Chania Tourism Property Investments.

International investors are flocking to the Chania Real Estate market, driving the development of luxury hotels, resorts, and vacation homes that combine modern amenities with traditional Cretan architecture.

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“There are great real estate investments overseas. There are also some incredible places to live. At ARENCORES, we looked at dozens of factors like climate, cost of living, and accessibility. But the ones that carry the most weight for us are these three: quality of life, real estate potential, safety, and the opportunity to invest in Chania.

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Chania Tourism Property Investments, Trends and Figures

A research dedicated for those looking to buy and invest in the tourism sector of Crete.

What factors are driving the increased demand for luxury accommodations in Chania, and how can investors capitalize on this trend?
How are sustainable and eco-friendly developments influencing the tourism property market in Chania, and what are the benefits for investors who prioritize green construction?
In what ways are ongoing infrastructure projects, such as the new airport at Kasteli, impacting property values and investment opportunities in Chania?
What types of government incentives and support are available for tourism-related investments in Chania, and how can investors take advantage of these programs?

Chania Tourism Property Investments Figures

The five most important markets for Greece in 2019, based on receipts ranking, are: Germany, the United Kingdom, the USA, France, and Italy. Together with Russia – which, even though its potential has markedly decreased in recent years, is very important for certain regions and records a high per capita spend – these six countries account for 41.5% of visits, 49.7% of overnights and 52.2% of travel receipts in Greece.

And the winner is… Georgioupolis

Crete is a prime destination for tourists, especially those from Germany. In 2018, over 1.4 million German tourists visited the island, making Germany Crete’s largest travel market by a significant margin.

Visitors from France, the UK, and the Netherlands also frequent Crete. According to the SETE Institute (INSETE), the research department of the Greek Tourism Confederation (SETE), popular destinations among German tourists include Athens, Thessaloniki, Fira on Santorini, and Georgioupolis and Rethymno on Crete. British tourists, on the other hand, favor Athens, Fira, and Imerovigli on Santorini, Corfu, and Thessaloniki.

Georgioupolis, in particular, stands out as a top choice for German tourists. This area has a long tradition of welcoming visitors from Germany, offering top-notch facilities and amenities that ensure a comfortable stay. The high-quality accommodations, excellent services, and warm hospitality make Georgioupolis an ideal destination for German vacationers seeking relaxation and convenience.

Tourism numbers for Greece expected to hit all-time high in 2020

According to reports from various statistical organizations and governmental authorities, the Greek tourism industry is poised for exponential growth over the next decade.

From a significant increase in international tourist arrivals—14.9 million in 2009 to 24.8 million in 2016—the trajectory has been nothing short of impressive. A recent forecast by the Bank of Greece predicts a surge to 26 million arrivals in 2017, with projections soaring to an astounding 47 million by 2027.

Greece’s new Tourism Minister, Harry Theoharis, shares this optimism, anticipating even greater records to be shattered in the upcoming summer season. Speaking at the World Travel Market (WTM) 2019 expo, Minister Theoharis expressed confidence in the industry’s trajectory, citing a strong finish to the current year and promising prospects for 2020.

“With diligent effort and robust public-private partnerships, the upcoming year promises to set new benchmarks in both quality and quantity,” Theoharis affirmed.

At a press conference in Athens, Minister Theoharis highlighted a three percent increase in arrival numbers for the current year compared to 2018, which itself saw an impressive 33.1 million international visitors.

Emphasizing the importance of quality, sustainability, and authenticity in the Greek tourism product, Theoharis outlined a strategic vision focused on enhancing these core elements. As Greece gears up for continued growth, it stands poised to redefine excellence in global tourism.

Tourism numbers for Greece expected to hit all-time high in 2020

Chania Small Properties vs Big Opportunities

In March 2018, we released a research document exploring the potential of small properties in the Prefecture of Chania and the associated opportunities for prospective buyers. We identified key areas in Chania where small properties were available and provided strategic tips for those considering such purchases.

Fast forward to the present, these real estate opportunities have become increasingly scarce in Chania’s property market, underscoring their desirability. Furthermore, our research uncovered a notable trend: a significant number of buyers from Scandinavia, Israel, and Germany have seized upon these opportunities and expressed satisfaction with their investments overall.

Property Prices in Chania, Crete (February 2020 Updates)

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 3.8 percent in Q1. The prices remain 30-35% lower than the rates recorded during the property boom of the 2002-2007 period – however -they are among the highest in Greece.

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.

Residential Properties in Chania & Average Prices

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

Cretan Tourists’ Profile & Motives

Germans, who represent a significant portion of visitors to Greece, have reduced their average stay by approximately three days since 2007. Similarly, tourists from the UK, Italy, and France have shortened their trips by about 1.4 to 1.6 days. In contrast, travelers from non-European countries, such as Australia, the USA, and Russia, tend to have longer stays, primarily due to the greater travel distances involved.

