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Crete is one of those destinations that once you have visited the island, and you’ve seen how cheap restoration property prices in Crete are, you can’t quite believe you left it so long. The price of a modest estate car in the UK will buy you a wreck in need of putting back together, but double that to £30,000 and you’ll find a two-bedroom property in an interior village that will simply need a healthy dose of TLC. Check out villages such as Agios and Sgourokefali, a short drive from the sandy beaches of Kokkino Hani on the north coast, where Crete Property Consultants has properties for sale priced £15,000.
Or Tilissos, where a stone corner house on two floors with a courtyard and connected amenities is just £14,800. If off-plan flats and villas are more you, head for the beautiful north coast, from Chania to Agios Nikolaos, where a finished villa might cost around £85,000. In Theseus Beach Village, the island’s first gated community near Iraklion, the price of a luxurious three-bed villa rises to £490,000. You are likely to find other ex-pats among your neighbours as the island has attracted Brits since the earliest days of mass tourism. (The island is particularly friendly towards the British due to the role our forces played in liberating Crete during the Second World War.)
Over the last few years, however, the trickle of buyers from the UK has become a torrent, with 80 per cent of foreign house purchasers being British. Inevitably, our coming has pushed up prices, which are now double what they were a few years ago and rising steadily, but there is no sign of a property bubble and investment and rental prospects are considered healthy. It’s worth noting that for short-term lets, you must buy a licence from the tourist board, but this adds excellent resale value to a property in Crete.
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