Chania Property Buying Guide.

From average property prices and associated taxes to first-time buyer schemes, and from property identification to negotiation strategies, we cover everything you need to know about buying a residential or commercial property in Crete.

Chania Property Buying Guide.

This section provides a comprehensive overview of the process of purchasing property in Chania, Greece. It covers essential topics such as legal requirements, market trends, financing options, and tips for finding the perfect property, ensuring a smooth and informed buying experience.

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Real Estate Data Sources

1. Where to Buy Property in Crete?

From Elounda to Zakros and from Loutro to Palaiochora, Crete’s regions offer a diverse array of spectacular real estate opportunities for potential buyers and investors alike.

Whether you prefer to live by the sea, in the countryside, or in the mountains, you have the freedom to choose. Imagine waking up to views of the Aegean or the Libyan Sea right from your balcony— the choice is yours.

Crete offers a wide range of properties at various prices to suit different preferences: from newly built apartments and maisonettes in Chania, Heraklion, Rethymnon, and Agios Nikolaos, to luxurious villas, family homes, and commercial properties such as tourism facilities.

Depending on your desired lifestyle, some of the best places to invest in real estate in Crete include Chania’s Old Town and modern city, as well as the stunning district of Apokoronas, which boasts charming villages like Almirida, Vrisses, Plaka, Kalives, Georgioupolis, Vamos, Kournas, and Kokkino Chorio.

Additionally, the area of Palaiochora on the southwest coast, with its crystal-clear waters and well-organized beaches, is a promising destination for those interested in land and plot properties.

Furthermore, Rethymno and the beach resorts on the south coast, such as Plakias, Myrthios, and Agia Galini, are highly regarded for real estate investment.

The prefecture of Lassithi also presents numerous opportunities for investors in the thriving real estate market, particularly in the fascinating locales of Elounda and Agios Nikolaos town.

Zakros and the renowned seaside havens of Sitia, Neapolis, Lerapetra, and Makrigialos are often whispered about as hidden gems for real estate investors in this corner of Crete.

The prefecture of Heraklion boasts remarkable beauty, with its capital, Heraklion City, serving as the cultural and economic nucleus of the island. Quaint villages like Archanes, Krasi, Zaros, Vori, and Agia Varvara epitomize this beauty, drawing in a considerable number of foreign buyers seeking investment or holiday properties in these picturesque locales.

Crete’s coastal villages exude charm, with many preserving

colorful traditions amidst their small communities. However, the larger port towns are witnessing a modern resurgence, blending tradition with contemporary amenities to cater to evolving lifestyles.

2. How to Buy Property in Crete?

You know you want to buy in Crete, you know where, and you might even know what. But do you know how to buy a property in Crete?

Our Property Buyer’s Guides offer comprehensive and trustworthy information tailored for those looking to invest in property on the island of Crete. These guides delve into the essential legal framework, procedural steps, valuable tips, and key considerations for potential investors embarking on the journey of acquiring and owning real estate assets in Crete, Greece.

For detailed insights on purchasing property in Crete, refer to our Chania Property Buying Definitive Guide. While crafted specifically for property buyers and investors eyeing Chania’s real estate market, it encompasses thorough guidance for every crucial step throughout the entire property acquisition process.

Embarking on this journey requires a dedicated team of professionals to navigate successfully. You’ll need the expertise of a trusted real estate agent, a lawyer specializing in real estate matters, and possibly a civil engineer. At ARENCORES, a division of ARENCOS, our team comprises seasoned engineers and architects with extensive experience in Crete’s market.

You might be wondering, “Why enlist a lawyer for a property purchase in Crete? Can’t real estate agents handle everything? How do I find a reliable real estate agent?” Rest assured, at ARENCORES, we conduct meticulous checks on sourced properties, ensuring compliance with legal processes, topography plans, and land registry documents. This meticulous approach guarantees a smooth, reliable, and efficient transaction.

Once we’ve identified the most suitable properties, we’ll arrange physical or digital viewings. And when you’ve found the property that truly resonates with you in Crete, our specialized consultants will guide you through every step of the purchasing process, including negotiation.

Should I Buy a House in Chania?

Attain Greek Residency Through Property Investment: Your Guide to Securing Residency in Greece.

Discover the extraordinary opportunity to secure residency in Greece and gain access to a European Union passport by investing in property in Crete, Greece.

The Greece Golden Visa Program stands out as one of the most cost-effective residence-by-investment initiatives, offering entry into Europe.

Successful applicants and their families can enjoy visa-free travel within Europe’s Schengen Area just two months after application. Initiated in 2013, the Greek Golden Visa program allows investors and their families to attain Greek citizenship by investing in real estate valued at a minimum of €500,000.

For detailed insights into the Greek Golden Visa program and its diverse investment pathways, explore our comprehensive Golden Visa guide.

How we can help you?

Navigating the real estate market in Chania can be complex, but we’re here to help. Our team offers comprehensive services to assist you in buying a house or apartment in Chania.

We provide detailed market analyses, historical price data, and current trend insights to ensure you make a well-informed decision. From finding the perfect property to guiding you through the buying process, we’re dedicated to making your investment journey smooth and successful.

Key Takeaways on Property Buying Process in Crete, Greece.

