Apartment in Crete with a residence permit
The largest island in Greece has the advantage of being strategically located on several seas, making it an attractive choice for both residential and property investment. The region has an extensive infrastructure, including modern roads, international airports and ports, providing easy access to various parts of Europe and the world. Beautiful beaches, rich culture, warm climate, allowing spending a lot of time on the coast, make the island a comfortable place for permanent and temporary stay.
The apartments for sale in Crete, Greece are offered in a variety of options, from exclusive penthouses with sea views to cosy flats in historical centres. Buyers can also choose from a limited collection of 2-storey maisonettes that include private entrances, car parks and gardens. The layouts most often have a kitchen, living room, bedrooms and bathroom, and in some cases balconies, terraces and storage rooms. A number of apartments are for sale with furniture, white goods and air conditioning.
Most of the available buildings are secondary market offers. Most of the new projects are located in Chania. Modern residential complexes can be complemented with sports and children's playgrounds, swimming pools, barbecue areas, relaxation terraces and car parks. Apartments in Crete can be purchased with all utilities including cooling and heating systems, thermal insulation, alarm systems, and solar panels.
The cost of flats for sale in Crete can vary and will depend on the condition of the complex, availability of repairs, furniture and amenities. Prices are also directly related to the location of the property. The most expensive options are located in Heraklion, Chania and Lassithi resorts. Less expensive apartments can be considered in Rethymno, Elounda and Stavromenos.
Residence permit in Greece by buying an apartment in Crete
Getting a residency is a favourable opportunity for foreign investors. The Golden visa programme offers many advantages for those who want to live permanently in a European country.
Golden visa in Greece by property investment is initially issued for 5 years. Importantly, to extend the residence permit, you do not need to stay permanently in the state, but only remain the owner of the property. This makes the opportunity particularly attractive for those who plan to use apartments in Crete as an investment or a place for recreation.
You can apply for a residence permit when you purchase a property for €250,000 or €500,000 depending on the area. Please note that the minimum cost of apartments in Crete and other locations in Greece for residence issuance will be increased to €400,000 or €800,000 from 1 September 2024.
A spouse, parents and children can be included in the visa, but with some restrictions on age and marital status. Among the main advantages of residency is living in a country washed by several seas, with many attractions and resorts. The residence permit allows free movement throughout Greece and provides for visa-free entry into the Schengen area.
Residency allows you to apply for permanent residence and citizenship. The latter option requires proof of knowledge of the Greek language, geography, history, culture and government system of the Republic.
Investment apartment in Crete
Crete continues to attract investors considering the purchase of apartments and villas in Greece. The country is performing strongly, with house prices in urban areas increasing by 10.7% in Q1 2024 compared to this time last year. The island remains one of the most sought-after regions for holiday and residence purchases. Its popularity is due to its favourable location, pleasant climate, stable tourist flow and developing infrastructure.
The island offers a wide range of apartments that can be used for renting out. Apartments in Crete for investment will be favourable options for long-term investment, as they will provide a stable income. The picturesque scenery and rich cultural heritage make the region a sought-after tourist destination all year round, increasing the demand for rentals.
The region is increasingly popular with retirees and students who rent property on a long-term basis. Entrepreneurs, remote workers and freelancers moving to the country on a Greek digital nomad visa are interested in long term rentals.
Prices for flats and houses in Greece depend on the season. Its peak lasts from mid-May to mid-October, when rents naturally rise. The return on investment in Greece averages 4.8% per annum, but varies depending on the type of apartment, proximity to the sea, time of year and availability of additional amenities.
Investors can choose to buy not only secondary market complexes, but also projects under construction, as their cost until the completion of all works is lower than that of completed buildings. Modern properties often include exclusive leisure and sports facilities, making them popular options for living and renting.