ARTICLE

Fly To Buy in Crete

Crete has long been a favourite holiday destination for Brits in search of sun. This picturesque island, the largest in Greece, is located to the south-east of the mainland and boasts many thriving cities. An archaelogical treasure, it also still harbours remote villages, hidden beaches, clear seas and dramatic mountain landscapes and, for Brits Gemma O'Leary and Steve Burge, it was also worth a Fly To Buy visit for its busy property market.

Fly To Buy in Crete

Tips for buying

  • It's usual for the vendor to pay the estate agent's fees so take advantage of their local knowledge to find a suitable property.
  • You will need a lawyer who can deal with the red tape and translate key pieces of information from Greek into English.
  • Once you've found your perfect property, you will have to sign a purchase agreement, conditional to the satisfactory completion of searches and surveys, and to pay a deposit of 10% to 30% of the final property price. A solicitor can then carry out title deed searches and ensure that everything is in order with the property being purchased. Then you're well on the way to contract closure.
  • Property priced over a certain threshold will attract an additional wealth tax annually for the owner. This threshold and the rate of taxation varies, but is usually between 1% and 2% of the property's declared value a year.
  • Additional fees, taxes and charges you need to be aware of include notary fees, solicitor's fees, property purchase tax, land registration fees and stamp duty.

Why Crete?
Since the 1970s Crete's economy has boomed thanks to a successful agriculture, packing and service industry and the property buying process is relatively straightforward. It can be expensive, but anyone looking to invest will benefit from the fact that there are few restrictions placed on the foreign ownership of land and property.

In general, property on the island is more expensive than in other parts of Greece, but there's an abundance of cheaper, rural properties available if you're prepared to do the restoration work.

Where to buy:
Crete is made up of many small resorts that have expanded through tourism. Chania and Heraklion have the island's main airports, with one in Sitia in the north-east under expansion.

Most Brits choose to buy in villages in the coastal areas nearby where prices are lower. The north-west Chania and Rethymnon areas, the coastal areas to the south-west and the north-east of the Lassithi prefecture are most people's first choice. Krista, the largest village in Crete, is also very popular due to its many shops, tavernas and a good bus service.

The average price for a two-bedroom apartment is 110,256 euros (about £75,328). A well-designed, three-bedroom property with seas views in Heraklion is around 351,000 to 400,000 euros (about £239,927 to £273,458).

Related sections: Fly To Buy

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