market has become a stand alone property market, largely due to it being one of the only places in Greece to have a land registry system in place. Rhodes offers a predictable, safe investment with its promise of long term gain being a much more realistic one. Rhodes’ property market is buoyant, driven firstly by local buyers, overseas investment is secondary. Reasons driving the local market are largely due to economic growth, expansion of families and the relatively new availability of mortgages. |
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A NEW PROPERTY SECTOR
Still in its infancy, the second home market in Rhodes is somewhat of a niche market at the start of a growing curve. Other Mediterranean markets have been trapped in over-supply mode. The Costa Del Sol has a supply of over 16000 second homes, and Cyprus 4000. On the flip side the property supply in Rhodes is fairly limited to around 300 second homes. A combination of planning laws, forestry and or archaeological restrictions prevent turning Rhodes into a concrete jungle. |
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STRENGTH OF RENTAL MARKET
The limited property supply rolls over to the rental market as well. With tourism figures up in Rhodes this year by 3%, rental accommodation is highly sought after. Rhodes is the top destination in the Mediterranean, attracting visitors from all over the world. Privately owned properties yield excellent rental income. On average a 3 bedroom villa with a pool is rented for approximately 1400€ per week. The rental season starting from April till end of October. Rental properties are typically booked for the season by February of the same year. The simple formula of rental income + capital growth equals an impressive return on your investment, better than any bank rate could provide. |
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LOAN TO VALUE FINANCE
The mortgage availability in Rhodes has been affected by the fall out of Lehman brothers and other 'sub-prime' markets bringing the LTV down to around 75% |
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LARGE EX – PAT COMMUNITY
The population in Rhodes is made of 15% ex-pats and the number keeps getting larger. Ex –pats tend to come together in snowball fashion, young couples move to Rhodes, the siblings follow, in –laws come next, and so on. Demand for housing increases and continue to drive the market.
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LAND REGISTRY SYSTEM
The Rhodes property market is safe: a land registry system is in place comparable to the one in the UK. Thus preventing any concern for land grabs as seen in other parts of the Mediterranean. |
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ACCESSIBILITY
Rhodes is easily accessible. Direct air travel from the UK is only 3.5. Hours. Transport to and from the UK has doubled in frequency. Low cost airlines are entering the market with Easyjet serving the UK and Italy and Ryanair routes from Frankfurt & Milan with year round flights starting in June of 2010, strengthening the rental market with the option of out-of-season breaks.
The entry of year-round, low cost flights always has positive effects on property prices as the market opens up to a different type of clientele including business tourism. Rhodes has many first class hotels open year round for conferences hosted from multi national companies. |
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Strong Resale Market
Your investment is only a good one if get your hands on your money when you need it, factors providing Rhodes with a strong re-sale market are all the reasons previously explored, it’s a never ending circle!. |
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