Crete, one of Greece’s standout real estate markets, is gaining significant attention as a premier investment destination in 2024. With substantial investments pouring into tourism and infrastructure, Crete is poised to become Greece’s “next big thing.”
Boasting a unique blend of natural beauty, rich cultural heritage, and a flourishing tourism sector, Crete presents an enticing opportunity for property investors, particularly those interested in the growing tourism industry.
In prime districts of the island, rental rates can exceed 15 euros per square meter. Among the main cities:
- Chania: Characterized by its captivating mix of Venetian, Turkish, and Greek influences, Chania stands out as the city with the highest rental costs. Its picturesque Old Town, with narrow winding streets and a historic Venetian harbor, draws countless visitors attracted to its maritime museum and charming atmosphere. Chania seamlessly melds old-world charm with modern amenities, making it a hotspot for real estate investment. Notably, rental prices in the historic port area of Chania’s Old Town surpass 15 euros per square meter, with Nea Chora securing the second spot at over 10 euros per square meter.
- Heraklion: Following Chania, Heraklion emerges as a key real estate hub on Crete. This bustling capital city harmoniously blends modern infrastructure with deep historical roots. Exploring Heraklion’s ancient streets and iconic landmarks such as the Knossos Palace and Heraklion Archaeological Museum is a captivating experience for residents and visitors alike. The city’s vibrant atmosphere and dynamic urban lifestyle make it a top choice for real estate investment in Greece.
- Rethymno: Known for its relaxed and romantic ambiance, Rethymno ranks just after Heraklion and Chania in terms of lucrative properties. Its well-preserved medieval Old Town, adorned with landmarks like the Venetian Harbor, Fortezza Castle, and Rimondi Fountain, exudes historical charm. Rethymno appeals to those seeking a slower-paced lifestyle without compromising on cultural richness. Rental rates in Heraklion and Rethymno are generally 10% to 15% more affordable than those in Chania, offering investors a range of attractive options across Crete’s diverse real estate landscape.
The property narket has been boosted, and expects to see continual growth partly due to the popularity of the Greek Golden Visa program, which offers residency permits to non-EU nationals who invest in real estate in Greece. Key highlights include:
- Investment Requirement: A minimum property investment of €250,000.
- Residency Benefits: Residency for the investor and their family (spouse, children under 21, and parents of both the investor and spouse).
- Validity and Renewal: The visa is valid for five years and can be renewed indefinitely, provided the property investment is maintained.
- Path to Citizenship: While the Golden Visa itself does not lead directly to citizenship, investors may apply for citizenship after seven years of continuous residency.
- Travel Freedom: Visa holders can travel freely within the Schengen Zone without additional visas.
Important to note is that the minimum investment thresholds are set to increase almost 2x in September 2024, and so anyone looking to purchase a property and attain a Greek Golden Visa, Please contact us asap.
