If on the Greek mainland the largest populated area is Thessaloniki – and not, as one might assume, the capital of the country, Athens – then among the islands the first place in terms of area and many other indicators is occupied by Crete.

Moreover, it is quite rightly considered the fifth largest in the entire Mediterranean Sea, which, of course, leaves its mark on the cost of real estate in Crete.

In addition, the developed infrastructure, which attracts numerous tourists from developed countries of Western Europe, is important and influences the increased demand for housing and commercial real estate on the island of Crete.

The Greeks made Crete, if not the “visiting island card” of the country, then at least the largest tourist center located on the islands. This is facilitated by the mild Mediterranean climate, when it rains only a few times in summer, and in winter you can sunbathe on local beaches, developed infrastructure, and the possibility of combining a beach holiday with an extensive excursion program.

It is no coincidence that Crete is one of the most popular island resorts, providing worthy competition to Mallorca, Tenerife, Sardinia and other islands popular with foreign tourists. In addition, by purchasing real estate in Greece on the island of Crete under the Golden Visa program, you can, over time, settle in this country, and after seven years, in an “accelerated mode,” become its full citizen.

Real estate on the Greek island of Crete

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The uniqueness of the southernmost Greek island lies not only in its size and geographical location, but also in the length of its beach line, which in total exceeds a thousand kilometers. Due to the fact that here you can not only relax serenely on the beaches, but also engage in many water sports.

Real estate on the island of Crete is extremely popular among various categories of buyers.
These include not only foreign pensioners, families with children and fans of water sports, but also lovers of ancient history.

Crete offers a lot of options for free time, and, above all, the emphasis is on luxury holidays, which include visiting restaurants, boutiques and accommodation in luxury hotels, which is complemented by a rich excursion program.

Many wealthy foreigners prefer to buy or rent property on the island of Crete for a long period of time. This is explained not only by the presence of a large selection of real estate, the most attractive options of which are concentrated in regions such as Heraklion (the capital of the island), Rethymno, Chania and Lassithi, but also by the possibility of obtaining a residence permit, permanent residence, and then Greek citizenship, as the Golden Visa program “applies to this part of Greece.

The most popular resorts in Crete for the purchase of real estate by foreigners are the following cities and towns:

  • Heraklion region: Stalida, Agia Pelagia, Hersonissos, Malia and Heraklion itself.
  • Rethymno region: Agia Galini, Bali, Panormo, Plakias and Rethymno itself.
  • Lassithi region: Agios Nikolaos (administrative centre), Ierapetra, Istron, Sitia, Elounda.
  • Chania region: in addition to the center of the same name, these are Agia Marina, Gerani, Georgioupolis, Kournas and Paleochora.

Features of real estate on the island of Crete

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Each of the resort towns in Crete has its own characteristics, but most of them are aimed at those who want a quiet and luxurious holiday, far from the booming music and tourist hubbub.

Real estate in Greece on Crete compares favorably with the mainland of the country or the islands, where young people are mainly entertained in discos, bars or nightclubs. Of course, in Crete you can also buy inexpensive apartments in old buildings from at least the middle of the last century, but in general it is considered a resort for the public with an above-average income.

Supporters of a healthy lifestyle are also flocking to Crete, since there is not a single polluting enterprise on this Greek island.

Unlike many well-known resort places not only in Greece, but also in other European countries, construction is carried out using the “spot” method, and on the island there are many places that construction equipment is unlikely to ever reach. This is another explanation why property in Crete is more expensive than in a number of places, although in general it is inferior to prices in Athens or Thessaloniki.

At the same time, there is a difference between housing prices within the island itself. For example, the proximity of the international airport and the presence of beautiful architectural ensembles speak in favor of Heraklion.

Rethymno, despite the modest size of the entire region as a whole, has the longest sandy beach on the island. An equally famous beach is located in Lasithi, where the most fashionable resorts of Crete are concentrated.

And finally, Chania has a reputation as the “greenest” region of the island due to heavy rainfall in the winter, so it is recommended for those who are not susceptible to colds to settle here.

Property prices in Crete

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Naturally, such noticeable differences in the climate, landscape and development of different regions of the island are reflected in the cost of real estate in Crete.

For example, in Heraklion itself, the price of one square meter starts from about 1,200 euros, and we are talking about modest housing even by Greek standards. A similar apartment in Chania will cost 1,500 euros per 1 sq.m., which is largely due to the massive influx of tourists in the Samaria Gorge and good rental opportunities.

The cost of residential real estate in resorts belonging to the Lassithi region is comparable to the capital – and not only because these places are considered bohemian.

The cheapest places to settle will be in Rethymnon, Stavromenos and Elounda, although in the latter case villas and cottages cost more than 300 thousand euros, which allows you to take advantage of the Golden Visa program to Greece.

However, in each of the above-mentioned regions there is a wide variety of types of real estate – from apartments in apartment buildings to luxury villas, inaccessible to outsiders.

Thus, the cost of real estate in Crete is determined not only by location, but also by its type and area. The range of these indicators is so wide that before purchasing, it makes sense to decide on its purpose (renting is considered one of the most common options) and, perhaps, live for some time in your future “second home.”

You can find out more information about real estate in Greece from our articles.



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