Consider Legal Assistance: Though not obligatory, investing in a real estate attorney can be beneficial. While it’s not legally required, entrusting a professional lawyer who speaks your language with a power of attorney can ensure a smooth transaction and your satisfaction. Find a list of English-speaking lawyers in Crete, Greece for assistance.
Legal Paperwork Handling: Attorneys play a crucial role in ensuring all necessary paperwork is correctly prepared and filed with governmental and local authorities.
Title Searches and Property Transfers: Attorneys conduct thorough title searches, oversee property transfers, and can negotiate effectively if any issues arise during the process.
Legal Representation for Buyers and Sellers: In Crete, it’s advisable for both property buyers and sellers to have legal representation to safeguard their rights and interests throughout the real estate transaction.
Addressing Discrimination: Should you encounter discrimination when purchasing property in Crete, lawyers can assist. However, there are also more cost-effective alternatives available for addressing such issues.

3. How ARENCORES Can Assist Me?

With years of dedicated experience in the dynamic real estate sector of Crete, ARENCORES has emerged as a beacon of trustworthiness and reliability in the industry.

At ARENCORES, our commitment extends beyond merely listing properties; we strive to cater to the diverse needs of our clientele with precision and dedication. Should our public portfolio not meet your exact specifications, our exclusive access to an off-market database enables us to conduct personalized property searches tailored to your preferences.

Our mission is tailored to exceed the expectations of a discerning clientele, characterized by individuals seeking not just properties, but experiences marked by excellence, transparency, and personal satisfaction. We recognize that the Crete real estate market is not just any market; it’s a niche domain with high demands, particularly from international clients. Hence, our approach is finely attuned to meet these elevated standards.

Leveraging our profound understanding of the local real estate landscape and robust collaborations with experts across various domains, we curate a selection of properties that align seamlessly with your specified criteria. Every property undergoes rigorous scrutiny, including thorough examination of supporting documentation, ensuring a seamless and efficient transaction process.

Explore more about ARENCORES, our comprehensive suite of services, and the unwavering standards that underpin our operations. Experience the difference with ARENCORES – where excellence meets integrity in the world of Crete real estate.

LET US HELP YOU PUT THAT SMILE BACK IN YOUR FACE

4. Is it Worth Buying a Property in Crete?

Investing in property in Crete is a decision backed by numerous compelling reasons. Beyond the island’s inherent charm and high quality of life at an affordable cost, the potential for exceptional investment returns and the pathway to residency in one of the world’s most captivating countries add further allure.

The Crete property market is not just thriving; it’s sizzling with activity. Despite challenges like the COVID-19 pandemic and escalating property prices nationwide, our research reveals a consistent uptrend in property purchases since June 2018, underlining the enduring appeal of real estate assets on the island.

Yet, it’s crucial to view real estate investment in Crete as a long-term venture, rather than a quick profit scheme. This perspective aligns with the island’s growing popularity among both domestic and international buyers.

For those stepping into real estate investment for the first time, targeting residential properties in proximity to popular tourist destinations or major urban hubs like Chania, Heraklion, Rethymnon, and Agios Nikolaos proves to be a prudent strategy. These locales promise steady rental income streams throughout the year, enhancing the investment’s stability and potential returns.

However, it’s imperative to conduct thorough due diligence. Familiarize yourself with the associated legal procedures and anticipate unforeseen expenses that may arise along the way. With careful planning and informed decision-making, investing in Crete’s real estate market can unlock a world of opportunities and rewards for discerning investors.

Is Buying a Property in Crete a Good Investment?

We asked 45 property purchasers. Here’s what they said.

YES (60 %)

I purchased an apartment in Chania back in 2019. According to my experience, owning a property in Crete is not just buying a vacation home or sunshine and climate but a really good investment.

A vacation home in Crete can be a great way to build long-term wealth and ensure you have healthy finances upon retirement. You can sell it and use the cash to cover your future costs of living, travel and more.

Moreover, you can keep it and enjoy the relaxing retirement in Greece you’ve always imagined. Either way, you win.

NO (10 %)

Back on 2018, we decided to purchase a property in Rethymnon. The ROI was not so good as we thought. In addition to the local rental regulations and market you’re buying in, make sure you have the time and resources to make your property investment in Crete a success.

There are many other expenses to consider, like utilities, lawn care, and general maintenance. You’ll probably have unexpected repairs, too — and who knows what those will cost you? Take a good look at your larger financial picture and be sure the extra costs aren’t going to strain your finances before moving forward.

It Depends (30 %)

Our biggest advice to first-time property buyers is not to look at this house in Crete as a ‘wealth-building move. You need to holistically research almost everything, including the required taxes of property ownership in Greece, required maintenance costs, property management fees, local culture, and area.

That being said, homeownership can lead to wealth-building. According to my experience, the most significant element to consider when buying a property in Crete is location and maintenance costs. Where is this home and how much does it cost short and long term?

5. What’s the Property Market Like in Crete?

In 2020, the Greek economy bore the brunt of closed borders and pervasive uncertainty surrounding employment, finances, and public health. This tumultuous backdrop significantly impacted the real estate sector in Crete, as prospective buyers, particularly foreigners, faced hurdles in visiting the island for property viewings and transactions. Consequently, property prices either stagnated or experienced sluggish growth compared to previous years.

