Greece’s Luxury Market Comeback

Greece’s economy has been in turmoil since the global financial crisis and has not yet really recovered from its downturn. Today though, Greece is seeing a glimmer of hope in its luxury real estate market. The property selling in Rhodes is starting to stabilize now that the future of Greece in the Euro has been deemed secure. This report came from Engel & Volker, an international real estate consultancy. The report also said that the inquiries for luxury residential properties increased by about 20 percent.

A partner at the international real estate consultancy firm said that the financial crisis did not have much that of an impact on the price of structures of luxurious home market of Rhodes. The prices of the homes just dipped slightly in response to the crisis experienced by the country. However, prices today are now on the rise once more. There has reportedly been a high demand from investors in the area. From this point of view, experts are encouraging investors to invest in Greece’s real estate property as now may be the prime time.

There is a surging demand for homes as well as exclusive villas particularly those abodes that are near coast or have direct access to the sea or those with exceptional views. The properties which are attracting the greatest interest among buyers are those with about three or more bedrooms and those equipped with substantial land plots.

Prices of luxury homes will increase

Experts are eyeing on a trend of rising prices for luxury real estate properties on Rhodes. This is now currently being manifested on the east coast of the island. Compared last year, Engle & Volkers registered a rise in prices of about 500 Euro per square meter to 3,000 Euro for those properties that had sea views. In southern Rhodes, prices range from 1,000 Euro to 4,000 Euro for villas that had park-like land plots.

This improvement in the real estate sector in Greece will also impact the different cities within the continent as well as other business segments that are closely tied up with the property market. Companies like MC Decorators Ltd, Northampton and other companies which are involved in painting and decorating homes will also greatly benefit from this news.