Why do we operate in Crete while our fellow countrymen prefer to buy property in mainland Greece? It’s simple — Crete is way more comfortable and friendly to live in than mainland Greece! In reality, many investors just didn’t have a reliable partner in Crete, but we’re here to change the situation for the better. Just think about it:
1) Holiday season in Crete lasts 8 months compared to only 6 months in mainland Greece;
2) Cretan seaside is well protected by numerous bays against high waves and gales (especially important for those vacationing with children). The waves at the mainland seaside are much higher.
3) The housing in Cretan seaside villages is less dense than in mainland Greece.
4) Cretan seaside villages are dominated by low-rise housing (villas and boutique hotels), while in mainland Greece there much more high-risers. And more importantly, high-rise development in mainland is spiralling. Specifically Athens is home to a new development project comprising a cluster of skyscrapers, two of which will be located at the seaside (Hellinikon Project).
5) In Crete you’ll be living in a completely different environment. Tourists and property owners mostly come from Europe. Cretan villas are more expensive, exclusive development abounds. No Muslim or African refugees. Mainland Greece is a favourite spot for Chinese investors, investors from Slavic countries, not to mention that there are a lot of illegal migrants.
That’s why we focus on Crete.
A lot of Europeans choose Crete as location for their house beside the sea for the following reasons:
Unique nature of the island
More than 3 000 caves, 50 bays, 20 lakes.
35% of the territory is covered with the woods part of which are unique olive, citrus, fruit and eucalyptus groves. It is here where wild orchid grows in vivo.
105 beaches with the Blue Flag award.
Beaches are protected by the bays which allow even small children to swim in windy weather.
Perfect air communication with the EU and CIS countries
There are 3 airports in Crete: international ones in Heraclion (Nikos Kazantzakis) and Chania (Ioannis Daskalogiannis) and a local one in Sitia.
The safest seaside resort in Europe
Crime rate is 0.06%. The Greek say that it’s just absent and tourists easy leave their belongings in the cars with open windows.
Mediterranean climate of the island is considered to be the mildest and the healthiest in Europe, and as a result stay in Crete is healing, it is a natural climatotherapy acknowledged by the doctors. Holidays in Crete are recommended to asthmatics and allergy patients. And it’s hard to find a better place for meteo-sensitive people, as air pressure in Crete is almost always stable, there are just no sharp shifts of pressure.
For this reason, not only hotels and private villas, but also senior centres (centres for living and rehabilitation of European and North American senior citizens) grow rapidly in Crete. In general, it’s possible to take a holiday in Crete all the year round.
Region of Chania is included in TOP 10 most attractive directions for investments in residential property among the Mediterranean resorts. Chania is also called a pearl of Crete.
The western part of Crete where Chania is located is the most verdant region in the map of the island.
Region of Chania is also interesting with regard to its air connection with Europe. The way from resort communities of Chania to the international airport “Ioannis Daskalogiannis” takes just 20-30 minutes. Chania airport is a hub airport for Aegean Airlines and Ryanair.
Mediterranean cuisine of Greece is one of the healthiest and the most wholesome in the world. A lot of fresh vegetables, olive oil, pickled cheeses and wholegrain bread are used in traditional Greek cuisine, and fish rich in omega-3 fatty acids is always on the table instead of red meat.
In cafes and restaurants of Crete seafood of only morning haul from the open sea – natural habitat – is served.
Thanks to the therapeutic climate and healthy food average life expectancy in Greece amounts to 80 years.
In 2017 Greece’s primary budget surplus of 3.7% of GDP (which amounts to 5.93 bln euro) was reached, and GDP increased by 1.4% according to report of the Council of Financial Analysts (SOE) of the Ministry of Finance of Greece, which is also confirmed by data of the European Central Bank.
All three rating agencies upgraded credit score of the country: S&P and Fitch – by 1 grade, Mody’s – by 2 grades. They also made positive forecast for 2018 with GDP growth of 2%.
