Building a Villa in Crete: 6 Facts to Consider for Investing
Are you considering building a villa in Crete? The island offers many opportunities for those looking to invest in the booming construction industry and the thriving tourism sector. With modern construction standards and a high demand for rental properties, a new, well-built home in Crete can provide a solid return on investment. And, for those looking for a long-term investment, owning a home in Crete can provide a sense of security and stability for you and your family.
Additionally, investing in a villa valued at €250,000 or more can qualify you for the Golden Visa program, providing a pathway to European citizenship.
In this article, we will explore the benefits of building a villa in Crete and investing in this beautiful island.
Positive aspects of investing in Crete island
Beautiful scenery: Crete is known for its stunning scenery, with beautiful beaches, clear blue waters, and rugged mountains. Living in Crete means you can enjoy this scenery every day.
Rich culture and history: Crete has a rich culture and history, with influences from ancient Greece, Byzantium, and the Ottoman Empire. Living on the island allows you to experience this history and culture firsthand, through its architecture, museums, and traditional festivals.
Delicious cuisine: Crete is known for its delicious cuisine, which includes fresh seafood, olive oil, and local wines. Living on the island means you can enjoy these culinary delights on a regular basis.
Warm climate: Crete has a warm climate, with mild winters and hot summers. This makes it a great place to enjoy outdoor activities all year round, such as hiking, swimming, and sunbathing.
Affordable living: Compared to other Mediterranean destinations, living in Crete is relatively affordable. The cost of living is lower, and property prices are still relatively reasonable, making it an attractive option for those looking to invest in a home on the island.
Friendly people: Cretans are known for their friendly and welcoming nature. Living on the island allows you to experience this hospitality firsthand, and to become a part of the local community.
Quality of life: Living in Crete can provide a high quality of life, with access to fresh air, beautiful scenery, and a relaxed pace of life. It’s a great place to live if you value a healthy and active lifestyle.
Touristic business opportunity: Investing in building a villa in Crete Island offers a lucrative touristic business opportunity. With millions of visitors coming to the island each year to enjoy its breathtaking beaches, rich history, and vibrant culture, it has become the second most visited place in Greece. This high volume of tourists creates a demand for comfortable and convenient accommodations, making owning a home on the island a great investment opportunity.
By building a villa in Crete Island, you can rent it out to tourists during the peak tourist season and earn a passive income. This can help offset the costs of owning a home on the island, while also providing a valuable investment opportunity.
Overall, the tourism industry in Crete Island is a significant economic driver, and building a villa on the island can provide both personal enjoyment and financial gain.
Modern Construction Standards in Crete island
Building a villa in Crete ensures that modern construction standards are used, providing many benefits for homeowners. New homes in Crete are constructed using the latest materials and techniques, making them energy-efficient, durable, and long-lasting. These homes are also designed to be structurally sound and able to withstand the forces of nature, such as strong winds and earthquakes.
Safety is also a top priority in modern construction standards in Crete. New homes are equipped with the latest safety features, including fire safety standards, such as smoke detectors, fire extinguishers, and fire-resistant materials. This ensures that homeowners can feel secure knowing that their homes are designed to keep them safe in the event of an emergency.
Furthermore, modern construction standards in Crete focus on sustainability, with new homes designed to be energy-efficient, incorporating features such as double-glazed windows, insulation, and solar panels. This helps to minimize the environmental impact of these homes, while also reducing energy consumption and costs.
Europlan offers turnkey solutions for building a villa in Crete, taking care of every step of the construction process from planning to completion. This ensures that clients can focus on the end result without the stress of dealing with construction bureaucracy and constructors. With Europlan’s expertise and experience, every project is completed to the highest standards of quality, safety, and sustainability.
Resale Value as an investement in Crete island
Investing in building a villa in Crete can provide a solid return on investment because of the island’s popularity as a tourist destination. Crete attracts millions of visitors each year, and many of these visitors are interested in purchasing property on the island. This demand for property can drive up prices and increase the resale value of homes in Crete.
For example, a well-built, modern villa with stunning sea views and easy access to amenities may have a higher resale value than an older, less modern property. Similarly, a new apartment complex with energy-efficient features and high-end amenities may be more attractive to buyers than an older apartment building.
Overall, investing in building a house in Crete can provide a solid return on investment due to factors such as modern features, longevity, safety standards, demand from tourists and buyers, and more. By building a new, well-built home in Crete, you can potentially increase your investment and enjoy a higher resale value in the future.