However, economic analysts at the European Commission foresee a turnaround in 2021, anticipating a decline in the pandemic’s severity. With the relaxation of social distancing measures, the resurgence of foreign tourism to Crete is expected to be swift, heralding a positive trajectory for both the island’s economy and its real estate market.

As we transition into 2021 and beyond, signs of improvement are on the horizon for the Greek economy and its real estate landscape. Our latest research and market analysis indicate a favorable shift in the overall investment climate within the country.

Moreover, it’s worth noting that property prices vary based on several factors, including the type of building, construction quality, age, and location. Notably, our findings reveal that prices for modern and new apartments in sought-after areas like Chania and Rethymnon are witnessing accelerated growth compared to older buildings. In our research, “old apartments” are defined as those constructed before 2012, highlighting a discernible trend in the market dynamics favoring newer properties.

2024 – Real Estate Trends

Market analysis for 2024 indicates a more favorable investment climate compared to previous years, with optimism prevailing among investors and stakeholders. The renewed influx of foreign tourists to Crete has not only buoyed the island’s economy but also bolstered confidence in its real estate market, driving positive momentum and fostering opportunities for investment.

In terms of property pricing dynamics, certain trends have emerged. Modern and newly constructed apartments in prime locations such as Chania and Rethymnon continue to command premium prices, reflecting sustained demand for contemporary living spaces. Meanwhile, older properties, particularly those built before 2012, have shown more modest price appreciation, albeit remaining attractive options for buyers seeking value and character.

Overall, 2024 marks a period of resurgence and optimism for the real estate market in Crete, characterized by growing confidence, renewed interest from foreign buyers, and a more favorable investment landscape. As the island continues to navigate post-pandemic recovery, its property sector stands poised for continued growth and prosperity.

Average Asking Prices in Chania & Heraklion

Rent Per Month	Heraklion	Chania	Percentage Difference
Apartment (1 bedroom) in City Centre	340.00 €	390.00 € (Tzanakaki Street)	+14.7 %
Apartment (1 bedroom) Outside of the City	287.00 €	340.00 € (Agios Onoufrios)	+18.4 %
Apartment (3 bedrooms) in City Centre	680.00 €	690.00 € (Chrissi Akti)	+1.70 %
Apartment (3 bedrooms) Outside of Centre	510.00 €	560.00 € (Akrotiri Area)	+9.80 %
Apartment Price (Selling Asking Price)	Heraklion	Chania
Price per Square Meter to Buy Apartment in City Centre	1,670.00 €	1,700.00 € (Nea Chora)	+1.79 %
Price per Square Meter to Buy Apartment Outside of Centre	1,284.00 €	1,344.00 € (Agia Marina)	+4.67 %

Moving into Crete and finding an apartment in Chania, Rethymnon or Heraklion has become stressful and mentally challenging for anyone on an average salary and looking to rent or buy.

According to our research, rents rose 7.2 percent on average between 2014 and 2020 throughout Crete. However, if we focus on the city centers of Chania, Rethymnon, Agios and Heraklion, which attract large numbers of tourists and investors, median rental prices per sq.m. have almost increased by 23.5 % compared to 2012.

6. Can Foreigners Buy Property in Crete?

Crete is actually one of the most welcoming real estate markets in Greece to foreign investors. Buying property in Crete as a foreigner also comes with certain advantages, such as high ROI, flexible financing options, tax benefits, exceptional climate, friendly people, and a unique way of living and working.

So, can a foreigner buy property in Crete? Many foreign investors will be happy to know that buying property in Crete from overseas is welcomed. Even if you don’t live in Greece, you’re still able to purchase a property as a vacation home or an investment object.

If you’re a foreigner buying property in Greece, there are certain steps you should take and some critical aspects you should know before getting started.

Non-EU citizens may find that certain restrictions apply such as buying a property near military bases or areas requiring special permission. These restrictions are often a mere formality for EU citizens, but permits may be more difficult for non-EU citizens.

An application is made to the Ministry of National Defense, and mostly involves submission of documents and proof of user intent.

7. What’s the Approximate Cost of Different Properties in Crete?

The cost of property in Crete is largely dependent on the type of property, the features and benefits of that property (the value), the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition and size.

This table will give you a general idea of prices in various areas of Crete.

Location	Property Type	Size (sq.m)	Property Price (euro)
Chersonisos (Heraklion Prefecture)	Land Plot	630000	1,500,000
Heraklion City	Land Plot	333	130,000
Rethymnon (Κοumpes)	Land Plot	1200	1,200,000
Rethymnon (Sfakaki)	Land Plot	1000	110,000
Plaka (Agios Nikolaos)	Land Plot	3285	365,000
Makris Gialos (Lasithi Prefecture)	Land Plot	23000	980,000
Nea Kidonia (Chania Prefecture)	Land Plot	5800	185,000

Location	Property Type	Size (sq.m)	Property Price (euro)
Kato Elounta, Agios Nikolaos	Detached House	250	520,000
Heraklion City	Apartment	100	215,000
Rethymnon (Spili)	Detached House	156	250,000
Chania Old Town	Detached House	114	400,000
Chania City Center	Apartment	140	210.000
Chania (Apokoronas)	Villa	340	780,000
Kato Elounta, Agios Nikolaos	Villa	340	1,950,000

Market Value VS Market Price

The major difference between market value and the market price is that the market value, in the eyes of the property owner – the seller, might be much more than what a potential buyer will pay for the property. Obviously, property value can create demand, which can also significantly influence the price.