In 2017 volume of private deposits increased by 5.73 bln euro, which led to reduction of banks dependence on Emergency Liquidity Assistance Program (ELA), provided by the European Central Bank, and loosening of control over the capital flow. As a comparison, in August 2015 total amount of ELA exceeded 90 bln euro, at present it reduced by 5 times and amounts to 16.6 bln euro.
The prime-minister of Greece Alexis Tsipras, who promised to put on a tie only after debt problem of Greece will be solved, came to the meeting with Greek political actors in wine red tie after negotiation with the creditors on 22 June 2018 and said: “Betting conditions shall be fulfilled. I feel a little bit uncomfortable, but I’ll get used to it”.
Economic performance in Greece and in the EU
According to report of the European Central Bank:
To be compared:
Real estate prices in Spain, Italy, Portugal are back to the pre-crisis level long time ago. In Greece such leap will take place in the coming years, that’s why IT’S A RIGHT TIME TO BUY. And the reasons are as follows:
Development of tourism industry of Greece is caused by the fact that the state channels strategic investments to the area of tourism and tourist infrastructure and mitigates legislation regulating activities of foreign investors. One of examples is non-refundable grants of up to 60% for construction and reconstruction on the ESPA program.
The country created the most comfortable conditions for investment and purchase of real estate by the foreigners.
As the result of synergy of efforts of the state, business and banking sector year by year Greece set records of popularity among the tourists:
2015 – 23.6 mln of tourists
2016 – 25 mln of tourists
2017 – 30.1 mln of tourists
According to data of the Central Bank of Greece, September 2017 became record-breaking for Greek tourism industry. In particular, number of newly arrived tourists-nonresidents and amount of revenues related to them increased by 11.8% and 15.5% at an annual rate, correspondingly.
By the beginning of the year 2018 national average share of tourism in the GDP of Greece amounted to 20%, while on certain islands it is even 100%. Share of tourism in the GDP of Crete amounts to 50% during the last 5 years which demonstrates good business differentiation.
Tourist infrastructure of Crete is better than the one in other islands. Crete is also considered to be one of the most popular European resorts. It is the richest region of Greece with the longest season and possibility to have the all-year holidays. It caused the fact that 30% of foreign tourists coming to Greece take a holiday in Crete.
For example, over a period of January-March 2018 (which is considered to be a low season) a huge increase of tourist flow was registered – the island was visited by 50 000 tourists, and it is 800% more from the same period last year).
Link “tourism – real estate – construction” became the most secure one for foreign investor in Crete.
According to data of the rating agency Algean, Greek market of villas is the most attractive market of the Mediterranean region offering the highest rates of return in comparison with the direct competitors.
Residential property in Greece has rate of return of about 5-6%, offices - 7%, hotels – 9%, which is the highest rates in Europe.
According to data of Department on private investments of the Ministry of economy, development and tourism of Greece.
These are generalized figures for the whole of Greece, including its mainland part which is less profitable.
With efficient realty management Crete with its popularity among the elite foreign tourists provides much higher rental rates for premium accommodations of about 6-10%.
Currently many foreign businessmen readily replace Greek hotel rest with privacy at a VIP villa renting it for a few months for a price of 550 – 700 euro per day.
Investment in real estate of Crete is not just a method to hold capital and make money off renting out real properties, but also a way to capital gain at the level of at least 20-30%.
The EU analysts forecast growth of prices for Greek realty by 60-80% over the longer term of 4-7 years. Trading Economics expects growth of prices by 22% by the year of 2020.
Ioannis Askitoglou, general director of Assent Synergies Consulting, also agrees with such estimations: “As to capital gain, I won’t be surprised if in 5 years you double your initial investments just because of the price growth”.
The price of VIP villa:
is calculated on the basis of average price of 3 300 €/sq. m
When investing at a stage of construction, price of 1 sq. m may be optimized to 2 500 – 3 000 euro.
Similar real estate in Sardinia will cost 7 000 €/ sq. m, in Malta – 7 000 €/ sq. m, in Tenerife – 4 700 €/ sq.m.