Long term investment and Rental income
Investing in building a villa in Crete offers both short-term benefits, such as rental income from the island’s high demand for tourist accommodation, and long-term benefits, such as financial stability and a sense of belonging. Property values in Crete have historically remained strong, making it a sound investment.
In 2021, the average house price in Crete was €173,585, which is lower than other popular Mediterranean destinations such as Ibiza and the Balearic Islands, offering an attractive investment opportunity for those looking to buy or build a home on the island.
Crete is one of the most popular tourist destinations in Greece, attracting millions of visitors each year. In 2019 alone, over 4 million tourists visited the island, with the majority coming from European countries such as Germany, the UK, and France. This high volume of tourists has created a strong demand for rental properties on the island.
In fact, according to data from Airbnb, Crete is one of the most popular destinations for short-term rentals in Greece. In 2020, the island had over 24,000 active listings on the platform, with an average occupancy rate of 63%. This high occupancy rate is a testament to the island’s popularity as a tourist destination, and the potential for rental income for those who invest in building a house in Crete.
Moreover, data from the Greek National Tourism Organization shows that the number of tourist arrivals to Greece is expected to steadily increase over the next few years, with an estimated 35 million tourists expected by 2025. This presents a great opportunity for those looking to invest in property on the island, as the demand for rental properties is expected to continue to grow.
Overall, the high volume of tourists to Crete and the island’s popularity as a destination for short-term rentals make it an attractive location for those looking to invest in property. Building a house in Crete can provide a great opportunity to tap into this market and generate rental income, while also enjoying the island’s beautiful scenery, rich culture, and warm climate.
A Look at the Island's Thriving Construction Industry
According to data from the Hellenic Statistical Authority, the value of building permits issued on the island of Crete in 2020 was €1.1 billion.
In 2020, the construction sector accounted for approximately 7.2% of Crete’s Gross Domestic Product (GDP), highlighting the significant role that construction plays in the island’s economy.
Crete has a well-established construction industry, with many experienced architects and contractors who specialize in villa construction. This has contributed to a growing demand for high-quality homes and villas on the island.
The demand for high-quality homes on the island has also led to an increase in construction costs. According to data from the Hellenic Statistical Authority, construction costs in Greece increased by 2.2% in 2020, due in part to rising material and labor costs.
Despite the challenges posed by the COVID-19 pandemic, the construction industry in Crete has remained resilient.
According to data from the Hellenic Statistical Authority, the value of building permits issued on the island increased by 11.6% in 2020, compared to the previous year.
Overall, these statistics highlight the strength and resilience of the construction industry in Crete. With a growing demand for high-quality homes and villas on the island, there are many opportunities for those looking to invest in this thriving sector. By working with experienced architects and contractors, and staying up-to-date with local regulations and construction costs, investors can build beautiful and functional homes that meet their needs and offer a solid return on investment.
Read more about building a villa in Crete | The complete Guide 2023
The Golden Visa Program by Investing in a Villa in Crete
Building a villa in Crete presents an opportunity for non-European Union citizens to invest in real estate and acquire a Golden Visa, a valuable incentive provided by Greece. Crete is an eligible location for this program, allowing investors to obtain a residence permit by investing in a villa valued at €250,000 or more.
The number of Golden Visas issued in Greece has increased significantly in recent years, with 7,765 visas issued in 2020, as reported by Enterprise Greece, a government agency responsible for promoting investment in the country. The majority of recipients came from China, Russia, and Turkey.
The Golden Visa program allows investors to obtain a renewable residence permit that is valid for five years, providing a pathway to European citizenship. After this period, investors can apply for permanent residence and eventually citizenship. This opportunity provides investors and their families with greater freedom of movement throughout Europe, as well as access to European healthcare, education, and other benefits.
Overall, building a villa in Crete is a valuable investment opportunity that not only offers the benefits of owning a beautiful and functional home on the island but also the opportunity to gain a pathway to European citizenship through the Golden Visa program.
Do not hesitate to contact us for an offer or any information regarding our services. Europlan undertakes all the necessary procedures if you wish to buy or build a property in Greece and obtain a golden visa.
Our customers review
My collaboration with the technical company Europlan lasts for years because they have proven to me their ability to create homes that stand out while at the same time their specialization in luxury holiday homes is known, both in terms of design and construction. Personally for me it is very important to have partners whose work adds value to the money which - anyway - you have to invest.
The quality of the construction absolutely met our standards and expectations. We have a second plot in Elounda and when the time comes to build, we will definitely work with Europlan again.
As the owner of three villas in the area of Plaka, I highly recommend the technical company Europlan for the execution of design and construction of any technical project.
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