How Much Home you can Afford in Chania?

Considering purchasing a home in Chania, Crete? It’s crucial to gauge your affordability accurately. Our approach emphasizes practicality, ensuring your home buying journey aligns with your financial capacity.

Determining Your Affordability

When considering purchasing a home in Chania, Crete, it's essential to determine how much you can afford to pay each month. Property finance experts recommend a holistic approach, starting with an assessment of your income after taxes and other deductions.

Embark on the journey of homeownership in Chania, Crete, but not without considering the crucial question: “Should I buy a house in Chania, Crete?” While the prospect of owning a home in this idyllic location is undoubtedly thrilling, it’s essential to ground your excitement with practical considerations. Before getting swept away by dreamy visions of swimming pools and panoramic views, it’s paramount to assess your financial boundaries.

Here’s a comprehensive guide to help you navigate the Chania real estate market and make a well-informed purchase decision aligned with your budget and aspirations.Deciding whether you can truly afford to buy a house involves careful consideration of various factors. Initially, you’ll need a substantial amount for your down payment and closing costs. In the Prefecture of Chania, most property buyers typically put down anywhere from 5 to 15 percent, with closing costs averaging around 2 to 6 percent of the property sale price.

Furthermore, it’s essential to account for ongoing expenses such as monthly utility payments and property management costs. These include homeowner’s insurance, property taxes, and loan insurance. Additionally, anticipate spending approximately 0.5 to 1.0 percent of the home sale price annually on repairs and maintenance, with potentially higher costs for properties requiring extensive renovation from a property management company.

1. Determine your Monthly Affordability.

When considering the purchase of a home, it’s essential to assess your financial capacity. Calculating your affordability requires a thorough examination of your income. Property finance experts strongly advise using your net income, which reflects your earnings after tax deductions and other expenses.

This meticulous approach is crucial for gaining a realistic perspective on your loan repayment capabilities.

1.1. Sum up your total monthly income.

For instance, if you earn €2,800 per month from your job and your spouse brings in €2,500 monthly, your combined take-home pay amounts to €5,300.

1.2. Calculate your maximum

loan payment After determining your total monthly income, the next step is to establish the maximum amount you can allocate towards your mortgage payment. A common recommendation is to allocate no more than 25% of your monthly income to your housing expenses, including your mortgage.

For example, if your combined monthly income is €5,300, this means your monthly housing payment should not exceed €1,325. This guideline ensures that you maintain a manageable financial burden and avoid overextending yourself financially.

Consider the following indicative example for a fixed loan mortgage from Piraeus Bank:

  • Total Credit Amount: €100,000

  • Maturity: 20 years

  • Fixed Interest Rate: 5.30% for the first 2 years

  • Followed by floating interest rate based on Euribor 1M (-0.47% on 18/10/2019), plus a margin of 3.50%

  • Additional Costs: Inquiry Cost (€350), Legal Checks (€50), Technical Checks (€130)

  • Total Credit Cost: €64,610.24

  • Total Amount to be Paid: €164,610.24

  • APR: 5.63%

The loan term can vary from 6 to 30 years depending on the intended purpose, with fixed interest rates offered for 2, 3, or 5 years. For example:

  • Fixed for 2 years: From 5.30%
  • Fixed for 3 years: From 5.50%
  • Fixed for 5 years: From 6.00%

These figures provide a framework for understanding your mortgage options and making informed financial decisions.


2. Calculate The Hidden Costs of Owning a Home in Chania.

2.1. Property Taxes

As a homeowner in Chania, property taxes are an unavoidable expense. These taxes are determined by the country in which the property is located, not by the bank. Additionally, you’ll need to consider the Uniform Real Estate Property Tax (ENFIA), which calculates taxes based on factors such as square meters, property location, and use. The calculation process involves a complex assessment by government-appointed experts and is subject to periodic reviews and changes.

2.2. The Heating, Ventilation and Air Conditioning (HVAC) System

The HVAC system is a crucial component of your home’s infrastructure, providing thermal comfort and maintaining indoor air quality. Due to its complexity, HVAC systems require professional inspection, repair, and replacement.

Unless you’re a certified HVAC professional or electrical engineer, hiring a maintenance company in Crete is essential. Moreover, periodic replacement of HVAC units, along with frequent filter changes, ensures efficient operation and energy savings.

2.3. Furnishings and Appliances

Upon purchasing a new home in Chania, furnishings and appliances are typically not included.

While some fixtures like dishwashers and ovens may be part of the sale price for certain properties, portable appliances such as washers, dryers, and refrigerators may need to be purchased separately.

Consider the age of the property; if it’s older, appliances like dishwashers, fridges, washers, dryers, heating systems, and solar panels may require replacement soon.

How much home you can afford in Chania, Crete?

The Bottom Line.

The mortgage payment is only a fraction of the associated costs you’ll face as a new homeowner on the island of Crete. Make sure you familiarize yourself with all possible related expenses, property taxes and budget carefully before taking that big leap or contact us for more information.

Find the Best Real Estate Agent in Chania, Crete

While your initial search for homes in Chania or Rethymnon may begin online, it’s crucial not to stop there. Conducting your research is valuable, but the expertise of a real estate professional is indispensable when it comes to finding and securing your ideal home in Chania, Crete. Chania Real Estate and My Place in Chania is the ideal starting point for those looking for a property in Chania, Crete.