Yet, without the demand parameter, property value itself cannot influence the price. As supply increases and demand decreases, the price goes down, and value is not a strong influential parameter. As supply decreases and demand increases, the price will rise, and value will influence the price.

It is also very common that buyers and sellers can view value completely different. A property seller might feel that their 85.00 sq.m. pool is a benefit, but the buyer could see it as a negative in terms of maintenance costs or sustainability and place less value on the property.

Or the seller could feel the new roof and solar panels they put on the house has great value; however, the potential buyer places no value on this because they expect the property to have a roof and solar panels in good condition.

8. How Can I Find a Property in Crete?

There are no secrets or special tips to search and identify incredible real estate deals in the property market of Crete. For anyone thinking of buying a property in Chania, Heraklion, Lassithi or Rethymnon, today one of the most useful tools, and effectively most used, is the web.

In most instances, buying a property in Chania (and anywhere in the world) involves building strong relationships with dedicated and professional real estate agents servicing the area of your interest.

Obviously, the web it’s useful not only for searching and discovering properties but also for finding information on the area including distances from – to the property of your preference. However, it is hard to gain a true impression from photos illustrated on a computer screen.

Coming to Crete to have a tour of the properties is also an excellent opportunity to check that the area around the properties is to your liking. Even the neighborhood is crucial for your decision. After all, this is a very important investment.

8.1 Use the right property-finding sites

Nowadays, there is a large number of real estate websites and online platforms with a plethora of properties available for sale in Crete.

Some good sites to help you get started include:

But remember, for Chania properties, you can search on our website and you can also use our iPRO platform for exclusive and off-market properties advertised only with us.

8.2 Property Agencies and Agents

Because of the nature of finding properties in Crete, most property-seekers from abroad choose to use a real estate agent. Many do choose to use an agent in their home country, however, this agent often then works in cooperation with an agent in Crete, Greece.

Real estate agents in Crete are dedicated professionals in fact, that many will help you find legal advice, engineering solutions, decorators, contractors and other required services after the sale. It’s also possible to find an agent who will deal with construction, architectural and engineering services on your behalf, including supervising the work.

ARENCORES is a part of ARENCOS, a well-reputed architectural, engineering and construction firm based in Chania with several years of experience gained from working on many challenging but rewarding commercial and residential projects.

8.3 Find a Broker

Using a professional estate agent as a broker can be an effective decision and you should benefit from the fruit of this wise decision which will further the progress of this extremely important process.

Brokers can handle the whole purchase process and will advise and assist you to overcome process and bureaucratic barriers. In any case, we suggest you ask them about the fees you have to pay to them and which services are included, to avoid unpleasant surprises.

8.4 Networking

Networking is arguably the best strategy in the real estate world to identify properties, and that holds true with off-market properties also. You may find that networking becomes easier with time and practice, so don’t be afraid to put yourself out there.

8.5 Builders & Contractors

In addition to real estate agents, builders and contractors are good friends to have if you’re an investor looking to find property deals. Local builders are usually “in the know” about properties for sale.

You often have to kiss a lot of frogs to find the prince!

Whether you are looking to buy an investment property in Crete, purchase a residential property for yourself or buy real estate for another reason, remember:

You make your money when you buy. If you want to have immediate equity in your property, which can help you build wealth in the future, or save you in case of an economic turndown, you must find great real estate deals from trusted resources.

9. How Do I Choose the Right Property?

From Elounda to Zakros and from Loutro to Palaiochora Crete’s regions are very diversified and with spectacular opportunities. You can decide if you want to live by the sea, in the countryside, or in the mountains. You can even decide if the Aegean or the Lybean Sea would be your everyday view from your balcony.

There are many different types of properties to choose from at various prices: from newly built apartments and maisonettes in Chania, Heraklion, Retyhymnon and Agios Nikolaos to luxurious villas and family homes in Elounda (Lassitthi) and Agios Mathaios (Chania).

Property Types

Crete provides a wide range of property types that are available on the market: farmhouses, sea-side properties, rural properties, townhouses and apartments, Old Venetian style houses, maisonettes, city lofts and much, much more.

Crete is no stranger to breathtaking landscapes, with impressive mountains, magnificent gorges, turquoise lakes, and more than 650 miles of windswept shores. A perfect destination for your next residential or commercial property.

The most desired types of property in Crete are detached houses, buildable plots, and city apartments. However, it’s a good idea to remember there are other options that may serve you better or cost less in the long run.

Small apartments (0ne – two bedrooms), for instance, can have exceptional accessibility characteristics and generate a good income like rental properties but additionally are significantly cheaper to manage and maintain.

That being said, there’s no type of property you can’t find in Crete – luxurious villas, detached and modern houses, historic buildings – ideal for renovation projects, land plots, and city apartments are all available, depending on where you look.

Investment Properties

Don’t be swayed by glossy property descriptions and slick marketing material when choosing your next investment in Crete (and anywhere else). Examine the market, evaluate its long-term potential data and crunch the numbers.

