Finiki - Agios Nikolaos - Sentoni

Kastellorizo, also known as Megisti, is a small Greek island situated in the southeastern Mediterranean Sea. It boasts a rich history that dates back to ancient times, with notable historical attractions including the Knights of St. John's Castle, the ancient Acropolis of Kastellorizo, and the striking Lycian Tomb. Geographically, Kastellorizo is part of the Dodecanese Archipelago and lies just 2 kilometers off the southern coast of Turkey, making it a uniquely positioned gem. Visitors and residents enjoy the island's charming, colorful neoclassical houses perched along the harborside.

Exclusive Property Market in Kastellorizo

The exclusive property market in Kastellorizo is currently strong, with high demand far outstripping the limited supply of luxury homes and apartments. Coupled with the island's stable political and economic environment, this makes Kastellorizo a coveted location for discerning buyers seeking a tranquil and upscale lifestyle.

Real Estate Commissions and Additional Costs

When buying a house in Kastellorizo, the average real estate commission for a buyer is typically around 2-3% of the property's value, while sellers generally pay a similar commission of 2-3%. Additional costs include a transfer tax of approximately 3%, notary fees, legal costs, and possibly construction inspection fees. These fees can add up to 10% of the property's purchase price.

Tax Implications

The wealth tax on private property ownership in Kastellorizo is progressive and depends on the property's value. Profits made from selling a privately-owned primary residence are not taxed, while profits from the sale of secondary or vacation homes are subject to a flat tax rate. Corporate tax on profits for registered companies is around 24%, and the income tax for residents follows a progressive scale starting from 22%.

Mortgage and Financing

Mortgage requirements in Kastellorizo generally necessitate a down payment of 20-30% of the property's value. The maximum mortgage one can obtain can reach up to 70-80% of the purchase price, subject to the borrower’s income and creditworthiness.

Sought-After Residential Areas

Kastellorizo’s most exclusive and sought-after residential areas include the harbor regions of Mandraki and Limani, renowned for their scenic beauty and luxurious homes.

Accessibility

While Kastellorizo lacks direct road and rail connectivity due to its island nature, it is accessible by ferry services from Rhodes and other nearby islands. The nearest major city is Rhodes, located approximately 110 kilometers away, offering additional travel and commerce options. Kastellorizo Airport provides both national and international flight connections, ensuring convenient travel.

Education Institutions

Though Kastellorizo is relatively small, it provides primary education facilities. For higher education and specialized training, institutions in Rhodes and mainland Greece are accessible options.

Local Environment and Climate

Kastellorizo’s environment features stunning natural landscapes, crystal-clear waters, and dramatic coastlines, making it a paradise for nature lovers. The climate is typically Mediterranean, with hot, dry summers and mild, wet winters—favorable for year-round outdoor activities.

Sports and Outdoor Activities

The island offers numerous sports and outdoor activities, including swimming, diving, boating, and hiking. The azure waters and rich marine life make it a popular destination for snorkeling and scuba diving enthusiasts.

Luxury Lifestyle

Kastellorizo boasts several luxury lifestyle shops, offering high-end fashion and artisanal products. Renowned hotels such as the Megisti Hotel and Mediterraneo Kastellorizo provide premium accommodation. Exclusive dining at eateries like Alexandros and Old Time restaurants promises culinary delight, while the serene nightlife offers elegant venues for relaxation and socializing.

Cultural and Recreational Activities

The island hosts annual cultural events, including the Kastellorizo International Film Festival, drawing attention to the island’s vibrant arts scene. Noteworthy galleries and museums, such as the Archaeological Museum of Kastellorizo, add cultural richness to the island life.

Healthcare and Infrastructure

Kastellorizo offers access to essential healthcare services at local clinics, with more comprehensive medical facilities available in nearby Rhodes. The public infrastructure is well-maintained, ensuring a high quality of life, with amenities like reliable water supply, electricity, and modern communication systems. Overall, Kastellorizo combines historical allure, natural beauty, and luxurious living, making it a compelling choice for those looking to invest in an exclusive property market amid a serene Mediterranean environment.