Land Acquisition Advice

Not all vacant land in Crete, Greece is the same. From waterfront land to large plots near the major cities of Crete, there are many critical parameters to consider. Land acquisition is full of risk and can be a convoluted process laden with bureaucratic complexities.

At ARENCOS we see the process of acquiring land in Crete as much an art form as it is a science.

Through the lessons learned from the past, a commercial real estate transaction is completely different from the acquisition of land for residential use, and thus follows a much different method for success.

Land Acquisition Advice by ARENCOS - Consultants in Crete
Photo by Evangelos Mpikakis on Unsplash
Land Acquisition Advice Services

Buying a Property in Crete, Greece

Our failures and successes as both a real estate agency and constructor for residential and commercial developments have helped shape our understanding of the process.

We’ve distilled all of our lessons learned into 16 keys for successful site selection and land acquisition:

ARENCORES - Chania Real Estate Agents

1. Where to Buy Property in Crete?

From Elounda to Zakros and from Loutro to Palaiochora Crete’s regions are very diversified and they can offer spectacular real estate opportunities for the potential buyer or investors.

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, Rethymnon, and Agios Nikolaos to luxurious villas, family homes, and tourism facilities – commercial properties.

Depending on the type of lifestyle you are looking for, some of the best places to invest in real estate in Crete are Chania Old Town and modern city, the spectacular district of Apokoronas with its wonderful villages such as Almirida, Vrisses, Plaka, Kalives, Georgioupolis, Vamos, Kournas and Kokkino Chorio.

Moreover, the area of Palaiochora on the southwest coast of Crete with its crystal clear waters and well-organized beaches is a very promising destination for those looking for land – plots properties.

What is more, Rethymno and the beach resorts of the south coast such as Plakias, Myrthios Agia Galini are considered to be among the best places to invest in Crete.

The prefecture of Lassithi also has many opportunities to offer for those looking to invest in this thriving real estate market. Especially fascinating in terms of real estate investment, are Elounda and Agios Nikolaos town.

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?

ARENCORES Property Buyers Guides are designed to provide a piece of detailed and reliable information for those looking to buy a property in Crete.

They cover the basic legal framework, process steps, suggested tips and the main points potential investors should know about the acquisition and ownership of real estate assets in Crete, Greece.

You can find more information on how to buy a property in Crete in our Chania Property Buying Definitive Guide.

Despite the fact that this particular guide has been created for property buyers and investors interested in Chania’s real estate market, detailed information for all the necessary and required steps to facilitate your decision-making on the entire process life-cycle has been provided.

In this initial step, you will need a dedicated team of professionals to successfully identify, negotiate and purchase a property in Crete.

A real estate agent of your trust, a lawyer with expertise in real estate matters and possibly a civil engineer. ARENCORES is a part of ARENCOS, a dedicated team of engineers and architects with many years of experience in the market of Crete.

However, you may wonder “Why do I need a lawyer to purchase a property in Crete? Can’t real estate agents see me through? How to find a good real estate agent? “.

At ARENCORES we undertake detailed checks of the properties we source including their property legalization process – if any, topography plans compliance and land registry documents, all of which guarantee a smooth, reliable, and efficient transaction.

Once, the most suitable properties will be identified, we will organize physical or digital property viewings and, once you have chosen the property you really like in Crete, specialized consultants will be available during the property purchase life-cycle – including negotiation.

3. Is it Worth Buying a Property in Crete?

It is absolutely worth buying property in Crete for several reasons. Not only because of the opportunities Crete has to offer itself, the outstanding quality of life and affordable cost of living, but also of its exceptional investment returns and the opportunity to get residency in one of the most wonderful countries in the world.

The property market in Crete is white-hot—and neither the COVID-19 nor rising property prices can put out the flames. According to our research property purchases have steadily increased year-over-year since June 2018 as real estate assets continue to get more expensive across the country.

However, investing in real estate is a terrific idea if you are in it for the long haul, not a quick return.

Especially if you are a first-time buyer, your best bet is investing in residential properties near the popular tourist resorts or the big cities such as Chania, Heraklion Rethymnon, and Agios Nikolaos that produce rental income year-round. 

Just make sure you understand all of the associated legal fees and are prepared for unexpected costs.

Is Buying a Property in Crete a Good Investment?

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

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

4. What’s the Approximate Cost of Land Plot 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.

... 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.

Chania Property Buyer Help and Resources
ARENCORES Help & Resources
Buying a property in Crete
Get in the loop for Chania Off-Market Properties

Buyers can now discover exclusive Chania off-market properties for sale before the masses. And, be the first to know about them!

We introduce a Passive Listing approach that replaces ‘search’ with properties that match perfectly with your criteria, needs and budget.

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Make Property Buying Easier

 

1. Find Relevant Housing

We search, identify and propose relevant properties in the area of your interest that match your needs and criteria.

2. Deep Inspection & Reporting

We are inspecting the property you are interested in to tell you about its features and condition and give you a sense of the local area.

3. Negotiate the Agreement

Under, reliable and trustworthy data we proceed to contract and asking price negotiations so that you get the best possible deal.

4. Complete the Purchase

We provide dedicated services so that you can safely move into your new home in Chania, Crete.

ARENCORES is able to offer professional guidance in the choice of your ideal property in Chania, with the support of its proficiency and knowledge combined with total confidentiality and reserve.

Land Acquisition Advice

Thanks to a carefully chosen portfolio that includes city-centered apartments, luxury flats, villas, detached houses, renovation projects, investment plots and commercial real estate assets.

 

Want to know more?

Meet the team of ARENCOS: Stavros Thomas - Architecture & Engineering Consultants in Chania, Crete, Greece
Talk to Stavros Thomas about this service.

Energy Engineer, Business Digitalization Specialist

Digital Matters & Net-Zero
66 Apokoronou Street, 73135,
Chania, Crete, Greece

Send Email to Stavros
or call at: +30 282111 2 777
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