Buying a villa, you get a comfort which was created for you by 150 persons. The price of villa includes:
Villa interior arrangement
Quality of building
External design of villa
Villas offered for purchase (as well as the fences around the perimeter of the land plot) are built of the unique white stone which development company KYRIAKIDIS quarries at its own production in small town Vryses (municipality of Apokoronas, Crete). Each stone is crafted manually by experienced craftsman. As a result, if you look closer at the villa’s walls, you’ll see authentic pattern on each stone.
This construction material is unique in its beauty, has a wide range of colours and tones, outstands with its durability and resistance to any weather. Façade of your villa will never require painting, renovation or repair.
Old streets of Chania are made right of the white stone. Many constructions are over 600 years old and in a fine state of preservation. It is the best demonstration of quality of the stone which is quarried in Crete and the warranty period of five hundred years.
Development company KYRIAKIDIS is:
In 2018 project of the five-star hotel CROWN ROYAL RESORT & SPA, developed on request of the KYRIAKIDIS company which will also act as a hotel project owner, was awarded with the Gold Award in category “The best architectural design of the Greek hotel” in competition Greek Hospitality Awards 2018. The hotel will be located in district of Kavros, Chania. CROWN ROYAL RESORT & SPA will have 414 rooms, 12 restaurants and bars, 58 outdoor pools, fitness centre, SPA-zone, 5 conference halls, helicopter landing site.
Activities of the KYRIAKIDIS company is based on the following most important principles:
Villas are built of the high quality white stone; materials, appliances, furniture by reliable European manufacturers are used; working experience of each employee of the company exceeds 10 years; projects and designs of villas are developed by the best designers in accordance with the user friendly principle etc.
Each villa is equipped with the solar cell panels; water in the pools is cleared with the use of the most advanced ecological cleaners; perennial plants (for example, olive woods which are more than 10 years old) are preserved on the land plots to the extent possible etc.
KYRIAKIDIS construction company is more than a private construction firm dealing with vacation homes. The company is continuously engaged in restoration of the Greek cultural heritage sites. Here are just some of the cultural and social projects undertaken by KYRIAKIDIS:
Recovery of Samaria Gorge – the national park of Greece
Samaria Gorge is called the longest (among the equipped) European canyon. It is a grand natural monument of over 1 mln years old. Here, in 2001, development company KYRIAKIDIS constructed 2 stone houses for guards of the reserve, historical museum in the gorge, stone museum in the neighbouring village Agia Roumeli, paved many roads and paths with the stone, renovated existing stone constructions of historical notability.
Construction and restoration works on the Holy Mount Athos
Currently development company KYRIAKIDIS fulfills the works on restoration and construction of additional cells, side chambers and churches in one of the orthodox monasteries on the Holy Mount Athos. Credence given by the monks of the orthodox church named after the Holy Cross was a high privilege for the company. It will be renovated and constructed according to initial project of the monastery built in XVIII century.
Construction and restoration works on Gramvousa island in the Balos lagoon
The Balos lagoon is one of the most popular and recognizable places of Crete. In this lagoon Gramvousa island known as a pirate island where remains of historical Venetian fort were preserved is located. This place is not only a place of tourist interest, but also of an architectural one. KYRIAKIDIS company constructed 3 stone houses for archeologists and guards of the island, executed partial reconstruction of historical stone castle and paved stone road to the castle. Besides, earth works, descent and improvement of the road to the Balos lagoon as well as construction of 2 subsidiary buildings for guarding staff of the lagoon were organized.
Social construction on Gavdos island
The island was almost deserted, there was practically no infrastructure. According to official statistics about 50 persons inhabit the island. However, this place is a popular tourist destination for Greek bohemians and European free campers. Development company KYRIAKIDIS has built a grammar school, stone amphitheater and a lighthouse there, fulfilled creation of living environment and paved the road (about 7 km), as well as improved the berth of the island. These works were carried out in the period from 2000 to 2004.