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The proximity of history

01.03.2011
Author: Marina SHONIA
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Magnificent sandy beaches and a favorable climate are a good reason to spend a vacation on the island of Crete. If you add to this a measured rhythm of life, high-quality housing and a well-established process of buying real estate, you can think about buying a "second home" on the island.
For several decades, Greece has been one of the main tourist destinations in Europe, attracting more than 15 million travelers annually. In the country's economy, the tourism sector ranks second in terms of turnover after maritime transportation, it employs about a fifth of the working population. The British, Germans, Americans, Dutch and French are especially fond of vacationing in Greece. Russians, who discovered this direction much later, quickly catch up. Last year, according to the Greek National Tourism Organization, about 250,000 Russians visited the country.
In early 2008, the government adopted a plan for the development of resort areas, including the improvement of tourist infrastructure, the construction of recreation complexes, hotels, golf clubs, spas and yacht marinas. The main goal of the plan is to make Greece a year–round tourist destination.
Indeed, Greece has many competitive advantages: the longest coastline in the Mediterranean, low building density, many vacant lots on the first line from the sea, picturesque islands, including hundreds of uninhabited, clean beaches, good ecology and, of course, a rich historical heritage.
Real estate in Greece is more affordable than in neighboring Schengen countries such as Italy, France, Spain and even Cyprus. Russian buyers are most often interested in real estate on the Halkidiki peninsula, as well as on the islands, among which Crete accounts for the most requests.

Crete is in the spotlight
Among the hundreds of Greek islands, Crete occupies a special place. Firstly, it is the largest among them and the fifth largest in the entire Mediterranean. Secondly, it is the southernmost island of the Mediterranean Sea, so the bathing season here is very long for Europe – about a month and a half longer than, for example, in the popular Greek resort of Halkidiki. Thirdly, Crete is the ancestral home of European civilization, and there are a lot of unique historical monuments preserved here. Many of them date back to the 3rd century BC, when the Minoan civilization flourished in Crete.
The local nature cannot leave you indifferent either. Three mountain systems with numerous caves and picturesque gorges alternate with fertile plains that turn into sandy and pebble beaches with clear sea water near the shore. A significant part of the territories of Crete are nature reserves.
Crete is in many ways similar to Cyprus, which is well known to Russians – there are excellent highways, regular sea connections with Athens, two international airports in Heraklion and Chania (and another airport in the city of Sitia will also become international after reconstruction). Although the tourist infrastructure of Crete is still inferior to that of Cyprus, it is developing extremely fast, and expensive, high-quality holidays are in increasing demand.

It's getting simpler and simpler
The real estate market in Crete is experiencing significant interest from foreign, primarily Western European buyers. Most residential projects in Greece are small – a dozen houses with a common protected area. "People often buy real estate here not only for recreation, but also for permanent residence – in particular, retired people," says Vladislav Andreev, a real estate consultant at Cybarco. –Maisonettes and apartments in small integrated complexes on the seashore are in the greatest demand."
Crete is considered a border area, and Russians need permission from the Greek Ministry of National Defense to buy real estate on the island. Therefore, the registration of real estate ownership may take 6-8 months. Recently, the Greek authorities, interested in attracting Russian investors, have been taking steps to make the purchase easier. In particular, the list of documents that must be submitted to the Ministry of Defense has been reduced, and the procedure for obtaining a visa for real estate owners has been simplified. "Despite the difficulties with registration, real estate in Crete is in demand among Russians," says Vladislav Andreev. – To speed up the procedure, you can make a purchase for a legal entity registered in the EU, for example in Cyprus.
" "Potential Russian buyers interested in real estate in Crete can be divided into two approximately equal groups," says Ekaterina Petrova, manager of the Lucky Street real estate agency. – Some select houses and apartments worth up to 300,000 euros, the second are interested in villas in the price segment of 1-2 million euros, the intermediate price range is practically not in demand by our compatriots."

Resorts of Crete
The territory of Crete is divided into four nomes (districts): western – Chania, central – Rethymnon and Heraklion, eastern – Lasithion.
In the eastern part of the island, an hour's drive from Heraklion Airport on the coast of Mirabello Bay, there are the most expensive and prestigious resorts of Agios Nikolaos and Elounda. Agios Nikolaos, the "Cretan St. Tropez", is located on a hill, on the shore of a freshwater lake. There are sandy beaches, many restaurants, souvenir shops, there is an opportunity to engage in water sports and yacht rentals.
Elounda is chosen by tourists who are determined to spend a relaxing romantic vacation in a good hotel, and buyers for whom comfort, privacy and clean sea are the main things: the beaches of Elounda are considered to be among the best in the Mediterranean.
Real estate for sale is most often put up not in the resorts themselves, but in their surroundings, in quiet seaside villages with a traditional way of life.
"Russian buyers interested in villas on the coast and with a budget of 800,000 euros or more are attracted mainly to the eastern part of Crete: Agios Nikolaos, Elounda, Plaka," says Tatiana Karpova, Sales Manager at Pyramis S.A.
Three-bedroom villas under construction in the vicinity of Elounda are offered at a price of 450,000 euros. The complex is located 30 m from the beach and consists of 19 villas. A spacious house by the sea – with five bedrooms and a private berth for a yacht – can be purchased for 3.5 million euros.
More affordable real estate prices ensure the popularity of the nomas of Chania and Rethymno. "In terms of the abundance of greenery and the beauty of the landscapes, the coast of Chania resembles Elounda, but the places here are more habitable and touristic," says Ekaterina Petrova. The lively city of Chania is the second largest in Crete and the ancient capital of the island. The old Venetian port, the lighthouse, and the mansions of the Venetian nobility have been preserved here. There are several cozy resorts around the city. One of them, Maleme, is 35 minutes away. drive from Chania airport. Two-bedroom apartments on the beach, in the residential complex Maleme Beach Views, cost from 145 000 euros, maisonettes with an area of 100 sq. m. m – from 260 000 euros.
Rethymno boasts the longest beaches in Crete. The center of the region is a small resort of the same name with sights from different eras: in the old part of the city, houses of Venetian and Turkish construction are well preserved. Just like in Chania, life in Rethymno does not stop even in winter. There are many foreigners on the streets, in cafes and restaurants who live in Crete all year round.
According to Tatyana Karpova, real estate in Rethymno is in great demand and even in the current situation, and demand in this area outstrips supply.
Luxury villa of 410 sq. m. an apartment with a private pool in the vicinity of Rethymno, a five-minute walk from the sea, costs 1.35 million euros. The villa has an area of 90 sq. m. m in a complex of 12 houses, which is located 10 km from the city, near the villages of Adelianos Campos and Stavromenos, will cost 297,000 euros.

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