Crete is a comparatively new market since if you were a foreigner it has only been possible to buy property in Greece without a Greek partner since 1990.
Before then only few foreigners with a good knowledge of Crete and trustworthy friends were willing to invest their money in property.
The advent of the European Union changed all this and more and more EU citizens have been buying property on the island.
At first it was a trickle and whilst it hasn't yet turned into a flood there seem to be more and more people buying either land for construction, old houses or ruins for renovation or brand new houses. Some buy a second home, others plan to move to Crete "lock, stock and barrel" whilst more and more consider retiring to an island with a better climate, lower costs of living and almost non-existent criminality - an attractive combination.
This has led to a significant increase in costs of property and the times are past where you were able to find a plot of land suitable for building or a house in need of rebuilding for next to nothing. But there are still bargains to be had, especially if you are prepared to be a few minutes drive away from the sea.
The first thing to consider is that building regulations are a lot tighter here than it may appear at first sight and that you will not get away with buying a plot of land and building your house as a DIY projects as there are plenty of regulations (the most significant one is probably the anti-earthquake building specification) that have to be adhered to.
The increasing interest in buying land and houses in Crete has also led to a proliferation of estate agents in the cities and popular areas (such as the region of Apokoronas). Whilst you will need an estate agent to buy property and you will need an architect (a local one is best because he or she will know the rules may have "his" people to take care of the construction) you must be careful in your choice. There are good estate agents and there are also people out to make money only. Do choose carefully, shop around, get an impression of the seriousness of the agent and if you can, get recommendations from people who have already bought properties in the area you are interested in. Don't rush things!
Trying to build or renovate a house without using a local architect is not a good idea and may be a false economy (if saving money was your intention in the first place). The climate of Crete is very different from the climate of northern Europe and may demand different types of building materials and procedures. Dealing with builders without a local architect to oversee the project may also have catastrophic (or at least expensive) results. I don't think that this is because local builders are bad but it is more likely due to communication problems. |