There are six broad categories that you must consider when looking for an investment property to buy in Crete. These are:

The location
The condition of the construction
The market drivers long term
The individual property’s characteristics
Property management and maintenance expenses
The associated taxes and fees

Commercial Properties

Beachfront resorts and hotels line the coast, capitalizing on Crete’s thriving tourism industry and offering lucrative opportunities for hospitality ventures. Industrial zones near major ports like Chania and Rethymno provide warehouses and logistics facilities, supporting the island’s trade and shipping activities.

Additionally, agricultural land in rural areas presents opportunities for agribusiness ventures, leveraging Crete’s fertile soil and Mediterranean climate for farming and food production enterprises

Properties for Sale in Chania

Off-Market Properties

Discover exclusive properties for sale in Chania before the masses. From waterfront villas to historic mansions in the Chania Old Harbour we offer a curated selection of real esatte asset. And, be the first to know about them!

Off-Market Properties

10. What are the Steps to Buying a Property as a Foreigner?

Depending on the type of property and parties involved (owner, seller, real estate agent, lawyer, engineer, surveyor), the specific steps within each real estate transaction might fluctuate somehow. However, for the most part, the majority of the property buying transactions look the same.

For the sake of continuity and simplicity, we’re going to use a residential transaction to outline the property buying process in Chania, Crete. Commercial and industrial transactions follow a similar process, but the residential process is likely the most common among consumers — given that almost 70 % of Chania families own their residences.

1. Hiring a Real Estate Agent

When someone decides to buy a home, they might do one of two things: secure a real estate agent who can help them discover a property, or start shopping for property themselves, choosing to hire an agent after they’ve found a property they like …

11. How Do Deposits, Down Payments and Bank Loans Work?

Typically you’ll be asked to pay 5.0 – 10% of the property’s agreed selling price to “reserve” it with a pre-contract agreement. The balance being paid on completion when the final purchase contract is signed.

If for some reason you withdraw from the sale transaction after all the conditions have been met, you won’t only lose your deposit, but may also be required to pay the estate agent’s commission – depending on the regulations of the signed pre-contract.

A deposit can also be lost if you don’t complete the property purchase transaction within the period specified in the pre-contract.

Moreover, the contract can be canceled by either party, the property buyer losing his deposit or the vendor paying the property buyer double the deposit.

However, in some cases, if one of the parties wishes to withdraw from the sale, the other party can demand that he goes through with it or that he receives compensation for damages.

To receive compensatory damages, the plaintiff (the property buyer or the seller) has to prove that a loss occurred and that it was attributable to the defendant.

Mortgages and bank loans

While it’s theoretically possible for a foreigner to get a mortgage with a bank in Greece, you must attempt to secure financing with your local bank because in realistic terms is very unusual and difficult to get a mortgage from a Greek bank.

Banks are free to accept or not your mortgage application. Before offering you a mortgage, the lender needs to assess your creditworthiness, that is whether you can actually afford it.

You can in principle also obtain a mortgage loan from lenders based in other EU countries; however, your country of residence, where you work or the location of the property may influence how the lender assesses your application.

The chances of being granted a mortgage loan in Greece are higher if the foreign applicant receives his/her income in euros. The bank might consider the mortgage application for up to three months.

Even though the maximum age at the end of the mortgage term should be at least 70, it is preferable that the applicant fully repay the mortgage by the age of 56. On the other hand, the minimum age to apply for a mortgage is 25.

The maximum mortgage loan amount differs depending on the financial institution, but as a general rule, it is around 80.00 to 100 per cent of the property price. On the other hand, the minimum mortgage loan amount is around €10,000 to €20,000. The maximum sum is not limited and depends on the applicant’s income. Banks accept an amortization period between 6 to 30 years maximum.

Understanding how your creditworthiness is assessed is therefore crucial.

Opening a bank account

Foreigners who wish to buy real estate property in Greece are not expressly required by the law to open a bank account with a bank in Greece; in practice, however, they need to open an account in order to be able to pay the real estate transfer tax (which is payable to the Tax Office at the property’s location or to any other Tax Office in the district of the Notary who executes the deed of transfer, provided that it agrees to receive the transfer tax declaration).

Transfer tax is payable to the Tax Office in either of the following ways: a) A payment code is issued by the Tax Office and the payable amount of tax is wired to the respective account from a bank account held with a Greek bank, or b) By means of a cheque issued by a Greek bank to the Greek Government, which is deposited to the Tax Office’s treasury department.

What evidences are required?

Anyone opening a bank account in Greece – even locals – will need a hefty amount of paperwork to assure the bank they’re creditworthy. As a foreigner, you might need to have documents translated or notarized, which can add to the expense and complexity. Some banks, however, will accept documents in English as well as Greek. Check out exactly what your bank needs with plenty of time to spare.

Passport
Contact number
Proof of address – usually banks will accept a recent utility bill
Local AFM tax number
Tax registration number in the country of origin, Greek tax registration number, where applicable;
Evidence of your salary – either payslips or a letter from your employer will usually be OK
Signature sample (which means that the person concerned needs to appear at the bank in person at least once).
You may also be asked to provide a reference from your previous bank to show you’re creditworthy and sign a declaration confirming you’re opening an account for personal use rather than for a business

The above information must be evidenced by official documents which cannot be falsified.

