Buying property in Chania? This could be one of the wisest decisions you have ever made. Now in the seventh year of a dramatic economic crisis, could Chania – and Greece in general – provide an important prospect of real estate opportunities as Paris and Berlin after the World War II ended and the Berlin Wall collapsed?
Yes, we believe that there are so many opportunities out here! Let’s look at the facts to see if buying property in Chania is an optimistic, reliable or pessimistic scenario.
Chania real estate prices started dropping rapidly after the crisis began in 2009. A period of artificially inflated prices rode the economic boom of the early 2000s before austerity gripped Greece and especially the middle class.
By 2012 for instance, a Chania apartment (one or two bedroom) bought for €190,000 in 2006, was valued at €110,000.
A general rule of thumb for the recent Chania real estate market values is: take the 2005 price and divide by 1.5 or even by 2. In other words- a deposit for Copenhagen, Oslo or Stockholm real estate will almost get you an apartment in Chania! A weird but true fact; should buying property in Chania be your next investment decision.
Traditional stone village homes can be bought for €350,000 – €700.000, but for a much cheaper property be prepared to spend much money for restoration.
The epicentre of Chania for instance – the Nea Chora area, which has been described as a top destination for home-sharing, according to Airbnb – highlights a region ripe for investment with many small to medium apartments for sale (Nea Chora Apartment for sale).
Frequent or longer term visitors to Chania – second or third generation diaspora Greeks or European citizens with a love for one of Europe’s most popular holiday destinations – might find a small city apartment to suit their purposes, and worthwhile buys can be had from anywhere between €90,000 and €200,000 at present (and way upwards of course – is there ever a limit?).
…why did he invest into Chania during the crisis? Risky decision? Actually no, it was the best financial decision he has ever made.
Several investors might choose Agia Marina or the popular sea-side resort of Platanias area, full of bars, cafes and restaurants. Maleme, Kissamos and the charming Kolimbari are also exceptional choices for buying property in Chania.
All of the above are an easy distance from the fascinating city of Chania and its cultural/archaeological sites and museums. The cream of the crop is of course Chania Old town and the area around it, but properties are harder to find there.
If the urban life and sea-side resorts are not such an attraction for you – maybe you want to explore the spectacular Akrotiri and Apokoronas areas.
Marathi, Pithari, Kalathas, Stavros are also excellent alternatives for those who want to buy a property in Chania Prefecture and within easy distance to the Chania City centre. You can find everything here from sandy beaches fringed by seafood taverns to rocky coves for swimming.
Buying Property in Chania? Find The Perfect Property
If you’re more interested in buying property in Chania, any of the aforementioned options would work well.
The Chania real estate market shows signs of recovery and rebounding after a hefty economic turmoil in the country’s real estate market brought it to a halt. While real estate market may take a while to reach its pre-crisis levels, property investors can be pretty certain that anything they buy now has little room to move anywhere but up.
Off the beaten track however, or on the less famed areas of the Chania Prefecture, there are extraordinary real estate opportunities– traditional stone village homes can be bought for €350,000 -€700.000, but if you find a cheaper property be prepared to spend a significant amount of money for restoration.
Allow me to comment on a personal note about buying property in Chania decision. Recently I met a client from ARENCORES who bought a property in Chania. Why did he invest into Chania during the crisis? Risky decision? Actually no, it was the best financial decision he has ever made.
Buy a Property in Chania with ARENCORES
Search ARENCORES’s property listings to discover attractive investment opportunities in Chania. Find Chania properties for sale, Kissamos properties for sale, Akrotiri properties for sale, Apokoronas properties for sale, view real estate listing photos, compare properties and access in-depth property investment reports.
ARENCORES offers a comprehensive selection of commercial and residential properties, including homes, villas, land, industrial, office, retail and hotels real estate.
Drawing on in-market expertise as well as market intelligence tools, ARENCORES Research & Consultancy team offers a range of updates, information and analysis to facilitate investors find opportunities for residential, industrial or commercial properties for sale in Chania and the rest of Crete.
- Some of the best property opportunities are exclusive, thus please contact ARENCORES directly.
- Whether you are using an agent or dealing directly with the seller be sure to use a thorough and trustworthy lawyer of your own.
- It is not unusual for properties to have legal issues or to be encumbered in some way. Contact ARENCOS, to facilitate your investment decision.
- A reliable taxation advice is requested when buying a property.
- If you are buying a property in Chania with a view to renting the property, expect a potential rate of return between 5% and 10%.
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