Rent a holiday apartment for an entire year not for a week for less money
In this article I am going to reveal how you can have unlimited holidays to the Island of Kos for you and your friends and family for less than 13 euros per week per person and how that will rent a holiday apartment for your unlimited use for an entire year.
I know right, you are already thinking that this sounds to good to be true and there's going to be a catch that ends up costing me 10 times that with hurdles that make this an unrealistic proposal.
Well hold tight because i love a challenge and i will demonstrate with real examples how this can easily be achieved.
I should briefly explain that In a my time before i came to live on Kos i enjoyed a great career in real estate, i worked for one of the top 3 companies in the UK based in London that had offices the world over and specialized in high ticket value properties in exclusive areas. My clients were some of the wealthiest and famous people you will hear about and many you will never hear about. So you can say that i have a genuine interest in property and experienced background in dealing with property sales and rentals.
The rental market problem In Greece
In the 80's and 90's there was a building boom in Greece both the Govt and the big tour operators would heavily subsidize local people to build property which then the holiday companies would package up and sell to tourists giving the owners a share in the revenues. Good times!
Unfortunately since those times the the business strategy and focus of these large operators has shifted quite dramatically away from this model and has been replaced by investment into upscale all inclusive resorts. The knock on effect to all this of course is a surplus of apartments and villas that owners can no longer rent out to tourists without having to meet tough regulations and heavy taxes.
For a brief moment there seemed like there was a light at the end of the tunnel when platforms like Airbnb opened up and gave property owners the ability to market their properties once again as holiday rentals but again Airbnb fees (20-30%) coupled with lobbying by the big hotels for the Govt to impose tough regulatory restrictions on private holiday lets and increased taxes made it financially implausible to generate a return worthy of owners time.
So this is where we are today, an overstock of properties that cannot be rented short term for holiday makers. For someone like me this is insane waste of resources and assets and highly counter-intuitive to generating jobs, business and money which is badly needed through-out Greece. On a positive note it does represent a fantastic opportunity that could be a huge bonus for both visitors to the island and people that have these properties.
Question; How many of us when we go abroad on our holidays to these beautiful places like Kos have ever thought ‘wouldn't it be wonderful to live in this sort of climate with this beautiful scenery and all that goes with', even if its only for a fleeting moment or two?
I know many of you do because its the question i am asked most by visitors to the island when i speak with them.
The first question is always ‘whats it like to live here'? The second is usually a comment along the lines of ‘ you are so lucky' and the third comment will be ‘I could only dream to live in a place like this'.
Firstly living here is pretty awesome, secondly it wasn't luck that brought me here it was love (now my wife) and thirdly anyone can obtain this elusive dream and it is a whole lot cheaper and easier than most realize.
Realizing the dream
So far in what i will detail here for your consideration is that i have managed to get the cost of renting a property on the island down to approximately 6.35 euros per person per week. Disclaimer: This does not cover the costs of your flights or the lovely meals out and ice cool wines you will be consuming. I am good but i am not that good….. yet.
What this does include is all the bills, electricity, water, 300 days of sunshine, temperatures of between 20 degrees Celsius and 45 degrees Celsius between the months of March and December and all the organic food and healthy lifestyle you can hope for.
Obviously this exercise is based on the contacts and local knowledge i have accumulated over the last few years. In the 7 years i have been here i have moved house 4 times, why? Quite simply, because there are always new properties that i fall in love with and moving property here is a very simple inexpensive thing to do unlike back in the UK.
Hopefully by now you should start to develop an understanding of the sort of affordability that property is at on Kos Island and what keeps it at such a low cost. So lets now go back to how you can start to take advantage of this type of market.
Property 1: On Market for €220 per month – Negotiable
This property is situated in the popular area of Kefalos, west on the Island which is well populated and benefits from all local amenities and is attracting a lot of investment most notably with the new and exclusive 5 star Ikos resort.
The property is a split level, 1 double bedroom apartment, air conditioned generously sized with furniture plus has the added benefit of a huge wrap around balcony as outside space and approximately 100m from the beach and sea. What more could you ask for?
Property 2: On the market for €220 per month – Negotiable
Property 2 is located among olive groves on the beautiful little Island of Kalymnos which is 20 mins by ferry from Kos Island. Kalymnos is a hiker and mountain climbers dream and is an area of outstanding natural beauty.
Internally the property consists of 1 double bedroom, bathroom, Kitchen, living room, air conditioned and benefits from having front garden for outside space.
Property 3: On the market for €220 per month – Negotiable
Property 3 is located in the very popular village of Kardamena and is 5 minutes drive from the airport . Kardamena is considered to be the most busiest place outside the main city of Kos
Internally the property is a bright and airy bijou apartment that consists of 1 double bedroom upstairs with balcony, bathroom, Kitchen/ living, Dining room area and air conditioned.
Price break down:
Prices of properties are always up for negotiation with the owner and often result in a better price if greater proportion of the yearly rent is offered up front, property owners tend to prefer these rental arrangements to foreigners too which bodes well when it come to negotiate.
In my personal opinion if these properties were paid 1 year in advance the monthly cost could be lowered to around €200 a month with bills exceeding no more than €20 per month.
So €220 Euros per month: = €2640 per Year all in (which is equal to a couple spending a weeks vacation in one of the hotels here on the Island)
To reduce the costs to the lowest break point i suggest sharing the property with a select group of friends and or family members, for the purpose of this demonstration if say 4 friends or family members were to split the cost brings the price all the way down to just €12.69 per week per person or less than €2 per day!
Costs could be reduced further by renting the property to your wider circle of friends and family alternatively you could generate a revenue stream from the property thus:
The Holiday season here is currently between March – 1 December (there are big moves that are almost complete to make Greece a 52 week season with airlines flying to the islands throughout winter – see our All about Greece Article here)
March to December = 30 Weeks @ €200 = €6000 providing a maximum potential Profit of €3360 per year.
So there you have it. Your very own private vacation holiday home for less than 2 euros per week per person, you can come and go as much as you like per year even just for the weekend.
There are ridiculous cheap flight deals going at the moment. We found a deal with Ryan air from London to Kos for just 9 Euros per person!!!
The added advantage is that if you leave clothes and accessories in your apartment you can travel light on you way to and from the island. Simply a grab bag, passport, keys and credit cards.
Top Tip & Advice
Why not make your next holiday a property finding holiday? Hire your own villa like one of those featured here on Simply Kos or on sites like Vrbo, get to know the locals who will provide a great resource of knowledge and spend a few hours a day exploring the areas and properties for yourself and then spend the evenings discussing and comparing your findings with friends or families over a cool glass of wine in the evening.
If you would like to be kept informed of new properties as they become available then drop us a line and asked to be added to the list.
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