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Crete - Greek Island

Most property specialists tip Crete - Greek Island, the largest of them all as offering the best investment potential and rental returns. It has an established resale market with prices rising progressively over the past ten years as well as a stable economy, which has grown at a rapid rate since the Seventies due to its booming agricultural, packing and service industries. Tourism here is at an all time high and restrictions on buildings mean that the island will not become damaged by high rise property restricting the perfect, scenic views. Property prices have shown dramatic capital growth the region of 15% per year since 2000 and they are estimated to be up to 40% lower than those of the UK.

Tipped for the Top

Where Spain once lead the second home market, many property experts are tipping Crete - Greek Island and as the market, which will take over the number one spot because of its diverse range of properties, Blue Flag beaches – there are 93 of them and competitive prices. In the latest report from Currencies Direct ‘Global Money Movers League Table’ Greece as a country has suddenly appeared in the top 10 overseas destinations for property hungry Brits. Similarly, a survey by Piraeus Bank (UK) found that 20% of international property buyers questioned were planning to buy in Greece. The key factors for this choice were dictated by the better lifestyle options, like a warm climate and lower cost of living. Crete has become the most popular choice for international property owners looking to invest in the Greek market and this coupled with its steady growth in tourist numbers means that a holiday or permanent home here is set to generate decent returns over the long term.

Cretan Hotspots

Property around the island’s airports has become a popular choice because it is lower in cost than the coast and most of it offers stunning sea views as well as giving easy access when you or your guests land here. Property around Chania, the islands second largest city is a good bet. It has its own international airport and a quaint old town full of historic sites alongside a modern city. It offers something for everyone including a vibrant nightlife and healthy family atmosphere. Best buys in this town are anything with a sea view.

The island capital Heraklion, which also has an international airport and an important port, is the fourth largest city in Greece and another sound investment hotspot. It is a city combining new and old rooted in culture and history and close to one of the islands most popular tourist traps Knossos. Again sea view property or those close to an historic site are the things to look for.

There are many villages tipped as hotspots for those who are looking for more of a rural idyll away from the hustle and bustle of the towns and resorts. The Rethymnon area and the south-western and north-eastern coastal areas close to the prefecture of Lassithi are particularly good. Any of the villages within a ten minute drive from the beach are worth looking at and you will find that properties here are far less expensive than Chania and Heraklion. You can find properties for under 75,000 Euros but you should be aware that most homes with such low price tags are in need of renovation. The attractive village of Krista, Crete’s largest village, which has a good infrastructure and an abundance of tavernas and shops, offers affordable property at around 110,256 Euros for a two bedroom turnkey apartment.

Sitia in Eastern Crete is set to shine in the property spotlight. It is located on one of the most untouched parts of the island and is soon to become more accessible with direct flights from Sitia to Athens and a frequent ferry from Piraeus, which is bound to open up the domestic property market to island hungry Greeks if not to international buyers as well.

A Drop in Prices

What could be better than a relaxed lifestyle, a wonderful climate offering over 320 days a year of glorious sunshine, long sandy beaches and unblemished scenery, the lowest crime rate in Europe and a cost of living far lower than many other EU states? On top of this, many Greeks are lowering the cost of property for sale as a response to the global financial crisis, which has slowed down property markets across the world. This means that it is an excellent time to buy, but if you have the money, don’t dither as these prices will not last. Land and property prices remain more affordable in Eastern Crete compared to the west of the island; villas in need of no restoration are now selling for less than 75,000 Euros in Eastern Crete thanks to sensible reductions in property prices to attract buyers in a slower market. Many developers all over the island are now offering generous off plan schemes to attract buyers with furniture packages and easy stage payments thrown in. So if you are considering a new holiday home look no further than Crete - Greek Island!