Changes in the property market in Greece and Crete
25 April 2014

Buying property in Crete is an incredibly attractive prospect for many people, particularly for those looking for a retirement property or a holiday home. The Greek property market has begun to recover as the economy of Greece slowly starts to grow by itself. Growth is slowly returning and now is a good time for a property investment or a purchase.

The property market in Greece and Crete is beginning to recover and grow. The economic crisis that Greece suffered, helped unemployment grow to extremely high levels and led to the property market crashing. From 2007 onwards, property prices saw a short rise before falling as the global economic crisis set in, which led to the economic crisis cutting deep for Greece due to the lack of interest from tourists and foreign investors who had less disposable income. However, from 2012 onwards, as the brunt of the crisis was overcome, recovery started slowly but surely and demand is slowly rising for foreign property.

Recently, the business of luxury houses is booming, with tourists expected to inject large amounts of money into the economy. With such a profit to be made, many construction firms are also turning to the business of building luxury homes. Because investing in these properties ensures an investor's visa is awarded, allowing the purchaser to live in the country, the demand continues to soar. The current rise in popularity of foreign property is happenin as economies recover across the world, and more people are seeing more disposable income available for them. However, as many real estate agents and construction firms went out of business, it has been difficult to keep up with the demand for properties on the island. As such, those who choose to build their own houses or rent out their house as a holiday home can see a potentially significant profit from doing so.

Naturally, this also means that the property market is growing. Relatively new tax legislation, especially the Single Property Ownership Tax which passed in 2013, has helped to influence property prices and keep them steady. Since the economic crisis, rent has also fallen for long-term rentals. When combined with the recovering economy across the world, this means good news for potential tenants or those looking to make Crete their home.

The high quality of life makes Crete a popular place to live. As the property market slowly begins to recover and more investments are made, it is a great time to purchase your dream home on the island. We can help you with every step of the process when you are planning to search for and purchase Crete property for sale.