In the face of a Greek financial crisis that threatens the euro, UK buyers are backing the region’s largest island, says Amy GraceIf you buy in Crete, chances are it won’t be an impulse decision or just another set of keys to add to a bulging portfolio. Most likely, you’ll visit, fall in love and simply have to buy into the lifestyle. Crete, the most southerly of the Greek islands, is a magnet for UK holidaymakers and expats who appreciate its short, mild winters and long hot summers, the low-cost, stress-free living, and the vast choice of property. Crete still has plenty of pockets of undeveloped land, rural hideaways, and ample opportunity to build your own, and some very competitive prices and deals.
The Mediterranean diet allows the Greeks to live longer than any other EU country, but the island boasts a healthy property market, too. Charles Weston-Baker, Head of International Sales for Savills, says now is a good time to buy in Crete, commenting that prices have bottomed out and that “the island will become even more popular when the new international airport at Sitia is finished. This is key to the East’s potential to open up and, although a lot of the land is owned by the Church, and only available on leaseholds of around 99 years, the objective for developers is to try to acquire the land.”
John Batty, Director of Aegean Blue, points out that the new airport’s completion depends largely on state funding, though, which could be affected by the current financial crisis. He says, “Until the National Road from Malia is improved, development in the East remains small-scale and sporadic. Access to the South has always been difficult due to the topography, and transit times to the airports are a minimum of one hour. As a generalisation, the area around Agios Nikolaos and Elounda, is the most popular.” The South is attracting a lot of interest, though, because of a special atmosphere that conjures up the feeling you’ve moved in to another world entirely. Once infrastructure and roads improve, and the island has year-round direct UK flights, the consensus is that prices will increase, meaning that this could be a period of growth.
Read more in the March issue of Living Abroad magazine
