Property in Crete: The island where time no longer stands still

Buy in Crete before it hits the big time, says Liz Rowlinson of the Daily Telegraph.
Liz Rowlinson wrote recently in the Daily Telegraph about the opportunity in Crete today, below you will extracts from Liz’s recent article
Thirty years ago, the north-east coast of the Greek island of Crete was discovered by British visitors when it was showcased in Who Pays the Ferryman?, a BBC drama series. Now, if The Island, Victoria Hislop's bestselling novel is dramatised - as it surely will be - the region around Elounda will become fashionable again. Or so those in tourism or property hope.

"If the book is made into a film, the effect would be similar to that on Kefalonia after Captain Corelli's Mandolin," says Theodoros Frangos, of the Blue Palace Hotel, which overlooks Spingalonga, the former leper colony of the novel's title. Crete attracts around 35 per cent of visitors to Greece.
Inland from 1,000km of coastline, there are ancient sites, gorges and villages which are little changed in centuries. Only one place - Malia - has a reputation for the excesses of cheap package-tourism.
"People have always bought in Crete because they love the lifestyle and the people from Crete are in a world of their own which is totally self sufficient from mainland Greece and their hospitality is second to none.
"Many buyers still want the traditional village house, although the past few years have seen much new development," she says. "The low cost of living is attracting would-be Spanish purchasers and Easyjet's take-over of GB Airways' Gatwick-Heraklion route gives people the impression that Crete is more accessible."
The long, sandy beaches and lusher north-west of Crete has attracted most of the tourism, and newbuild complexes have mushroomed west of Heraklion, the island's capital and main airport, around the towns of Chania and Apokoronos
Leptos Estates suggests that west is best for investment and predicts 20 per cent per annum increases for its new resort-style projects, such as Aphrodite, in Malerne Beach, where four-bedroom villas are selling for €434,000 (£344,276).
But in the drier east, the topography of mountains dropping into the sea has restricted mass development and the area around Elounda and the regional centre of Aghios Nikolaos is associated with small, upmarket projects.
A new airport mooted at Sitia could open up the far east of the island.

For some people, Crete will be prized for its traditional way of life and they will endure the hassle that can come with the title deeds of an older property to restore something historic.
A village "wreck" (straw on the floor; bats included) costs €35,000 (£27,764). You can drive for miles from village to village without seeing another car.
Whatever you budget Crete has something to offer everyone.

Panoramic Loutra: New Development for sale in Chania, Crete, Greece From 97740 euros

The small attractive village of Loutra nestles in a verdant landscape of low hills with spectacular sea views to the north. Approximately six kilometers southeast of the city port of Rethymno, on the road to the historic monastery of Akardi, it sits bathed in reflective sunlight from the silver-green olive trees cultivated here since Minoan times. Arranged around its pleasant and convivial public square; and with ample shopping facilities for residents and visitors alike, Loutra is noted for its surviving period architecture. Here you can find many fine examples of Venetian period buildings.

The project Panoramic Loutra is located just seven minutes walk from the village square. Here we are developing four unobtrusive residential apartment complexes and one family house. In all there are sixteen modern, luxurious units of between 54m² and 117m² area; each having either its own private pool and/or access to a communal pool. There is ample private and communal space for all to enjoy the typical Cretan al fresco lifestyle, with the shaded terraces, balconies, patios with pergola and small garden areas.