For many people buying their dream home in Crete is not just a long-term commitment, it’s a lifelong one. Therefore it is vitally important to get it right.

We are often asked for advice about buying property in Crete, by clients renting our holiday villas. We bought a property on the island in 2000 which we have rented out to holiday makers since 2002. Over the years we have gained a vast amount of knowledge about the do’s and dont’s of buying property in Crete, particularly about buying villas in Crete for holiday rental.

At the outset you need to decide if you are buying a property to rent out on short term lets (periods of less than 3 months) or not. If you are you will need to obtain an EOT licence in order to do that legally. One of the first aspects to be considered by the authorities when a licence application is submitted is the size of the property and the size of the rooms. It is therefore vital that your architect/builder is fully aware of your intentions so that the building complies with the regulations.

As well as being able to advise about holiday villas in Crete, we are also able to advise about buying a permanent home there. What you might want from a holiday villa is likely to be very different to what you might want from a property that you are going to live in permanently. Location, location, location is the key and the best sites in Crete for holiday villas might not be the best location to put down permanent roots. Holiday resorts can be deserted out of season ie between November and March.

FINANCIAL – MORTGAGES -  It is now possible for non Greeks to obtain a mortgage through a Greek bank both in Greece and in the UK. Typically mortgages of 70% to 80% of the property’s value can be obtained. It is necessary to provide proof of income for the previous 2 years. Please ask us for more information if you need it.

FINANCIAL – CURRENCY EXCHANGE – When transferring large sums of money it is advisable to use a specialist currency exchange company rather than the high street banks as they can offer more competitive rates. It is also possible to arrange for regular transfers of funds overseas in order to fund a foreign mortgage. Please ask us for more information if you need it.

Please ask us for more information if you think we can help you. We are not affiliated to any developers so you know that the advice we give is truly impartial.