European Community citizens are permitted to purchase property in Rhodes. Full freehold ownership is allowed. Non-EU citizens, as individuals, are not permitted to buy property on Rhodes. For such individuals there are two options:

Either, to form a Greek, or an EU registered company, in whose name the property becomes registered. Or, the individual can, via a lawyer, apply to the Greek Ministry of Defense for permission to own property. Both procedures are well known to lawyers on Rhodes.

Buying a house, apartment, land or a business on Rhodes is subject to similar legalities to those applying in most other EU countries. It is necessary to appoint a lawyer, who will check the title of ownership and ensure there are no mortgages outstanding. When purchasing building land a professional surveyor will confirm what may be built. A notary public is also employed.

Thanks to the decreasing interest rates on bank loans, the construction industry is booming.  Additional government investment in the wake of the 2004 Athens Olympic Games, like the Athens Metro, the new Spata airport, and mega road projects to name a few, evidences that intensive projects are planned everywhere.

The Greek holiday real-estate market is currently experiencing a significant upward trend.  Given that in there are annual price increases in the level of 10 – 15%, any investment in property in Greece can be looked as a sound investment decision.

Q: Why should one invest in a house in Rhodes?

Rhodes is the fourth largest island in Greece, and one of the most organized holiday resorts in the Mediterranean, simply meaning that the island, due to its size, enjoys a modern infrastructure. 

The unique medieval Old Town, designated by UNESCO as a Worlds Heritage Site. gives the impression of being untouched by the time.

Also note Rhodes’ excellent weather conditions - with over than 300 sunshine days per year, as well as its fabulous crystal clear beaches – that rated the island as number one among Greek destinations in 2002 in terms ofnumber of E.U. Blue Flags awarded. 

These are some of the reasons why people from all over the world choose Rhodes not only for the holidays but also for their home.  However, what is most appealing about Rhodes is not only the blend of nature with culture, but also the hospitality of locals, combined with a more relaxed and peaceful lifestyle. 

Rhodes is one of the safest places to live in Europe with crime rate practically zero.  It is an ecologist paradise thousand miles away from industries. The south of the island is protected by the EU program NATURA. The whole coast line of the island is an ideal place for bird watching.  And when it is needed, the modern world and its amenities is, literally just around the corner! 

Q: What should buyers expect to pay for a holiday house in Rhodes?

Buyers should expect to pay between €150,000 – € 240,000 for a small 2 – 3 bedrooms new villa in organized residence on the east coast.  Stone houses in villages are priced starting at € 70,000 but renovation could reach € 30,000 – € 50,000. In the Medieval City of Rhodes and in Lindos a decent stone house to restore could start at € 100,000. Two bedroom apartments cost about €100,000 

Q: What else - apart from prices and the market situation - should prospective buyers know to help avoid possible real-estate pitfalls?

2. In order to resolve quickly any Registry issues, we advise you to draw up a preliminary contract requiring the clearance of all legal title matters within 60 days.

3. When signing preliminary contracts with real-estate agents, construction companies, or private individuals, never agree to make down-payments of more than 10% of the total purchase price.

4. When signing a preliminary contract, insist on including a clause that in case a declaration of legal title is not forthcoming, or does not produce a satisfactory result, your down-payment will be paid back in full.

5. When buying property you will usually need to employ a surveyor. His or her plans constitute part of the purchase contract.

7. Greek revenue offices demand that buyers prove they have the means to buy, and that sellers show a tax declaration of the respective property. Without these documents any contract may be void.

8. Additional transfer costs in Greece are 13% on top of the property price. ( 10% stamp duty, 1% solicitor, 2% notary public) 

9. All properties are freehold 

10.  For an average property council taxes are 200 GBP per year. Electricity and water supply costs about 500 GBP per year. Service charges regarding the basic maintenance of a residence start at 300 GBP per year.