Crete, the island of dreams, beckons not only with its natural beauty and rich history but also with attractive opportunities for real estate investment. If you are considering buying a house or villa on this sunny island, this overview of the Cretan real estate market in 2024 will help you navigate current trends and make an informed decision.
General Market Overview
Continued Growth: The real estate market in Crete continues to grow, although with some slowdown compared to previous years. Demand for property from both foreign investors and local buyers remains high.
Variety of Offers: The market offers various types of real estate: apartments, houses, villas, and land plots. The choice depends on the budget, purchase goals, and buyer preferences.
Regional Differences: Prices and demand for real estate can vary significantly depending on the region. Popular tourist areas, such as Chania, Rethymno, and Elounda, tend to have higher prices.
Trends
Increased Interest in New Construction: Buyers increasingly prefer new properties with high energy efficiency.
Demand for Properties with Sea Views: Properties with sea views are in high demand and have a higher value.
Growth in Popularity of the "Golden Visa": The "Golden Visa" program continues to attract foreign investors,contributing to increased demand for properties worth over 250,000 euros.
Development of the Real Estate Market in Rural Areas: There is a growing interest in buying houses and villas in the rural areas of Crete, especially among those seeking a peaceful and secluded lifestyle.
Price Range (Approximate)
Apartments: From 1,500 euros per sq.m. in less popular areas to 3,000-4,000 euros per sq.m. in the center of large cities and on the coast.
Houses and Villas: From 2,000 euros per sq.m. for small houses to 5,000 euros and above per sq.m. for luxury villas with a pool and sea view.
Land Plots: Prices vary significantly depending on the location, size, and purpose of the plot.
Factors Affecting Price
Location: Real estate in popular tourist areas, with sea views or in the city center, is significantly more expensive.
Property Condition: New and renovated properties have a higher value.
Size and Features: Area, number of rooms, presence of a balcony, terrace, parking space, and other amenities affect the price.
Sea View: The presence of a sea view significantly increases the value of the property.
In conclusion, the real estate market in Crete continues to demonstrate its attractiveness to investors, despite some changes in dynamics. Stable price growth, high rental demand, a variety of offers, and a favorable investment climate make the island a promising destination for investments.
If you are ready to take a step towards your dream of owning property in Crete, contact the professionals at Quality Real Estate.
We will help you navigate the variety of offers, choose the ideal property, and conduct the transaction with maximum benefit and security.
Don't miss your chance to become the owner of a piece of paradise on Earth!