Villa in Crete for a residence permit
Buying a house in Crete, Greece, is an ideal solution for foreigners wishing to move to a warmer destination with picturesque nature and numerous attractions. Many also invest in a house for sale in Crete for seasonal holidays, rental income/capital growth, or residence permits. The latter opens up great opportunities for travelling around Europe.
Some of the best places to buy villas in Crete for investment, permanent residence, or seasonal holiday include:
- The ancient city is located on the island's west coast and is part of the province of the same name. It boasts landscaped beaches, the large Lefka Ori mountain range, and the famous national park. Venetian mansions, churches, classical fountains, museums, and historical monuments can be found here. The town offers opportunities for immersion in local culture and beach holidays, so tourists seek local homes.
- The medieval-era town is located between Mount Psiloritis and Lefka Ori. Beaches, mountain scenery, caves, historical monuments and monasteries, luxury resorts, and traditional villages create the opportunity for various leisure activities and holidays. The strongest influx of tourists occurs in summer, when the Renaissance Festival begins in the city, with performances at the Erofili Theatre and the Wine Festival.
- The largest and most populous prefecture is the capital of the island. It is known for its archaeological sites, museums, colourful villages, and spacious valley dotted with vineyards and olive groves. The combination of cultural attractions, scenic nature, and urban amenities make it a Cretan tourist destination.
- Ayios Nikolaos. The town attracts British holidaymakers and expats due to its Vai palm grove, windmills on the Lassithi plateau, picturesque Mirabelon Bay, crystal clear beaches, and well-developed infrastructure. Ferries run along the narrow bay, taking people from the open harbour to the lake's shore, where cafés and restaurants serve various local specialties.
- Sitia is a city with a serene ambiance built by the Ottomans. It is a gem that tourists visit less frequently. Its homes are perfect for those seeking a quieter and more secluded life. The city is adorned with sandy beaches, monasteries, palm forests, and historical monuments, offering a peaceful retreat. It's no wonder that Sitia is quite popular with windsurfers, who are drawn to its tranquil waters.
Residence permit in Greece by buying a house in Crete
Foreigners can buy a house in Crete and get a residence permit. There is an immigration programme in the republic, which presupposes investment in real estate from €250,000 (on 31 August 2024, the minimum investment threshold will be raised). Foreign buyers can obtain a residence card for 5 years with the possibility of renewal without the need to reside in the state.
The application can include an investor who is of legal age and has no criminal record and the following family members:
- Spouse or partner with whom the principal applicant has a registered cohabitation contract in the state.
- Unmarried children under 21 years of age.
- Children under the age of 24 who are unmarried and in education.
- Children of the spouse(s) under 21 years of age, unmarried, and under the guardianship of the investor.
- Parents of the applicant and their spouse.
The holders of golden visa in Greece by property investment can move freely within Schengen countries, receive rental income or capital gains, use medical services, and apply for citizenship after 7 years of residence in Greece. In September 2024, the minimum investment threshold for participation in the programme will rise to €400,000 and €800,000 depending on the property's location.
The local government is interested in attracting investors, professionals, entrepreneurs, and wealthy individuals, so foreigners are offered several ways to obtain residency status. Apart from the investment residence permit, one of the most popular options is the digital nomad visa in Greece.
Investment house in Crete
Various property options, affordable prices, and a strong rental market have consistently attracted overseas investment in villas and houses in Crete. The island is popular with affluent tourists looking to rent accommodation near beaches and attractions, and expats interested in properties near important infrastructure. As such, owners can make money from both short and long-term rentals.
Buyers of property in Greece can also count on resale profits. The average value of housing in the republic increased by 10.76% year-on-year in Q1 2024, 12.48% in Q4 2023, 13.05% in Q3, 15.22% in Q2, and 15.91% in Q1.