Crete

Crete is the largest and most populous of the Greek islands. Covering an area of around 8,450 square kilometres it is larger than both Sicily and Cyprus. You’ll find Crete about 100km south of the Peloponnese.

Due to its size, long sunny season and the beauty of its beaches, Crete is one of the most popular islands with international buyers, whether they’re after a holiday home, investment property or retirement retreat. In the Your Overseas Home survey 2024, Crete was the number one area in Greece that prospective buyers wanted to own a home in.

There is a division in the lifestyles you can expect from the east and west of the island. Generally, international buyers prefer the west coast, with its softer atmosphere. While the east coast is livelier, populated with resorts, and primed for those that want to make the most of the short-term rental market.

Why buy property in Crete

For many, a huge part of Crete’s appeal is its coastline, which stretches for over 1,000km. It offers an incredible range of beaches: Vai Beach is surrounded by Europe’s largest palm forest while Elafonissi Beach is picture-perfect with its pinkish sands.

Plus, Crete boasts of two vibrant cities, Heraklion and Chania. Each boasting of fascinating historical artifacts, like the Minoan Palace of Knossos, the Yali Tzamizi and the Fortess of Koules. Both also boast of more modern districts with high-street brand shops, restaurants and a fun nightlife.

From the beach to the olive grove, Crete is gifted with stunning natural scenery. Chania is home to the Samaria, the longest gorge in White Mountains’ National Park, a national park and a world’s biosphere reserve.

A home in Crete is well-suited to those seeking a lifestyle that is lighter on the wallet and the waistline. From swimming to snorkelling to cycling, there is an abundance of opportunity for outdoors adventure. The agricultural industry continues to thrive, making Crete ideal for enjoying fresh, low-cost, locally produced food.

The weather in Crete

Crete has a temperate Mediterranean climate with mild, rainy winters and hot, dry summers. The hottest time of year is July and August, with highs of 30°C, up to twelve hours of sunshine and very little rain. In spring and autumn, temperatures range from 17 – 23°C, with autumn being rainier. Winter is cloudy, rainy but you still can enjoy short spells of warmth, with highs of 17°C. For most of the year, you’ll be able to swim comfortably, with sea temperature rarely dipping below 17°C.

What can I get for my budget in Crete

Compared to the other islands, Crete has a wealth of choice in property type and price points. There are options for buyers seeking doer-uppers, country retreats, city dwellings, new developments and high-end homes. On the smaller, less developed islands, it can be difficult to find modern or off-plan properties, but this is not the case in Crete.

If you’re interested in a village house, you’ll need a budget of around €100,000 (though you can find one to renovate for much less). City apartments require a budget of upwards of €150,000. While the starting price for a seafront property is €500,000. If you are after luxury, you can find multi-bedroom villas with panoramic sea views, a private gym and an infinity pool.

Is a property in Crete a good investment? 

Due to a combination of affordable property prices, reliable capital appreciation and a thriving short-term rental industry, a property in Crete can certainly be a good investment.

According to indomio, in August 2024, the asked average for a residential property was €2,136 per square metre, an increase of 6.91% from the previous year.  Prices were typically higher in Chania Prefecture and cheapest in Heraklion Prefecture. This is similar to Corfu (€2, 427 per square metre) and considerably more affordable than Mykonos, which is almost double per square metre. For cheaper property, look to islands that are less of a hit with foreign buyers, like Kos, Naxos and Chios.

In 2023, according to Statista, just under five million tourists head to Crete. International buyers can make the most out of this with a successful rental home.

How to get to Crete

With a home in Crete, you have access to two airports, one in Chania and Heraklion. Heraklion is Greece’s second busiest airport, after Athens. From April to October, there are flights to airports in the UK, France, Germany, Italy, Spain and beyond. Outside of this time of year, flights are reduced to Athens, Thessaloniki, Cyprus and Germany. Plus, Heraklion port is of the country’s most bustling, with routes to Santorini, Mykonos, Paros, Ios and Karpathos.

Where to buy in Crete

West Crete

Chania: Known for its Venetian harbour, charming Old Town, and stunning beaches, Chania is a favourite among expats and tourists alike. The area offers a mix of traditional and modern properties, from stone houses in the old town to luxurious villas along the coast.

Rethymno: This town combines historical charm with modern amenities. Its long sandy beach, vibrant nightlife, and well-preserved old town make it an attractive option for buyers looking for a lively yet picturesque setting.

East Crete

Agios Nikolaos: Located on the northern coast, this town is known for its beautiful lake, vibrant nightlife, and luxury resorts. It’s a great choice for those looking for a lively atmosphere with plenty of amenities.

Ierapetra: Situated on the southeastern coast, Ierapetra offers unspoiled beaches and a relaxed lifestyle.

Sitia: This easternmost town is known for its authentic Greek feel and beautiful natural landscapes. It’s perfect for buyers looking for a quieter, more traditional setting.

Chania vs. Heraklion

Chania: Often considered the most beautiful city in Crete, Chania boasts a picturesque Venetian harbour, narrow alleys, and historical buildings. The city is close to some of Crete’s best beaches and natural attractions, including the Samaria Gorge. Chania offers a more relaxed and romantic atmosphere, making it ideal for couples and families.

Heraklion: As the capital of Crete, Heraklion is a bustling city with a mix of modern and historical attractions, including the famous Knossos Palace. Heraklion has excellent transport links, making it a convenient base for exploring the island.

Budget-Friendly Options

For those looking for more affordable property options, consider:

Panormos: A charming fishing village in Rethymno with traditional stone houses and a strong sense of community.

Vamos: Located in the Apokoronas region, Vamos offers affordable properties and a peaceful atmosphere.

Kritsa: This village near Agios Nikolaos is known for its traditional Cretan architecture and beautiful surroundings.

11 steps to buying a property in Crete

Buying a property in Crete is not difficult, if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality. 

• Research and planning: Download guides, read articles, sign up for events and exhibitions to gather all the information you may need about buying a property in Crete. Do you know anyone who has already bought in Greece, or lives there? Maybe give them a call. Try to narrow down the location you want to buy a property in. 
• Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
• Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
• Make essential connections: Connect with a local estate agent. The easiest way to do that is to make an enquiry on a property in Crete. Also contact an independent property lawyer and maybe a tax specialist too. Your Overseas Home can help you, so give them a call.
• Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
• Get your AFM number The ‘Arithmos Forologikou Mitroou’ number is a tax identification number necessary for financial transactions, including purchasing property. Head to the local tax office with your passport and birth certificate to obtain it.
• Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
• Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually around 10%).
• Plan for utility connections: The wait begins, this can often take several weeks. Look into getting your utilities connecting during this time
• Sign the final contract: When ready, you’ll be asked to sign the final contract in front of the notary and pay the outstanding amount on the property, along with the relevant taxes, stamp duty, notary fees, and legal fees. Then, you’ll get the keys to your very own home.
• Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.