Currently, many properties in Greece are being sold at a price close to the cost price, but this may not last long. In addition, a large number of special offers are now on sale, which come with a discount of up to 20%.
Not only low real estate prices, but also convenient transport links, picturesque natural landscape, clean Mediterranean Sea, the friendliness of the Greeks, the charm of traditional Greek villages attract Russians here. In Greece, Russians are treated in a special way due to the proximity of Greek and Russian culture and religion.
Greece and the crisis
When the crisis hit in Greece, real estate prices dropped to a realistic level, the supply as a whole began to match the demand. There was no construction boom in Greece, and therefore the decline in prices here was smooth - for three years since 2009, the cost of housing has decreased by an average of 30%.
The market volume has decreased significantly since 2007, the number of transactions has decreased mainly because banks have tightened lending conditions, and the local housing market, which makes up the bulk, has also suffered.
At the moment, the Greek real estate market has the most successful combination of price and quality, often better than, for example, in Cyprus, Spain or Italy, while the infrastructure meets European standards.
According to some experts, now is the right time to buy a home in Greece – prices are close to the cost price, for some objects you can get a discount of up to 20%.
Moreover, the number of buyers of real estate is led by citizens of Scandinavian countries, Russia and the Greeks themselves. And the number of requests from Russia for the purchase of real estate in Greece is constantly growing. Russians are most often interested in buying real estate on the Halkidiki peninsula and on the islands, among which a large proportion of requests fall on Crete.
The real estate market today
In the Greek housing market, you can now find good deals with a view to the future. For a long time, Russian buyers were kept from buying a home in Greece by a complicated purchase procedure. But the Greek government is taking measures to remove barriers for foreign citizens when buying a home. So last year, the country's authorities canceled obtaining a permit from the Ministry of Defense of the country for the purchase of real estate by foreigners in the border territories of Greece. Buying for Russians has become easier. In addition, Russian citizens can purchase any amount of real estate per individual.
Many people believe that property taxes are high in Greece, but this is not the case. Property taxes are lower here than in Cyprus, which is considered a tax haven for home buyers.
In addition, unlike Cyprus, in Greece, the buyer of real estate receives a title certificate of ownership immediately after the conclusion and registration of the contract of sale.
A special place for Russian buyers and tourists is occupied by the island of Crete - the southernmost island of the Mediterranean Sea. Unlike another popular destination, the Halkidiki Peninsula, the bathing season here lasts longer. The dynamics of prices on the island is different, but, according to experts, in the long term, prices will rise.
Since 2009, the main buyers of real estate in Crete have been citizens of Scandinavian countries and Russia, and the British, Germans and French make up a small proportion.
The property purchased here is suitable not only for recreation, but also for permanent residence, as well as for renting. Villas and apartments in small complexes on the seashore are in the greatest demand.
Many who are thinking about buying real estate in Crete, opt for the Chania region in the north-western part of the island – one of the promising areas for investment. It is not surprising, because the city of Chania is called the "Venice of the Eastern Mediterranean" for its unforgettable charm.
In this area, just a few minutes from the old port and the center of Chania, the Canea Corniche project will be built – a closed club project with the services of a five-star hotel, which will include 200 modern apartments with sea views. A distinctive feature of this project is that on its site there is a plant for the production of olive oil, built in the 19th century, the original elements of which will remain. Picturesque gardens and olive trees will be planted on the territory of the complex. Construction work should begin soon. The project is led by one of the largest developers of Crete – the company Leptos Estates, which specializes in real estate in Greece and Cyprus.
Many families from Russia buy real estate in this region for permanent residence. For example, in the residential complex Aphrodite Beach-front, located a few meters from the sandy beach of Maleme and just 15 km from the ancient center of Chania. More than half of the objects have already been sold, but there are still discounted offers here. Housing prices in this complex range from 145,000 euros for one-bedroom apartments and reach 390,000 euros for a three-bedroom villa. In Cyprus, the price per square meter in similar projects is two to three times higher.
More budget options can be found in the Fournado Hills Villas project – a complex of villas designed in the traditional Cretan architectural style, located 3 km from Falassarna Beach. The cost of two–bedroom villas is 220,000 euros, and with three - 320,000 euros.
Another residential complex Viglia Beach Villas, consisting of 16 separate villas, is located in a prestigious area on the sandy coast of Kissamos Bay, a 35-minute drive from Chania International Airport. The villas, made of stone according to individual projects, have spacious plots, the average size of which is 0.15 hectares. You can buy such a villa for 750,000 euros.
The company offers potential clients from Russia who want to visit Greece and get acquainted with the projects, free accommodation in its own five-star Panorama hotel for up to five days.
Since the Greek banks have tightened the conditions for obtaining mortgages, many developers, including Leptos Estates, have started offering installments for a period of three years with an annual interest rate of 6%. At the same time, the minimum payment is 35%, which must be paid within three months. After the first payment, you can use real estate. By agreement, payment is made monthly or quarterly.
The rental market in Crete is very popular. In the high season in the Chania area, the income from renting one–bedroom apartments can be 500 euros per week, with two bedrooms – 700 euros per week, with three - 1000 euros per week.
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