From average property prices and associated taxes to first-time buyer schemes and from property identification to negotiation strategies, we explain how to buy a residential or commercial property in Crete.
Table of Contents
Where to Buy Property in Chania?
From Elounda to Zakros and from Loutro to Palaiochora Crete’s regions are very diversified and they can offer spectacular real estate opportunities for the potential buyer or investor.
You can decide if you want to live by the sea, in the countryside, or in the mountains. You can even decide if the Aegean or the Lybean Sea would be your everyday view from your balcony.
There are many different types of properties to choose from at various prices: from newly built apartments and maisonettes in Chania, Heraklion, Rethymnon, and Agios Nikolaos to luxurious villas, family homes, and tourism facilities – commercial properties.
Depending on the type of lifestyle you are looking for, some of the best places to invest in real estate in Crete are Chania Old Town and modern city, the spectacular district of Apokoronas with its wonderful villages such as Almirida, Vrisses, Plaka, Kalives, Georgioupolis, Vamos, Kournas and Kokkino Chorio.
Moreover, the area of Palaiochora on the southwest coast of Crete with its crystal clear waters and well-organized beaches is a very promising destination for those looking for land – plots properties.
What is more, Rethymno and the beach resorts of the south coast such as Plakias, Myrthios Agia Galini are considered to be among the best places to invest in Crete.
The prefecture of Lassithi also has many opportunities to offer for those looking to invest in this thriving real estate market. Especially fascinating in terms of real estate investment, is Elounda and Agios Nikolaos town.
It is a common secret that Zakros and the popular seaside resorts of Sitia, Neapolis, Ierapetra and Makrigialos have much to offer to the real estate investors in this part of Crete.
The prefecture of Heraklion is well known for its great beauty. Heraklion City is the capital city of Crete and is also the seat of Crete’s cultural and economic centre. Archanes, Krasi, Zaros, Vori and Agia Varvara are among the most beautiful villages in this area with many foreigners looking to purchase an investment or vacation property in any of these spectacular destinations.
Crete’s coastal villages are quite charming. Many colourful traditions are kept alive in the smaller communities, but the large port towns are on the rise and becoming more modernized.
How to Buy Property in Chania?
You know you want to buy in Crete, you know where, and you might even know what. But do you know how to buy a property in Crete?
ARENCORES Property Buyers Guides are designed to provide a piece of detailed and reliable information for those looking to buy a property in Crete.
They cover the basic legal framework, process steps, suggested tips and the main points potential investors should know about the acquisition and ownership of real estate assets in Crete, Greece.
You can find more information on how to buy a property in Crete in our Chania Property Buying Definitive Guide.
Despite the fact that this particular guide has been created for property buyers and investors interested in Chania’s real estate market, detailed information for all the necessary and required steps to facilitate your decision-making on the entire process life-cycle has been provided.
In this initial step, you will need a dedicated team of professionals to successfully identify, negotiate and purchase a property in Crete.
- It’s often worth it to invest in a real estate attorney, but it is not legally required. However, we strongly encourage you to provide a power of attorney to a professional lawyer who also speaks your language to make the transaction a success and ensure your satisfaction. Discover a list of English-speaking lawyers in Crete, Greece here.
- Attorneys make sure all paperwork is properly drawn up and filed with the governmental and local authorities.
- Attorneys do title searches, and property transfers and can negotiate should a problem has been identified.
- In Crete, property buyers and sellers in any real estate deal should be represented by lawyers to guarantee their rights and preserve their interests.
- While lawyers can help if you face discrimination when buying a property in Crete, there are also less expensive options.
Is it Worth Buying a Property in Chania
It is absolutely worth buying property in Crete for several reasons. Not only because of the opportunities Crete has to offer itself, the outstanding quality of life and the affordable cost of living, but also of its exceptional investment returns and the opportunity to get residency in one of the most wonderful countries in the world.
The property market in Crete is white-hot—and neither the COVID-19 nor rising property prices can put out the flames. According to our research property purchases have steadily increased year-over-year since June 2018 as real estate assets continue to get more expensive across the country.
However, investing in real estate is a terrific idea if you are in it for the long haul, not a quick return.
Residential and Commercial Property Price Indices in Chania, Crete.
Chania Property Prices Data section provides up-to-date residential and commercial property indices, using the latest information and applicable, yet reliable data to produce period-on-period analysis reports, track critical trends, and identify opportunities or overpriced properties and percentage changes.
Especially if you are a first-time buyer, your best bet is investing in residential properties near popular tourist resorts or the big cities such as Chania, Heraklion Rethymnon and Agios Nikolaos that produce rental income year-round.
Just make sure you understand all of the associated legal fees and are prepared for unexpected costs.
What’s the Property Market Like in Crete?
Will property prices fall in Crete? Bank of Greece, says the impact on the Greek real estate market from the recent pandemic will be uneven and that the recovery in the medium to long term will vary, depending on the features and location of each property.
In 2020, the Greek economy was affected by closed borders and the heightened uncertainty over employment, finances, and of course, physical and mental health.
Foreigners who were interested in buying properties in Crete could not come to the island for property viewings and conclude a contract of sale. Property prices have either stopped growing or are growing much slower than in previous years.
Economy analysts at the European Commission expect the pandemic to decline in 2021. With the lifting of social distance measures, the influx of foreign tourists to Crete will recover fast.
This will have a positive impact on the economy of Greece’s biggest island and real estate market.
From 2021 onwards, the situation in the economy and the real estate market will start to change for the better. According to our latest research and market analysis, the overall investment climate in the country is going to be improved.
We also conclude that property prices range depending on the type of building, quality of construction, age and area.
Indicatively, prices for modern and new apartments in Chania and Rethymnon are growing faster than in old buildings. “Old apartments” in our research are considered to be objects built before 2012.
How Can I Find a Property in Chania?
There are no secrets or special tips to search and identify incredible real estate deals in the property market of Crete. For anyone thinking of buying a property in Chania, Heraklion, Lassithi or Rethymnon, today one of the most useful tools, and effectively most used, is the web.
In most instances, buying a property in Chania (and anywhere in the world) involves building strong relationships with dedicated and professional real estate agents servicing the area of your interest.
Obviously, the web it’s useful not only for searching and discovering properties but also for finding information on the area including distances from – the property of your preference. However, it is hard to gain a true impression from photos illustrated on a computer screen.
Coming to Crete to have a tour of the properties is also an excellent opportunity to check that the area around the properties is to your liking. Even the neighbourhood is crucial for your decision. After all, this is a very important investment.
Don’t be swayed by glossy property descriptions and slick marketing material when choosing your next investment in Crete (and anywhere else). Examine the market, evaluate its long-term potential data and crunch the numbers.
There are six broad categories that you must consider when looking for an investment property to buy in Crete. These are:
- The location
- The condition of the construction
- The market drivers long term
- The individual property’s characteristics
- Property management and maintenance expenses
- The associated taxes and fees
DISCOVER MORE AT ARENCORES: BUYING A PROPERTY AS A FOREIGNER