12. What Kind of Taxes and Fees Will I Need to Pay?

The additional real estate expenses of buying a property in Chania (Greece) are on average approximately 10% of the property purchase price.

12.1. Expenses and Taxes for Property Buyers

TYPE	COST
Notary Fees (all notary expenses included)	1 – 1,5% (plus VAT) of property value
Transfer Tax	3% of property value
Municipal Tax	3% of the Transfer Tax
Land Registry Fee	0,5%
Cadastre Fee	0,65% (plus VAT) of property value
Legal & Technical Due Diligence	Expenses vary according to the complexity of the research and the value of the property
Technical Due Diligence	Varies in respect to the property aspects

12.2. Taxes

Transfer tax is similar to Stamp Duty Land Tax in the United Kingdom. This is charged at 3% of the purchase price.

Property Ownership Tax

Special Tax on Real Estate Property is abolished. An annual tax on possession of substantial real estate property is imposed on an individual level on the following scale:

Property Value (€)	Tax Factor (%)
Up to 400.000	0
400.001 – 500.000	0.1
500.001 – 600.000	0.3
600.001 – 700.000	0.6
700.001- 800.000	0.9
800.001 and above	1

3. Legal Fees

Lawyer’s fees are charged as a percentage of the purchase price. Fees typically total around 1% -1.5% of the purchase price. There may be an additional cost if a Power of Attorney is required. Your lawyer will advise you of their fees.

4. Notary Fees

The charges involve a standard fee of 200 euro plus 0.8% of the purchase price up to 120.000 euro property sale cost (plus VAT) and it scales accordingly for the rest of the purchase price. This fee is decreased as the amount of the purchase price is increased. There are usually some small additional charges concerning the number of pages in the document to be signed and how many copies of the contract shall be issued.

5. Land Registry Fees

The payable fee is dependent on the assessed tax value of the property and ranges from 0.45% to 0.5% of the property value. There may be minor additional fees for stamp duties and certificates.

6. Estate Agents Fees

The estate agents’ fees are paid by the seller. The charge is 2.0%-3.5% of the sale price.

Additional Property Buyers Expenses Info

All costs are calculated using the highest value between the Contract Value and the Assessed Tax Value.
The Assessed Tax Value is determined by the Greek Ministry of Finance.
Properties in Greece belong either to the Land Registry or to the Cadastre.
The registration of a property to the Land Registry has a 0,45% (plus VAT) rate, while the registration to the Cadastre has a 0,65% (plus VAT) rate.

13. Should I Hire a Lawyer?

The supervision of an independent Greek property lawyer when buying property in Crete is very important as real estate law in Greece is complex and requires an independent, competent, honest professional to search property titles for possible defects or burdens, supervise, co-draft and approve the process of buying property in Crete.

Lawyer representation for a property sale contract is not mandatory by law in Greece. Nevertheless, buyers of real estate are typically always represented by a lawyer.

The lawyer carries out the necessary Land Register searches, draws up the contract document and also signs the contract of sale while ensuring the buyer’s rights are adequately secured during the transaction.

The lawyer should also ensure the property is free of any mortgage notes, claims, expropriations, rights-of-way and, in general, any legal issues.

What a lawyer can do for you

The lawyer can make the following necessary acts on behalf of the property purchaser:

Issues a Tax Registration Number for the property purchaser (client) from the competent Tax office. The Tax Registration Number is unique for each person and is a necessary condition for the purchase of real estate as it is the official tax identification of the buyer.

Evaluates the property deeds of the seller in the competent Land Registry/ Cadastral Office (Ypothikofulakeio). The legal order and correctness of the deeds of ownership and also the presence of mortgages, claims, sequestrations and rentals are being evaluated and assessed.

This legal assessment concerns not only the property seller but also all the previous owners of the property and covers the time until the first registration of the deeds of ownership of the previous owners in the Land Registry office.

14. What is the Role of the Hellenic Cadastre?

The Hellenic Cadastre irrevocably demarcates and ensures State and municipal property, limits bureaucracy and real estate property transfer procedures become simpler and faster, In addition, upgrades the real estate property market and raises the property value so that significant investments in the real estate market are attracted.

The Hellenic Cadastre is a system of information in which the legal details of the real estate properties and the rights on them are recorded. It aims to ensure absolute publicity and security of transactions.

The purpose of the entity is achieved by the registration of legal and technical information, the precise determination of the location and boundaries of the real estate and the publication of legal rights over each real property.

The development of the Hellenic Cadastre aims at the creation of a modern, fully automated real estate property record, whose details are of an evidentiary nature, ensuring the best publicity and security of transactions.

Specifically, the Hellenic Cadastre:

1. Records all deeds that establish, transfer, change or abolish rights on properties on a real property-centered basis. Thus, everything becomes simpler and more definite.
2. Guarantees all legal details it records since every deed is registered only after its lawfulness has been checked, meaning that no deed is registered if the transferor is not the person that the cadastre shows to be the beneficiary.
3. Records the geographical description (shape, location and size) of the property too.
4. Unveils and systematically records the State’s real property for the first time in contemporary Greece.
5. Records the rights evoked from usucaption, which, especially in the province, may constitute the most usual way of ownership acquisition due to the informal nature of transactions.
6. Establishes the compilation, updating and operation of the National Cadastre, per the applicable legislation;
7. It is responsible for the Updates, Management and Operation of the Registrations and Mortgages System and geodetic material;
8. It is responsible for the Updates, Management and Operation of the system of pledges;9. Involves all the required procedures to update and evaluate the topographical maps and topographic diagrams – including the photogrammetric and telescopic tasks, i.e. aerial photographs and satellite images.

