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Information for Investors
Owing property overseas is now high on the check list, often coming in as a property 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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STABILITY
Greece is a stable, predictable country politically, economically, religiously and socially. Greece is part of the UN minimizing any chances of political situations. It has been a member of the European Union since 1981 with the Euro as currency since 2001, thus providing extra security with stable exchange rates and bank mortgage rates. 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 established one. Annual capital growth across the board is estimated at 10% with some areas averaging even higher percentages. 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 Greek market has grown, and keeps doing so, at a slower but steady and highly predictable rate, its promise of long term gain is 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 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 500 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 5%, 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 bedroomed villa with a pool is rented for approximately 1500€ 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 availability of high loan to Value finance from banks is a strong indication of a governments’ confidence in the economic growth of the property market. If lending banks are only prepared to lend up to 60% it is evidence that growth is questionable. In Rhodes it is possible to borrow 90% LTV a strong indicator that property prices will continue to rise. |
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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 couple moves to Rhodes, young couple siblings follow, in –laws come next, and so on. Demand for housing increases and continue the 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 |
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ACCESSIBILITY
Rhodes is easily accessible. Direct air travel from the AUK is only 3.5. Hours. Transport to and from the UK has double in frequency. GB Airways have doubled their scheduled flights from London to 4 days a week during spring and summer months, strengthening the rental market with the option of week-end breaks. With all-year round flights a real possibility, property prices will sky rocket, so another good reason to invest now! |
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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 wit ha strong re-sale market are all the reasons previously explored, it’s a never ending circle!. |
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