Our dedicated real estate team specializes in helping clients navigate the complexities of the local market. We can assist you in determining how much house you can afford, identifying suitable properties based on your preferences, and staying updated on market trends and availability.

Moreover, we offer access to off-market properties and exclusive real estate deals in Chania and Rethymnon, ensuring you’re ahead of the curve in your property search.

Understanding Property Purchase Costs in Greece

This guide is tailored for individuals contemplating the purchase of a residential property in Greece. While particularly beneficial for first-time buyers, even seasoned property investors can gain insights into the evolving buying process by understanding its key steps.

Greek Real Estate Taxation

The following section outlines the primary taxes and key considerations pertaining to the acquisition, ownership, and disposal of real estate assets in Greece. It focuses on residential, commercial, and investment properties, providing essential insights into taxation.

Residence Permits & Greece Golden Visa

This section addresses all potential questions regarding eligibility for the Greek Golden Visa program and details the procedure for obtaining a residency permit.


The materials presented in the Greek Real Estate Data Sources and Research (REDS) guide are distributed by ARENCORES – Chania Real Estate as an information source only. While every effort has been made to ensure the accuracy and completeness of the information, no guarantee is given nor responsibility taken for errors.

As the information is for general use and not intended to serve as advice, no warranty is given in relation to the accuracy, reliability, or appropriateness of any information. The information does not constitute professional advice and should not be relied upon as such. Users are therefore encouraged to consult with their chosen professional advisers before making any decision.

We do not accept any liability for any loss or damages arising from the information or advice provided on this website or incorporated into this website by reference, or which is incurred as a result of the use of, or reliance upon, the information and advice contained on this website.

Dive into Greek Real Estate Data Sources and Research (REDS), an encompassing resource delving into the intricate nuances of Greek Property Law, Property Ownership, Real Estate Rights, and the Hellenic Cadastre registration process.

This comprehensive guide not only elucidates these fundamental concepts but also addresses crucial gaps in understanding associated liabilities for buyers, sellers, and real estate investors, offering insightful paradigms and invaluable tips.

Innovation and Intelligence

In 2014, ARENCOS established ARENCORES to facilitate property buyers’ decisions and holistically research the risks and opportunities of the Chania real estate market. Working closely with property investors, buyers and sellers ARENCORES provides professional, scientific and technical services dedicated to the Chania property market.

ARENCORES’ Chania Estate Agency services are dedicated to simplifying the understanding of the relationship between real estate intelligence, achievement and innovation.

RESTful Platform

Our RESTful platform – Chania Estate Agency consultancy – operates on a fee-for-service basis. Whether you require advice on engineering and architectural matters, inquiries at the Land Registry office (Ypothikofilakeio), dedicated property pricing valuation, or a re-evaluation of your current real estate needs, we are here to assist you.

Additionally, you may simply want to incorporate ARENCORES’ Chania Estate Agency services into your property management, long-term rental strategies, marketing efforts, or sales process.

iPRO Platform

Introducing iPRO, our state-of-the-art platform featuring exclusively curated properties for sale in Chania, listed nowhere else. Each listing comes with all necessary documents meticulously organized to guarantee a seamless process, streamline decision-making, and ensure a successful property transaction.

To gain access to this innovative platform, prospective clients are required to sign an Engagement Letter along with providing a copy of their valid ID or Passport. Experience the pinnacle of real estate selection and transaction efficiency with iPRO.

Valuation & Advisory Real Estate Services in Chania

We provide uniquely informed perspectives on real estate valuations and property consulting, leveraging rich data from the Chania real estate market and delivering consistent, reliable service.



ARENCORES: Looking Beyond The Obvious

Unlock the value in every dimension of your real estate in Chania, Crete. Using Big Data Analytics and Advanced research, we provide bespoke real estate services that drive superior outcomes.

Knowledgeable, transparent and tailored real estate advice.

It’s unrealistic to expect a property developer to possess expertise in every aspect of a real estate project. At ARENCORES, we recognize this and offer specialized services to meet diverse needs.

We distinguish ourselves from traditional real estate agents by prioritizing comprehensive solutions over simplistic promises. Instead of merely focusing on high sales prices and basic marketing, we emphasize accuracy and strategy in pricing to ensure successful outcomes for buyers and sellers.

With nearly 15 years of experience in the Chania property market, we bring extensive industry knowledge to the table. Our research-driven approach considers current market conditions and pricing objectives, ensuring practical expectations and realistic budgets for our clients.

Our Property Marketing strategy, “List to Sell,” is designed to align with market dynamics and pricing goals, facilitating successful real estate transactions. Additionally, we understand that needs may vary, so we offer a range of professional services tailored to your requirements:

1. Master Agent: ARENCORES oversees all aspects of property management, marketing, and sales channels.

2. My Agent: A dedicated agent exclusively works on your property and project sales.

3. Consultancy: We offer fee-for-service pricing and marketing strategy consultancy to address specific needs and challenges.

Invest, Finance & Value

As a property development and investment firm, our experience has helped us perfect how to maximize returns of investments by spotting the marginal gains in the Chania real estate market. 

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