With the marketing bottoming out, a fall in land transaction tax and the ‘Golden Visa’ property-for-residency scheme, demand for prime property in Rhodes is rising, says agent Engel & Völkers
Thanks to Greece’s ‘Golden Visa’ scheme and falling land transaction tax, demand from Russian and Middle East investors for prime Rhodes property is set to rise, says a leading international agent.
A reduction in the land transaction tax from 3-10% has seen prime property prices rise and as the market has reached the bottom, Greek real estate is a good investment, says Georg Petras, of Engel & Völkers Rhodes.
Most buyers of holiday homes and luxury property are wealthy foreigners or Greeks living abroad who, in many cases, pay with cash and high demand is causing prices to rise. The highest overseas buyer demand comes from Germany, the UK, Austria, Switzerland, Belgium and non-EU states.
“Last year we managed to broker a house for the record price of 13,000 euros per square metre,” says Mr Petras in the Rhodes 2014 Market Report from Engel & Völkers.
After considerable fluctuations on the Greek property market resulting from the Euro crisis, Engel & Völkers has been registering a continuous rise in enquiries for prestigious residential property …read more