Miho Favela, World Property Journal
The luxury real estate market on Rhodes is starting to stabilize now that Greece’s future in the Euro seems secure, reports international real estate consultancy Engel & Völkers.
Engel & Völkers reports that inquiries for high-end residential property increased by approximately 20 percent.
Georg Petras, partner at Engel & Völkers on Rhodes says, “The financial crisis has had a weaker impact on the price structure of the luxury second home market on Rhodes than on the market for first homes. Luxury holiday residences did drop in value slightly during the crisis. But prices are now on the rise again, thanks to the high demand. From this point of view, now really is the best time to invest in Greek real estate”.
Demand is directed at exclusive villas and homes, particularly those close to the coast with direct sea access or exceptional views. Properties with three or more bedrooms, exclusive fittings and substantial land plots are attracting the greatest interest. Buyers of top-end homes in a prime location on Rhodes are procuring a stable asset investment with potential for appreciation in value, in addition to an investment in quality of life, security and retirement provision.