Crete Property Market and Real Estate Guide

(Crete, Greece)

Crete is one of the most unique Greek islands, and the local property market has taken off in the past few years. Residents enjoy access to beautiful beaches and truly ancient seaside villages.

The most expensive properties on Crete reside within the towns of Chania, Plaka, Almyrida and Gavalochori, most of which fall in the Apokorona region of west Crete. Land and houses set in the hills - even if just a few miles from the sea - are generally much more affordable. Bargains can also be found on the south shore of the island, though it is hard to find properties represented by a realtor in this area.

Given Greece's recent financial hardships, the Crete property market is in flux. Properties are generally expected to hold their value and offer long-term gains, especially those that are close to the coast.

Renting Serviced Apartments

Serviced apartments and villas are available within Crete's more resort-oriented communities. These units cost about the same as a hotel room, but occupants can save money by self-catering. Nearly every serviced apartment comes with a fully functional kitchen.

Units of any size are available, and most offer access to shared facilities like swimming pools and fitness centres. Many serviced apartments enforce a minimum stay, and those that don't are usually more expensive. In either case, the only noticeable savings are available to long-term occupants who are staying for a month or longer.

Buying Apartments and Houses

Affordable stone houses and parcels of land are for sale in the countryside, while high-value condominiums and luxury villas are in cities along the north coast. Demand has gone up dramatically in the past few years, and investors stand to turn a substantial profit in the near future.

As a general rule, foreigners have no problem purchasing property in Greece, but non-EU residents may need to obtain approval first. All buyers have to secure a tax role number (called an AFM) first. Approval is easy to obtain, though it warrants working through a property lawyer.

Real Estate Agents

Finding a real estate agent who is accustomed to working with foreigners is essential, especially for buyers from outside of the EU. Skyrocketing demand for property on Crete fosters a climate where realtors compete for clients, so there are plenty of options available.

Check out the following Crete real estate agents:

Elizabeth Estate Agency
Address: Pyrgos Psilonerou, Plantanias, Chania, Crete, 73014, Greece, GR
Tel: +30 282 106 2720
This office is located in Chania and has access to some of the most desirable properties on the market.

Address: Tompazi 20, Tompazi 22, Rethymnon, Crete, 74100, Greece, GR
Tel: +30 283 105 7735
Exantas employs local and international realtors to help address the diverse nature of the island's real estate market.

Crete 4 Me
Address: Agia Galini Village, South Rethymnon, Crete, 74056, Greece, GR
Tel: +30 283 209 1140
Email: via website
This is one of the few agencies on the south coast of Crete and it has a particularly extensive portfolio for properties in this region.