Real Estate Dodecanese

In the southeastern Aegean Sea there are many Greek wonders that await to be discovered each day by a new lucky traveler. One of those - or actually, to be precise, 165 of those - are the Dodecanese, a group of famous Greek islands hugged by the Aegean. The Dodecanese looks almost as if it has escaped from some kind of fairytale, showcasing impressive castles, magical waters and astonishing nature. From Romans and Italians to Ottomans and Byzantines, the Dodecanese has always been a point of high interest. This is definitely reflected in its multicultural influences that have played a huge role throughout the islands’ history.

Worth knowing about Dodecanese

Although Dodecanese actually means “12 islands”, the Dodecanese contains about 15 big islands and 150 smaller ones. The Dodecanese consists of 5 provinces, 25 municipalities, 2 communities and a total of 2,714 km2. The population is calculated around approximately 200,000 residents with a density of 74/km2. The popular islands are also highly accessible, with 9 airports between them.

Rhodes has been the area's dominant island since antiquity. Of the others, Kos and Patmos are historically the more important; the remaining twelve are Agathonisi, Astypalaia, Chalki, Kalymnos, Karpathos, Kasos, Leipsoi, Leros, Nisyros, Symi, Tilos, and Kastellorizo. Other islands in the chain include Alimia, Arkoi, Farmakonisi, Gyali, Kinaros, Levitha, Marathos, Nimos, Pserimos, Saria, Strongyli, Syrna and Telendos.

How is the Real Estate Market in Dodecanese

The Dodecanese is very popular among European buyers. It seems that buyers from Austria, Belgium, Germany, Italy, Estonia and Scandinavia are loving the famous islands of the Aegean and are steadily investing in them. The prices remain very reasonable, making the Dodecanese one for the most “value for money” options of the market. For example, one can find the home of their dreams for only 1,000 euros/km2. Still, it’s only normal that some of the most popular areas of the Dodecanese have somewhat elevated prices, remaining within the approachable spectrum. Some of the most popular choices are Karpathos, Rhodes, Patmos and Kos.

What types of properties can be found in Dodecanese?

Thanks to the beautiful natural sceneries, most of the properties offer an astonishing view, while many of them are just a breath away from the sea. Simple lines, attractive stone-built properties and houses bathed in natural light are sure to enchant any potential buyer. The strong Italian influences of the Dodecanese architecture are adding an air of elegance to the already pleasing aesthetics of the islands.

  • Old mansions: Many objects are kept in the typical Greek style. The large estates are characterized by exceptionally beautiful locations
  • Newly-built villas:  Luxury properties such as penthouses dominate the housing market. High-quality fittings and panoramic views over the sea increase the value of the mostly new properties.
  • Modern apartments: Apartments in the centre of the isalnds are indeed in great demand, as they offer excellent possibilities for subletting all year round.

What are the advantages of buying a property in Dodecanese?

It’s hard to say anything that hasn’t already been said about the Dodecanese. Its history is almost as rich as its nature and beauty. The Dodecanese offers countless beaches of every kind, gourmet restaurants, a variety of sightseeing options and the ability to engage in all sorts of watersports and outdoor activities. Every island in the Dodecanese has its own characteristics and beauty. Rhodes has its distinctive medieval influences, while Kastelorizo is an architectural piece of art. Halki is cosmopolitan and relaxed at the same time. Leros is a feast of local gastronomy and a great base for adventurous explorations.

We could go on forever, but the most important thing you need to know about the Dodecanese is probably this: you get to live in the heart of the blessed Aegean waters, among hospitable people, enjoying astonishing natural beauty, while being able to do all sorts of activities you desire. Plus, the Dodecanese has been one of leaders in updating its healthcare system, to make sure that its residents feel safe and protected at all times while in one of the world’s most beautiful destinations.

For the purchase of real estate property, the following are required:

  • a valid passport
  • a Greek tax identification number (AFM*)
  • a certificate from the responsible tax office about the payment of the land transfer tax

What are the Costs and Taxes on Property Purchase?

The purchase costs & taxes for the purchase of property in Greece, are the following:

  • Land register costs, imposed for the registration of the property at the land registry or cadaster office, amount to 1,0% of the fair value.
  • Other costs such as the legal review of ownership (of at least around € 150) must also be considered.
  • Real estate property transfer tax, which arises with the acquisition of real estate property or the acquisition of real rights upon property and is paid in principle by the buyer, before the notarial certification of the real estate property purchase. The current rate of land transfer tax is 3.09% of the purchase price. 
  • Notarization costs or notarial costs, always borne by the buyer, unless there is a different regulation. The basis of assessment used is the purchase price or the so-called unit value. Always apply the higher value. The certification costs are on average 1,5% plus VAT 24% of the underlying value.

More information about properties in Greece here.

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