Paxos Real Estate

Paxos Property Agency was formed three years ago by Chris Griffiths, an Englishman who has over twenty years experience in marketing tourism and other industries and who has been living on Paxos for several years. The Agency specialises in helping people to buy and sell building land, old houses for renovation/restoration, modern villas and businesses on the island of Paxos. However, it has a wide range of professionals with many years experience in property work in its team and also offers a wide range of other services including building and renovation/restoration project management, property consultancy, housing loan (mortgage) advisory service, and property management and maintenance.

There is a fair amount of land available on the island of Paxos. However, the price is rising quite quickly and in some popular areas, such as in and around the village of Loggos, land is already in short supply. Buying a plot of land makes it possible to build a tailor-made house with all modern facilities but it can take up to two years from completing the purchase of the land to the house being ready for occupation. This is, however, the option often chosen by people who are either looking for maximum equity or interested in renting out their property.

Paxos Property Agency currently has land for sale in various locations on the island. Plots have a guide price of ￿75,000 to ￿250,000 and range in size from 500 to 6,000 square metres. Most are located in olive groves and many have glorious views across to Corfu and the Greek Mainland. Some are near villages, whereas others are in more secluded locations. However, as Paxos is a relatively small island (9 miles long by 3 miles wide), they are all within a few minutes drive of a number of beaches and the facilities of the main villages.

There are not many villas for sale on Paxos, as most provide good returns if rented out during the summer months, either through a tour operator or privately. This means that the villas that are available tend to be rather expensive and it is usually cheaper to buy a plot of land and build a new house. However, the process of buying a villa is fairly straightforward and is the best option if a property is needed quickly. Many properties come fairly well-furnished too.

Paxos Property Agency currently has a number of villas for sale and also some old houses that have already been renovated/restored. Guide prices range from ￿150,000 for an old olive press that has already been restored but is in need of further work, to ￿2,000,000+ for a large imposing villa complete with former servants￿ quarters and sea views. The Agency also has properties available in the inland villages of Dendiatika, Magazia and Annemoyianatika and will locate properties in a specific location or price range on request.

Houses full of character and some fairly derelict ones are available on most parts of the island. However, although the cost of buying and renovating/restoring an old house may be lower than that of buying land and building a new one, it does not bring with it the same degree of flexibility as building a new house. There can also be problems with obtaining planning permission and unexpected costs.

In view of the potential difficulties, Paxos Property Agency does not have a large number of old houses on its books but prefers to discuss with clients their exact requirements and then identify properties that may meet these.

Typical guide prices range from under 100,000 Euros for a smallish house in need of considerable restoration work to 470,000 for a large property that simply needs renovating.

Paxos Property Agency provides project management services to clients who purchase land or property through the Agency and also to those who purchase land or property elsewhere. The Agency can introduce clients to a number of architects and engineers, who can help to obtain the necessary planning permission, and then subsequently to a number of experienced project managers. Before construction starts, project managers will either advise on the best builder for the entire construction or organize separate builders for each stage, which is what the Greeks usually do and which usually works out cheaper. They will then help clients to manage their project to ensure that the construction goes as smoothly as possible, that delays are kept to a minimum and that the best possible value for money is obtained. Regular progress reports are provided, either direct to clients or through the Agency, if this is preferred.