Agents say you get more for your money in Rhodes than say somewhere like Spain, i.e you get a better house and would be closer to the beach. Also compared to the emerging markets you have a longer season.

Property prices are increasing on average 15% per annum. The average price of a house in Rhodes is €200,000, you would get a small villa, with 2-3 bedrooms. Rhodes is more expensive than Crete.

You could possibly buy a derelict house for as little as €60,000 – €70,000. A medium range property would be €200,000. At the top of the market you would pay €400,000 for a 5 bedroom house with garden and pool, near the beach. Rhodes town is the most expensive area.

Property prices have increased by 50% in the last 3 yrs and as much as 100% in the last 5 yrs. So a house costing €200,000 today would have cost €100,000 3 yrs ago! The typical architectural style of a house is the classic Greek white sugar cube, square with blue shutters.

GETTING THERE & CLIMATE

How do we get there?
By air. At the moment there are no scheduled flights there, only charters. It is expected that scheduled flights will start in the next year, thereby increasing property prices even more. Olympics airways are the main carrier there. Summer flights are via Athens, daily. Winter flights are via London, Rome and Paris. About 5 tour operators go there and flights tend to be at weekends. These stop in winter.

Motorbikes, Bicycles and Scooters are cheap, cheerful and a good way to get around. Car hire is available from a number of companies – Budget, Europe car, Avis, Hertz and Eurodollar. However car charges and fuel costs are high.

When is the best time to go during the year?

Rhodes is a good choice for a 'summer holiday' in autumn with reliable October sunshine and the sea warm enough for bathing even in November.

Late spring/early summer and autumn are the best times to hit the Dodecanese Islands. Between Easter and mid-June is possibly the best time of all: the weather is pleasantly warm but not too hot, beaches and ancient sites aren't too crowded, public transport is close to full schedule, and accommodation is cheaper and easy to find.

Mid-June until the end of August is high party season and, unless you have the patience of a saint and the cooling capabilities of a deep freeze, is best avoided.

The heat can be unbearable (up to 40°C - more than 100°F - in the shade), the beaches and tourist sites are constantly crowded and accommodation is often booked solid. Between September (winding-down season) and the end of October conditions become ideal once more.

When is the worst, either weather wise or tourist wise?

In Winter most things close down.

What is the weather like year round?

Greece has over 300 days of sun a year. The summers are hot and dry, often with a cooling breeze, and winters are short and mild. Most rainfall is between December and February.

What one thing draws people to the country or region?

The cost of living in Greece is about 30-40% cheaper than here. Outdoor lifestyle with sun, sea, and good fun makes it appealing.

PROPERTY

History of property market

Rhodes is an emerging market, with its long coastline and picturesque views. Much of the land in Rhodes belongs to the government and as such will never be built on enabling the island to preserve its natural beauty.

There are many new homes, old village houses and other types of Greece property for sale, but due to strict planning controls, the excessive building which has ruined other parts of the Mediterranean cannot take place in the Greek Islands. This means that property in Greece is integrated into traditional villages which will retain their charm.

Current market trends

Properties are surprisingly good value for money. However, Greece is a full member of Europe and property prices are expected to rise significantly in the next few years.

Property prices are increasing on average 15% per annum.

Impact of government on country
The government is very active through the Archaeological Society in preserving the architectural heritage of the island. There are also strict building regulations enforced to prevent over population. The government is keen to preserve Rhodes’ history i.e. The Medieval Old Town is still intact & is a world heritage site.

Average price of a house
The average price of a house in Rhodes is €200,000, you would get a small villa, with 2-3 bedrooms. Rhodes is more expensive than Crete. You could possibly buy a derelict house for as little as €60,000 – €70,000. A medium range property would be €200,000. At the top of the market you would pay €400,00 for a 5 bedroom house with garden and pool, near the beach. Rhodes town is the most expensive area. Property prices have increased by 50% in the last 3 yrs and as much as 100% in the last 5 yrs. So a house costing €200,000 today would have cost €100,000 3 yrs ago!

Average type of a property – architectural style:
Traditional Greek Houses, Medieval, Italian right through to modern Villas with pools. The typical architectural style of a house is the classic Greek white sugar cube, square with blue shutters.

What must you spend for a bargain property?
For €50,000 you could by a house in a small village with the “Sala” (living area) finished & 2 separate areas which are blank canvasses could be used as a kitchen, bathroom & 2 bedrooms.

High end property?
€1,700,000 would get you a mansion type property with bowling alley, tennis courts & swimming pool, with separate apartment.

The Deposit
To secure your property, a 10% deposit on the purchase price is normally required on signing the preliminary sale agreement. This agreement details the names of the parties, the price, a property description, the payment method and any agreed conditions. In the case of inexpensive properties, this step may be bypassed, with the parties moving directly to exchange of contract.

Lawyer
It’s advisable to appoint an English speaking lawyer, preferably one who is reasonably local as they will be on the spot to do searches and will know local laws and regulations. They can check for clean title, help to fix the “assessed value”, and ensure that the property is free from outstanding taxes which the new owner would otherwise inherit. We can provide you with a list of lawyers should you require.

Property transactions in Greece always take place in the presence of lawyers representing both parties, and the notary, who will not authorise the sale without the appropriate tax papers and deeds being in order.

At this stage, if the vendor backs out after a pre-contract has been signed, you get your deposit back, plus they will pay you an equal sum as penalty. If you back out, you would lose your deposit.

Completion
Once all the papers are ready and in order, completion can quickly take place. The Notary will have prepared an official contract which is then signed at their offices, in the presence of the lawyers representing both sides. If the customer decides not to be present, they can agree to a Power of Attorney, for their lawyer to act on their behalf.

Purchase Costs
The purchase tax, legal and notary fees are paid for by the purchaser in Greece. These are calculated against the “officially assessed price” of the property and not the actual selling price. In order to keep costs down, the “officially assessed price” can be as much as a third cheaper than the actual selling price.

• Purchase tax  9-13%
• Legal fees  1-2%
• Notary fees  1-2%
As these percentages are based on the lower “officially assessed price”, you should allow for these costs to add up to approximately 10%-13% of the sale price.

Note that for off-plan, and design and build properties, the purchase costs can be less than half of those above.