15. What are the Restrictions & Property Rights in Greece?

The right to property, as a fundamental right, is under the protection of the State, as provided in the Greek Constitution, Article 17, whereas it is stipulated that property rights cannot be exercised against the public interest.

Within this context, the Constitution imposes a restriction or deprivation of property (expropriation) for the sake of public interest, always under the prerequisite of a prior compensation of the owner.

Furthermore, the most significant source of property law lies in the third book of the Civil Code (articles 947-1345). Other provisions and property law rules exist in other books of the Civil Code, and the Code of Civil Procedure, as well as in various special laws.

The rights in real estate

Real estate property rights, i.e. rights that provide to the beneficiary direct and absolute power, are the ownership (article of C.C 999), the servitudes (articles of C.C 1118), and the mortgage (article of C.C 1257). Furthermore, the following distinctions are also met:

– the full ownership, which constitutes a universal real right. It may be absolute (100% ownership of the property) or joint ownership (ownership belonging to two or more persons, i.e. the joint owners).

– the bare ownership, which is a limited real estate right and constitutes a part of full ownership, as the bare owner lacks the advantages of the usufruct, which means he cannot use or exploit his property. Usufruct, if not otherwise determined, is inactivated when the usufructuary dies.

Following the death or resignation of the usufructuary, the usufruct is unified with bare ownership and the bare owner becomes full owner of the property.

– the usufruct, which is a personal servitude and constitutes also a part of full ownership. The usufructuary may use and derive benefit from the property that belongs to the bare owner.

However, the usufructuary must preserve the property intact, i.e. he cannot alter the property’s shape, form, size, etc, although he is not responsible for any deterioration or wear due to natural causes. Usufruct is constituted with a legal act while the person is alive, or in the event of death, or due to ordinary or extraordinary usucaption.

– The right of habitation, which is a personal servitude and consists of the right of residence in the property belonging to another, until the time of death of the beneficiary.

-The easements, which consist of a limited real right that belongs to the current owner of a specific property (dominant estate), so that the latter is served at the expense of another property (servient estate).

16. What are the Requirements to Acquire Citizenship in Greece?

The Greece Golden Visa Program is considered one of the most affordable residence-by-investment programs that provide access to Europe. Successful applicants and their families can benefit from visa-free access to Europe’s Schengen Area within two months of applying.

Requirements

The Greece Golden Visa Program is a residence-by-investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.

Acquiring Citizenship in Greece

After residing in Greece for seven years, the applicant may apply for citizenship according to the Greek Nationality Code (Law 3284/2004) via the process of naturalization.

This process can only be achieved if the applicant can demonstrate that they have established close ties with the country and that they have successfully integrated into Greek society, both financially and socially.

The naturalization process also entails an exam to verify that the applicant has obtained an adequate knowledge of the Greek language.

Residential Property Prices Across the Country

Residential property prices in Greece saw an 11.76 percent increase in December 2023 compared to the previous year. On average, from 2007 to 2023, residential property prices in Greece rose by 0.11 percent. The highest increase recorded was 15.36 percent in the first quarter of 2023, while the lowest point was a decrease of -12.77 percent in the fourth quarter of 2012.

Buying a House or Apartment in Chania

The upward momentum in property prices is coming to an end.

Banks and professionals in the real estate market foresee a modest decline in home sales prices in 2024. They anticipate that the upward trend of the past two years is reaching its conclusion.

Despite this, the general consensus is that property values will still increase overall, albeit at a slower rate. Moreover, certain regions may experience decreased demand, leading to slight reductions in sales prices to encourage transactions.

Average Asking Prices per Property Type in Chania, Crete (2018 - 2024).

Throughout the years following the economic recession (2008-2018), we’ve witnessed a notable surge in demand for detached houses, apartments, and land plots with buildable rights. This resurgence has propelled these property types to their highest levels yet.

It’s worth noting that while average asking prices are currently on the rise, they may not always reflect the true pragmatic value of the property. Factors such as location, market trends, and property condition can significantly influence the actual worth, making it imperative for buyers and sellers alike to carefully consider all aspects before making decisions.

ARENCORES gets information from a variety of official government databases, including census information and Land Registry data. Next, our research team filter this data and extract the key statistics to help you with your house-hunting in Chania, Crete.

Chania Population By Age Group

Family Types

Household Size

Housing Tenure

Housing Types

Construction Date

Education

Immigration

Languages Spoken

All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price or research updates without notice.

ARENCORES make no representation, warranty or guaranty as to accuracy of any information contained herein. You should consult your property advisors for an independent verification of any information.

iPRO

Chania Exclusive Properties Platform.

If you don’t find what you’re looking for, you can use our off-market properties for sale platform to let us know your criteria and requirements, save your requirements and create a property watch-list, making it even simpler for you to find your next property in Apokoronas or Chania.

