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Why invest in Cretan property?

Crete enjoys some of the mildest winters in Europe, making it a year-round tourist destination - with people flocking to the Mediterranean island to enjoy its unspoilt beaches, stunning beauty and history crammed with mythology and the feats of ancient civilisations.

Statistics for the Greek market as a whole reveal that house prices more than doubled in the period between 1995 and 2004, increasing by 134 per cent over these nine years.

The Cretan market is a particularly active one, with properties changing hands very quickly.

Tenancy rules in Greece, whose laws Crete abides by, are neutral, with tenants and landlords free to negotiate rents. There is no legal limit on the deposit and all residential rents have a minimum duration of three years.

Transaction costs range from 11 per cent of the property's value to 19 per cent - with the buyer paying a total of between ten per cent and 16 per cent and the seller only between 1.25 per cent and three per cent.

Capital gains tax stands at 20 per cent for properties held for less than five years, while rental income is taxed between five per cent and 40 per cent depending on the level of income.

For those seeking to get away from busy crowds, south Crete could be the best choice. Clear waters and traditional hospitality makes it an ideal location for those looking to get away from all the noise.

Life on the islands continues after the summer, with high autumn and Easter temperatures encapsulating a relatively short and mild winter season. The cost of living in the Mediterranean island is generally around 40 per cent lower than the UK.

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