Buy-to-let investors are set to benefit in Rhodes, Greece, as holidaymakers flock to the island.
Rhodes has been named Europe’s top destination and the fifth favourite in the world by the users of online travel site TripAdvisor.
Rhodes is the only short haul destination in the top ten of the 2008 Traveller’s Choice Destinations Awards, winning the accolade for highlights ranging from the largest inhabited Medieval town in Europe, located in the island’s capital, to more rural attractions such as the Valley of the Butterflies. One of the tourist hotspots is Lindos, a beautiful town with a beach overlooked by an ancient castle.
The type of property available on the island is hugely varied, ranging from modern apartments in more touristy areas to traditional villas in the smaller villages and towns. Property in Lindos is among the more expensive on Rhodes, but rental returns are also likely to be higher here than in other areas.
However, when compared to other European countries, prices still seem low. According to the Buy Association a small newly-built apartment in the area can be found for under £70,000, while a two-bedroom detached villa on a small development of 20 houses will cost around £150,000 off-plan.
Meanwhile, a one-bedroom apartment on the island rents out for an average of £256 per week, making Rhodes the perfect place to buy a holiday home to let.