The investment potential in East Crete is vast. Due to a Greek government initiative the region is likely to have more golf courses than any other region in Greece. The government objective is to encourage high class, high spend tourism in the region and to make Crete an all year round destination. Property and land prices, that are currently 40-60% less than West Crete, are set to soar.
The investment potential is huge, particularly in the investment hot spots that we have identified. Using information that we have gleaned from personal sources we can help you invest wisely for the maximum return. We list below some of the possibilities.
Buy to Holiday Rent There is currently a shortage of houses for holiday rental in the region, so rental values are high whilst property values are low. Letting only 16 weeks of the year will produce a return of around 8%, without taking capital appreciation into account.
Example
Purchase of property to renovate into 3 bedroom stone house
€55000
Renovation cost
€95000
Total Cost
€150000
Letting Income from 16 weeks
€14000
Management and Letting Fees
€2100
Nett Letting Income
€11900
Return
7.9%
The example above is realistic, unlike some we see scattered around the internet. If you choose to invest an additional €20000 in a swimming pool the rental income would rise by at least €3500 per year. Once you have decided on your property our expert team will help you decide how best to maximise your rental income. The example above excludes any capital growth in the value of the property, which has averaged over 20% per annum for the last five years.
Auction Gain Buy from our auction and immediately put back onto the market. Greek people often sell property when they are in desperate need of cash. Thus they are often willing to accept far less than market value for their properties, sometimes by as much as 50%. We tend to feature these properties in our auction. Due to the nature of the market, property can sometimes take as long as 6 months to sell. Thus by buying, holding until market value is achieved, and then selling, excellent gains can be made.
Land Bank The value of land, particularly land with a sea view is set to rise astronomically. In most parts of Crete, land close to the sea will sell for €65-80 per square metre. It is currently possible to pick up parcels of land close to the sea for less than €30 per square metre. Our opinion is that this land will appreciate greatly over the next five years and out perform any other investment. However, it is a medium term investment and should you require rapid access to your funds this is NOT for you.
Syndicates If you have a smaller amount to invest we can put you in touch with several property syndicates that are operating around East Crete. This allows you to invest small amounts, from €10000 upwards, and share in the booming property prices.
So whatever your investment requirements we can help you and explain all the possibilities in detail, just email or telephone us. We will be pleased to help you.