Historically, independent travelers have stayed longer, and their length of stay has stabilized in recent years. In the case of packaged tours, the average length of stay saw a significant increase in 2019 following a substantial decline in 2016, although it remains roughly 1.5 to 2 days shorter than that of independent travelers.

Tourist Expenditures

Tourists primarily spend their money on accommodation and food, followed by transportation costs. Within transportation, sea transport receives the most revenue, followed by road transport, with air transport receiving the least.

Regional Differences in Tourism Costs

Regions such as the South Aegean, Crete, and the Ionian Islands, which attract a high number of foreign tourists, tend to be more expensive. Conversely, destinations driven primarily by domestic demand, such as the North Aegean, Central Macedonia, and East Macedonia & Thrace, have lower average daily expenditures. These areas attract budget-conscious foreign tourists.

Understanding these trends is crucial for stakeholders in the Greek tourism industry to tailor their services and marketing strategies to meet the evolving needs and preferences of both international and domestic tourists.

Cretan Tourists’ Profile & Motives

Tourist Expenditures

Regional Differences in Tourism Costs

Crete is the safest, one of the richest and most fertile regions in Greece.


Unique Nature Treasures 30 gorges, 20 bays, 8 lakes	Blue Flag Beaches: 34	> 70 Destinations	Low Crime Rates: 0.05%	Sunny Days: 325

Discover the Spectacular Beauty and Unmatched Charm of Chania

Invest in Chania, one of the top destinations in the entire world, not only due to its unique architecture and unparalleled natural beauty. It is a combination of different details and personal touches, leading to the perfect outcome that can be admired from the very first moment you visit the area.

ARENCORES MAGAZINE

Chania is the Best Place to Invest and Live. ARENCORES MAGAZINE is filled with detailed information on current trends in Chania real estate, newest styles, best places to be, must-haves and the latest news about the property market in Chania, Crete. This is the ultimate read for the discerning real estate lover.

A TAPESTRY OF LANDSCAPES

A tapestry of landscapes, where pristine beaches, rugged mountains, and lush valleys converge to create a breathtaking panorama. Explore the diverse beauty of this Mediterranean haven, where each turn reveals a new, enchanting vista, blending natural splendour with rich cultural heritage.

Whether you’re hiking through scenic gorges, lounging by the crystal-clear sea, or wandering through charming villages, Chania’s varied landscapes promise endless discovery and delight.

In Chania, at every season – an amazing array of biodiversity and ecological value will unfold before your eyes.

Endless stretches of coastline, inlets and islands of extraordinary beauty and sandy beaches tucked away at the foot of forbidding mountains. Impenetrable yet such imposing gorges, holy caves from the Minoan times, blessed rivers and lush, green plains thickly covered with olive and orange. lemon and citrus trees.

But that is only one side of the coin.

The prefecture of Chania which overlooks the Aegean and Libyan Sea is a land of never-ending natural beauties.

Why to Invest in Chania, Crete

GOLDEN VISA PROGRAM

A long-term passport to the amazing island of Crete, Greece.

Invest in Chania with the Greece Golden Visa Program, offering a gateway to European residency through real estate investment. By purchasing property valued at €400,000 or more, investors and their families can obtain a renewable five-year residency permit.

This program provides access to the benefits of living in Greece, including excellent healthcare, education, and a high quality of life, while also enjoying visa-free travel within the Schengen Zone. The Greece Golden Visa is an attractive option for those seeking a strategic investment and a vibrant lifestyle in one of Europe’s most beautiful countries.

The Greece Golden Visa Program involves several fees and costs associated with the application process and maintaining residency. Here are the key fees:

Government Fees:
- Main Applicant: €2,000 for the issuance of the residency permit.
- Family Members: €150 for each family member included in the application.
Application Fees:
- Main Applicant and Family Members: €500 for each application.
Legal and Notary Fees:
- Varies depending on the law firm or legal representative handling the application. Typically ranges from €1,000 to €5,000.
Property Purchase Costs:
- Property Transfer Tax: Approximately 3% of the property value.
- Notary Fees: Usually 1.5% – 2% of the property value.
- Registration Fees: Around 0.5% of the property value.

Total costs: In general one should expect additional costs 8%-10% of the total EUR 250,000 real estate investment.

The Greece Golden Visa Program offers numerous benefits for investors and their families:

Residency for Family: Includes spouse and children up to 21 years old.
Fast Track Process: Residency permit typically granted within 2-3 months.
Affordable Investment: Minimum investment of €400,000, one of the lowest in Europe.
Visa-Free Travel: Enjoy visa-free access to the Schengen Zone.
Renewable Permit: Residency permit is renewable every five years without additional investment.
No Residency Requirement: No need to reside in Greece to maintain the permit.
Path to Citizenship: Potential for Greek citizenship after seven years of residency.
High Quality of Life: Access to Greece’s excellent healthcare, education, and lifestyle.
Investment Opportunities: Potential for high return on investment in Greece’s growing real estate market.
Cultural Richness: Immerse yourself in Greece’s rich history, culture, and natural beauty.

