Rhodes. The island is not the first place people in the west think of when they think of travel, or even investing. According to Savvaidis & Associates though, the second home market there may turn into a boom market soon.
Savvas Savvaidis (above), a longtime agent and expert, reported recently that sales on Rhodes are up more than 30% as of the end of 2013. Founder and ex-president of the Hellenic Association of Realtors and co-founder and President of the Non Profit organization‘Rhodes for Life‘, Savvaidis sells a great many luxury properties there on the island. While high income buyers obviously lead the way in this new second home buying spike, Savvaidis reveals Rhodes as a focal point for international business buyers as well.
Attributing Rhodes’ high building standards and more modern infrastructure as incentives for buying, the real estate expert also points to the landscape and the people as motivators. Besides these variables, Greece’s property transfer tax has just been reduced to only 3%, and the capital gains tax there is a meager 15%. Add to this the fact EU citizens now qualify for residence permits in Greece at the €250,000 euro level, and Rhodes or Crete would seem to be spectacular second home bids.
As for the Greek economy, recent reports show crucial sectors of the economy are back to pre-crisis levels, and tourism especially in areas such as Rhodes and all Crete are doing particularly well. A top choice for Austrian and other European travelers, Rhodes is the largest of the Dodecanese islands, and the easternmost Greek outpost. The island is best knows for the wonder of the ancient world, the Colossus of Rhodes. Today the island is a vacation paradise of pristine beaches and luxury hotels.