|
07/06/07 - More
Investors Looking at Crete |
If you like the sound
of Crete, you had better get a move on. Demand for land is outstripping
supply and prices are on the up.
The most southerly and largest of the Greek islands has a bewitching blend
of coastal and mountain scenery. Although known for its rocky terrain, the
western part of the island is extremely fertile.
Endless olive groves and orchards are fed by the waters of the snow-clad
White Mountains. Tomatoes, avocados and exotic flowers which grow here are
shipped daily to local markets all over Greece.
The island has long, hot summers and balmy winters. You can bathe in the
warm Cretan seas until November. Plus there are countless blue flag beaches.
Choose from fine pink sand comparable to the South Pacific, to pebbles, to a
toe-scorching, black volcanic variety.
"Land is definitely in big demand here," says James Ward, who manages the
Athens office of surveyors Lambert Smith Hampton. "There are already several
high-end developments in progress, with more on the way."
Massive influx of buyers
In the past seven years, a foreign community has sprung up in north-western
Crete. Locals believe the influx of northern Europeans, mostly British, has
reached about 5,000. The core have settled in a pretty peninsula to the east
of the city of Chania, known as Apokoronas.
There are a handful of traditional mountain communities like Megala Chorafia
within striking distance of the sandy beach at Georgioupoli. They are easily
reached via Chania international airport, a destination served by major
charter airlines from UK regional airports. There are hourly, 50-minute
flights to Athens.
Chania's picturesque port is surrounded by ancient monuments and has become
one of the most sought after places to live.
Nottingham-born Carol Palioudakis settled here 20 years ago after falling in
love with Crete. She set up a website, www.livingincrete.net, to help other
expats integrate, and wrote a book called Living in Crete. A guide to buying
property, it is full of pithy advice on all matters, from obtaining a tax
number, to getting a job.
"Property prices are on a sharp increase; we've noticed a 40 per cent rise
in the past year, if it's anywhere near the sea," says Carol. Also, there's
been a dramatic improvement in building quality, as well as local
infrastructure. We waited six years to get our first phone," she says.
Shop around before purchasing
However, she warns buyers to shop around before purchasing. "There has been
a rash of new holiday developments built recently. The price and finish can
vary greatly.
"I know of two-bedroom apartments, which were sold at €99,000 (£67,000);
while other buyers paid €140,000 (£95,000) for identical ones.
"Also, agents often don't tell buyers that by law, they need to have a
permit if they rent out their Greek property. A licence costs between £2,000
and £3,000," she adds.
A local's guide to buying
Keep the resale value in mind when you are buying. Will the property appeal
to Greeks and foreigners alike?
Check that the developer has agreed to deliver the electricity and water
supply before you get the keys.
If you are moving, consider essentials like schools and hospitals.
Raising finance is no longer a stumbling block in Greece. Most agents and
developers offer 100 per cent mortgages to British buyers.
Watch out for the "culture gap". Too many British bars and shops around you
will not be so appealing if you want to stay long-term. |
|
|
Home
- Site Map -
Contact us
