Now seems to be good time to buy a property in Rhodes according to Savvas Savvaidis, head of Savvaidis & Associates. The company’s sales in 2013 show that the second home market on the Greek island is turning the corner. The number of transactions is 15% higher than that of the previous year, while the total value of sales is up more than 30%.
During 2013, for a second consecutive year, a significant number of luxury properties were sold through Rhodes’ award-winning estate agency. ‘What is more interesting than sales numbers is the shift in our buyer’s profile - especially in the high-end bracket. Amongst them are leading business figures with an advanced knowledge of the international property market’ says Savvas Savvaidis.
Lynn Usher, the company’s Sales Manager points out why the sunshine island is so attractive for second home buyers; ‘High building standards and modern infrastructure, as well as a historic legacy, marvellous landscape and hospitable people make Rhodes an ideal location to invest. On top of that, the island’s strict planning regulations and environmental laws will preserve the island’s authenticity for years to come’.
Savvas Savvaidis stressed the other advantages of buying in Greece: ‘Property transfer tax has just been reduced to only 3%, while capital gains tax is only 15% - both tax rates are amongst the lowest in the world. And now non EU citizens qualify for a European Residence Permit when they buy a Greek property from only €250,000.’
At the same time, Greece is pulling off an amazing recovery. According to a recent article of Bloomberg’s Businessweek rarely has a country repaired its image so quickly. The country has achieved an incredible primary surplus of three billion euro, one year ahead of target while its 10-year interest rate bonds have dropped below 7% from a staggering 30% two years ago. Crucial sectors of the economy are back to pre-crisis levels, and tourism especially in areas such as Rhodes is doing particularly well, with predictions for 2014 at record levels.
The positive national developments couldn’t come at a better time for Rhodes. With property prices more competitive than ever, a further increase in demand is expected: Today, you can buy a world-class waterfront villa on the pristine south coast at €7,000 per m2. A similar property in Mykonos is twice that figure. And for prime locations in Sardinia or the south of France the price will be ten times more.