Rhodes vs Crete: Property Prices

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Brits and Irish Living_In_Greece

This topic contains 8 replies, has 6 voices, and was last updated by  colandjohn 4th April 2011 at 4:10 pm.

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  • #15010

    Gerald
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        Can anyone with experience of Rhodes and Crete compare property prices between the two places. I do not want this to sound a "how long is a piece of string" question. But the other day I was asked by a Dubai ex pat: Was it better value for money to buy a home in Crete or Rhodes?

        Not knowing about property in Rhodes, I didn’t have a clue how to answer.
        Anyone in property sales who can help?

        Gerald

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        #15317

        Topdriller
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            The Telegraph had an article some months back which stated that property prices in Crete were set to rise by 25% per year for the next five years. God only knows where this info came from but with that in mind it’s a better prospect than the UK today and would be difficult to believe Rhodes could better that kind of performance. Then again, it was the Telegraph!!

            on

            #15550

            sokin
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                both areas are touristy ones, both are ”good” for brits and both sell out properties.
                well i have no idea about prices in either island. but i do know that the ex-manager of Ethniki bank in Agios was informed by a study of Ethniki bank that the ONLY prof that will survive and make money for the next ten years is selling properties.

                so there you go. lets sell everything to make money and increase the cost of life.
                when the buble explodes (and yes it will in the end) then remind me to see the posting about lost value etc.

                i cant name the person but i am sure it will be ok if i say that land was taken in 2004 costed 40k. sold in 2007 for 70k. that is 30k in 3 years. some one good in maths should do the maths

                #15730

                Judy
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                    Hi Sokin, I remember when we bought our land in the year 2000 (and it’s over 2000m2) that some of our Greek friends said then – and they were professional people – that if we had bought it the previous year we would have got it for half the price ………..

                    #15865

                    Judy
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                        Another thing I forgot to mention re this post – one of my Greek friends visited recently from Corfu. She is actually from Thessaloniki originally but divides her time between there and Corfu where she has run a bar and done different things. We were speaking about property prices in Corfu compared with Crete. I know the thread is about Rhodes but Corfu is a reasonably big island with airports and a large set of foreign residents so a similar comparison. She told me that prices are soaring there and because people like Madonna and other "celebrities" have bought there, the cost is going up even more. Much more than in Crete in her opinion.

                        #15970

                        Topdriller
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                            Here on the Akortiri – 20 mins from Chania – land prices have risen three or four hundred percent since 2002. Of course, much depends on location as well as availability, supply and demand etc. Like anywhere else, land with a clear and unspoiled view of the sea and the White Mountains will always cost more than a piece of scrub squeezed between a ceramics factory and a pig farm!

                            Not only that, the quality of house build has improved since we were first shown examples of houses in 2002. Northern European buyers have demanded better standards e.g. underfloor heating, better insulation, better workmanship etc. Houses that cost 300,000 euros to build four years ago are being marketed at 1,000,000 euros today, although whether they actually sell for this is another story all together because it’s debatable whether someone with 1,000,000 euros to spend would buy a re-sale property when for the same money they could construct a dream house to their exact specifications.

                            The market here is changing too. Whereas before developers would normally sell off plan i.e. not begin construction until they had a deposit they are now building developments before they have confirmed orders, which suggests the market across here is continuing to grown.

                            Having said that the recent rise in UK interest rates may have taken some of the heat out of property sales across here, although the B of E has hinted that they will drop back a little in 2008.

                            It’s probably also fair to say that the influx of European style developers has pushed up house prices i.e. used to the mark up in the UK these developers have tried to increase margins on new builds. What’s more, the cost of building materials has risen exponentially over the last few years with one company telling me they had seen three or four price rises in raw materials (wood, bricks, cement etc) over the past 12 months. Add in the changes in VAT charges on new builds and you can see that there are several factors pushing up prices.

                            The main factor though will continue to be the availability of prime land and because this is an island the price of good land is bound to increase as availability decreases. For anyone thinking of building on Crete they should probably find and buy their land sooner, rather than later and then sit on it until they can afford to build. Even if they later decide not to build the land itself will have appreciated far more than money sitting in a bank or indeed in the stock market. There have been very few other ways of safely increasing one’s investment by 200 to 300 percent over the past four or five years.

                            Remember too, most land here has been passed down from father to son (or daughter) and has been in the family for years. There is not the same pressure to sell land i.e. it’s normally not mortgaged or costing the family to keep it and therefore when one family sees their neighbour selling a plot for what we might consider an astronomical sum they will hold out for that same price, even though it may be totally unobtainable. This approach further restricts availability and by doing so pushes up the price of good land.

                            Jon

                            #16059

                            mikedunn
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                                One is reminded of Mark Twain’s advice: "Put your money in land – they ain’t making any more of it!" ;)

                                #16132

                                colandjohn
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                                    Gerald, everyone seems to have gone off the subject here… before we finally decided on settling in crete we did spend a lot of time on rhodes and looked at a lot of property and land . it seemed that everything was more expensive than crete. i’m sure that is still the case . john

                                    #16192

                                    colandjohn
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                                        yes vince, i know it’s 3 years old… good job i joined the forum or poor old gerald would never have got a straight answer that related to his original post, and anyway, i just thought i’d write something ‘cos i’d nothing better to do.. john

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