We currently have many properties not publicly listed, including, building plots, family houses, villas, apartments and small hotels. A very large portion of our real estate transactions are now being conducted off-market.

iPRO - Chania Off-Market Properties See More Here

Please note that iPro is a premium service offered by ARENCORES, ensuring confidentiality and personalized assistance. To access our curated property lists and in-depth market reports, you need to complete the personal identification process and sign an engagement letter.

Serving You is our Business.

Buying a house or apartment in Chania, Crete is a challenging task. With ARENCORES you can discover exclusively listed Houses & Apartments for sale in Chania or off-market properties. Before buying or selling a property in Chania visit our innovative platform to discover the real trends and opportunities in the market. We provide customized market research reports that reflect latest real estate trends, future directions, and as well as track down all unexplored avenues across market verticals to facilitate better decision making.

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Chania Properties Average Prices (2024 Updated)

Property Type	Availability	Price	Demand	Supply Trends	Price Trends
Apartment
Detached House
Villa
Hotel
Plot
Agricultural Land

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ARENCORES RESTful is a state of art research platform in our approach of adopting a well-founded, inclusive, and pluralistic view of Chania real estate market.

We stand as the foremost authority in residential and investment real estate assets in Chania, Crete. Leveraging a comprehensive array of services, unparalleled, yet unique insights, and extensive data coverage across all facets of the real estate sector, we craft tailored solutions to meet the unique needs of our clients.

Regardless of their scale or complexity, we can ensure that every aspect of their requirements is meticulously addressed and optimized for maximum effectiveness.

DISCOVER RESTful

RESTful

Deliver market knowledge and global insights

ARENCORES RESTful is a state of art research platform in our approach of adopting a well-founded, inclusive, and pluralistic view of Chania real estate market.

Regardless of their scale or complexity, we can ensure that every aspect of their requirements is meticulously addressed and optimized for maximum effectiveness.

DISCOVER RESTful

Chania Properties Average Prices (2024 Updated)

Property Type	Availability	Price	Demand	Supply Trends	Price Trends
Apartment
Detached House
Villa
Hotel
Plot
Agricultural Land

Chania Average Home Prices, by Home Size and Type.

Property Type	Avg. Price* (€)
1 bedroom	70,000 – 120,000
2 bedrooms	90,000 – 220,000
3 bedrooms	118.000 – 290.000
4 bedrooms	150.000 – 345.000
Village House – 3 bedrooms	50,000 – 200,000+
Detached Villa – 3 bedrooms	220,000 – 500,000+
Luxury Villa – 4 bedrooms	350,000 – 1,000,000+

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Table of Contents

1. Where to Buy Property in Crete?

2. How to Buy Property in Crete?

Attain Greek Residency Through Property Investment: Your Guide to Securing Residency in Greece.

How we can help you?

3. How ARENCORES Can Assist Me?

LET US HELP YOU PUT THAT SMILE BACK IN YOUR FACE

4. Is it Worth Buying a Property in Crete?

Is Buying a Property in Crete a Good Investment?

YES (60 %)

NO (10 %)

It Depends (30 %)

5. What’s the Property Market Like in Crete?

2024 – Real Estate Trends

Average Asking Prices in Chania & Heraklion

6. Can Foreigners Buy Property in Crete?

7. What’s the Approximate Cost of Different Properties in Crete?

Market Value VS Market Price

8. How Can I Find a Property in Crete?

8.1 Use the right property-finding sites

8.2 Property Agencies and Agents

8.3 Find a Broker

8.4 Networking

8.5 Builders & Contractors

You often have to kiss a lot of frogs to find the prince!

9. How Do I Choose the Right Property?

Property Types

Investment Properties

Commercial Properties

Properties for Sale in Chania

Off-Market Properties

10. What are the Steps to Buying a Property as a Foreigner?

1. Hiring a Real Estate Agent

11. How Do Deposits, Down Payments and Bank Loans Work?

Mortgages and bank loans

Opening a bank account

What evidences are required?

12. What Kind of Taxes and Fees Will I Need to Pay?

12.1. Expenses and Taxes for Property Buyers

12.2. Taxes

Property Ownership Tax

3. Legal Fees

4. Notary Fees

5. Land Registry Fees

6. Estate Agents Fees

Additional Property Buyers Expenses Info

13. Should I Hire a Lawyer?

What a lawyer can do for you

14. What is the Role of the Hellenic Cadastre?

Specifically, the Hellenic Cadastre:

15. What are the Restrictions & Property Rights in Greece?

The rights in real estate

16. What are the Requirements to Acquire Citizenship in Greece?

Requirements

Acquiring Citizenship in Greece

Residential Property Prices Across the Country

Buying a House or Apartment in Chania

The upward momentum in property prices is coming to an end.

Average Asking Prices per Property Type in Chania, Crete (2018 - 2024).

ARENCORES gets information from a variety of official government databases, including census information and Land Registry data. Next, our research team filter this data and extract the key statistics to help you with your house-hunting in Chania, Crete.

Chania Population By Age Group

Family Types

Household Size

Housing Tenure

Housing Types

Construction Date

Education

Immigration

Languages Spoken

Chania Exclusive Properties Platform.

Property Request

Personal Information