The Greece Golden Visa Program is a strategic and attractive option for those seeking both investment opportunities and a vibrant lifestyle.

HOUSING INDEX IN GREECE

Housing prices include housing rent prices indices, real and nominal house prices indices, and ratios of price to rent and price to income. In most cases, the nominal house price index covers the sales of newly-built and existing dwellings, following the recommendations from the RPPI (Residential Property Prices Indices) manual.

HISTORICAL PROPERTY ASKING PRICES

Prospects for Commercial Real Estate Properties

1. Abysmal 2. Poor. 3. Fair. 4. Good 5. Excellent

Trends and Opportunities

Rising Property Values: Over recent years, Greece has experienced a steady increase in property prices, driven by economic recovery, increased foreign investment, and the popularity of the Golden Visa Program.

Urban Areas Leading Growth: Major cities like Athens and Thessaloniki have seen significant price hikes, with prime locations and luxury properties particularly in demand.

Regional Variations: While urban areas are experiencing rapid growth, some rural and less-touristic regions have slower price increases, offering more affordable investment opportunities.

Tourist Destinations in Demand: Popular tourist areas such as Crete, Mykonos, and Santorini are witnessing strong demand, pushing property prices higher due to their appeal to both investors and holiday home buyers.

Positive Outlook: The overall outlook for Greece’s housing market remains positive, supported by economic stability, tourism growth, and continued foreign interest.

Rental Yields: The rental market is also thriving, with high demand in tourist hotspots and major cities, resulting in attractive rental yields for property investors.

Chania & Tourism Trends

Crete is most often visited by tourists from Germany. Over 1.4 million German tourists visited the island in 2018, ranking Germany as Crete’s biggest travel market by far.

Other visitors include those from France, the UK and the Netherlands.According to the SETE Institute (INSETE), the research department of the Greek Tourism Confederation (SETE); Athens, Thessaloniki, Fira on Santorini, as well as Georgioupolis and Rethymno on Crete, are among the most popular tourist destinations among German vacationers in the spring of the last year. British tourists prefer Athens, Fira, and Imerovigli on Santorini, Corfu, and Thessaloniki.

The fact that Georgioupolis is one of the top destinations preferred by German tourists is not a surprise: in this area with a strong tradition in welcoming vacationers from this part of the European mainland, German vacationers feel at ease and find the best facilities and amenities for a comfortable stay including high-class facilities.

GREECE’S VISITOR ARRIVALS GROWTH

Visitor arrivals in Greece saw a significant increase of 26.0% in February 2024, up from a 16.0% rise in the previous month. This data, updated monthly, spans from January 2006 to February 2024. The highest growth rate was recorded in April 2022 at 884.3%, while the lowest was -97.7% in May 2020

Prime Hub for Living and Investing

According to RESTful, our Big Data Analytics, Research, and Investment Platform, Chania’s real estate market stands out as the most attractive in the Mediterranean. Its exceptional return on investment rates surpass immediate competitors in Southeastern Europe. This surge in demand for commercial and residential properties in Chania, Crete, can be attributed to the multitude of benefits this region offers:

Invest in Chania, Crete

Golden Visa Program

The Greek "Golden Visa" program offers excellent conditions for obtaining residency for the entire family. The cost of residency through the "Golden Visa" program is €400,000.

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Natural Wonders

Blue is Life

Greece ranked second in the world on the 2024 Blue Flag Quality Award list for beaches and marinas, among 47 countries. Of these, 42 Blue Flags were awarded to beaches in Chania.

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Europe's Sunniest and Healthiest Climate

Chania Shines

With 320 sunny days per year, the island of Crete boasts the sunniest weather in Europe. It also has one of the healthiest climates, characterized by its humid coastal areas, short mild winters, and cool summers.

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A Safe Haven with Affordable Living Costs

Living in a Paradise

The cost of living in Chania is 44.99% lower than in London and 20% lower than in other European cities. Furthermore, Chania remains exceptionally safe compared to its European counterparts.

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Prime Investment Destination

High Yields

Rental and commercial real estate yields in Chania, Crete rank among the highest in Europe. This is fueled by robust demand from Europeans seeking rental properties, drawn by the region's impressive tourism market growth of 10-18% annually.

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Stability & Growth

Banking Excellence

Greece boasts one of Europe's most efficient and user-friendly banking systems, facilitating seamless processes for real estate clients to open and manage bank accounts with ease.

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Passive Houses, High Returns

High-Return Residences

Chania offers an exceptional array of luxurious villas, vacation homes, passive houses and sustainable residences, promising high returns on investment.

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Chania International Airport

A Link to Europe & Beyond

Chania International Airport "Ioannis Daskalogiannis" connects the region to numerous domestic and international destinations. Charter flights to European destinations typically operate from April to late October or early November.

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Let us know how we can help. Whether it’s buying, selling or investing in Chania, we’re here to help you take that next step with confidence.

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