Real Estate Crete

Crete is the largest of the Greek islands, with an area of over 8000 square kilometres. Thanks to this size, Crete has several attractive regions where buying a property is worthwhile. The lively capital Heraklion, the mountainous landscapes in the island's interior and of course the many holiday resorts directly on the coast all have their charm. Where to buy a property therefore depends entirely on individual wishes and needs. The tourist centres are Malia and Chersonisso in the north of the island. Here young people, but also families, from all over Europe sunbathe, swim and party. The infrastructure in this region is therefore particularly well developed. The south of Crete is much quieter. In the picturesque holiday resort of Plakias, the authentic Greek way of life is combined with gentle tourism. Families with children and sports enthusiasts in particular appreciate the recreation and many leisure opportunities in nature that the south of Crete offers.

The Cretan real estate market offers both modern new buildings and typical Greek stone country houses. The latter are often in need of renovation, but inspire with authenticity and charm. It is highly recommended to hire a surveyor who will provide information on the condition and actual value of the house in order to avoid unpleasant surprises. Regardless of which property is being eyed, personal inspection on site is indispensable. In addition to the property itself, attention should also be paid to the surrounding area. How far is it to the nearest supermarket? What is the medical care like in the village? Is there public transport if the car breaks down? Those who have only known Crete from hotel holidays will have to discover everyday life on the island with new eyes. If the property is to be rented out during the time of the year when it is not being used by the tenants themselves, it is important to look for agencies and service providers in the area who can be entrusted with this work.

Crete is subject to the same real estate laws as mainland Greece. A notarised purchase contract and entry in the Greek land register are prerequisites for a legally completed purchase of a house, flat, commercial property or building plot in Crete. The purchase contract is usually checked and concluded by a lawyer. In addition to the actual purchase price, there are a number of other costs involved in buying a house in Crete. These include land transfer tax of around 3% of the purchase price, notarisation costs of around 1%, land registry costs and lawyers' fees. For a valid purchase, the buyer must also open a Greek bank account and apply for a Greek tax number.