• What is happening to Chania’s property sales and lettings market, and perhaps more importantly, what are the underlying causes?
• The property market in Chania for buyers is nonetheless relatively healthy, and the reduced selling prices in some areas like Akrotiri, Apokoronas and Kissamos should stimulate further growth in this segment.

Photo by Pixasquare on Unsplash

Properties in Chania: Present & Future Market Trends – 2020

Just as technology is transforming the energy and automotive industry faster than anyone expected, it will also have a dramatic impact on the real estate market globally. Artificial intelligence will play a significantly important role in construction, design, engineering, property security and management.

Property developers, architects, designers and construction companies will use machine learning to analyze user behavior in commercial and residential properties to re-design layouts, understand energy usage, and decide on what amenities should be offered. In addition, technical advances will be used to make buildings physically safer and more effective in terms of security.

Furthermore, new digital tools and platforms will emerge to make real estate transactions more efficient and hassle-free. Things such as responsive and eco-friendly heating/cooling systems and smart controlled lighting are on the rise.

The property market scene is ever-changing and this year will be no different. To understand better the present and future trends for the properties in Chania, Crete, property expert Maria Gkika gazes into her crystal ball – with the help of experts from across the prefecture – and predicts a rise in demand for short-term rental properties, a significant interest in smart technology and the areas which will support touristic investment properties for further growth.

One division of the property market in Chania which is going to be a fundamental factor of the future, especially within the next 10 years, is the private rented sector (PRS). Currently, around the half of homes in Chania are rented, with that figure expected to grow by 20-30 per cent over the next decade. As more and more people wish to spend several months in Chania, the need for high-quality rented housing (villas, luxurious apartments) will continue to grow so build-to-rent (BTR) property is going to play a significant role in supplying housing and giving renters a better choice and quality of where to live.

Aside from PRS, the need for smaller living spaces will become more and more common in the near future in Chania, Crete. Small apartments (one to two bedrooms) are already high in demand in Heraklion and Rethymnon, so it’s only a matter of time before design and construction companies here create more modular small apartments to keep up with trends.

Alongside PRS and small apartments, the other hot topic of the moment is low carbon footprint properties and commercial buildings (hotels) with an environmental conscience. As awareness of the environment and sustainable living increases, investors, purchasers and renters are continually looking for points of difference in where they set up properties.

Photo by Étienne Beauregard-Riverin on Unsplash

Bank of Greece data show that the pace of growth has been increasing, starting from 0.5 percent and reaching up to 7.9 percent, which was the national expansion rate in April-August 2019 on an annual basis.

According to our Chania real estate dedicated research team demand for properties in Chania is stronger and prices shot up at an annual rate of 11.8 percent in Q3, which is even higher than the rates recorded during the property boom of the 2002-2007 period. In Rethymnon, prices rose 5.0 percent in the summer, while in other major areas of Crete the increase reached 5.4 percent and in the rest of the country it came to approximately 5.0 percent.