Lifestylers go crazy for crete

Crete has not been especially fashionable in recent years, but that may all be about to Change.

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.

But investors have found the double-digit property rises of Cyprus, Turkey or Morocco more attractive than the steady increases in Crete, which is nearer Libya than Athens.

Oonagh Karanjia of Crete Property Consultants, noted: "People have always bought in Crete because they love the lifestyle and the fact that flipping [selling a newbuild property on quickly for profit] doesn't work here".

"Many buyers still want the traditional village house, although the past few years have seen much new development. 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."

Little Britain?

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 - nicknamed "Little Britain".

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.

It doesn't have the expat population of, say, Chania, and while it can be too quiet during winter for full-time residents, villa owners no doubt love its comparative isolation.

However, that remoteness may be about to Change as the area becomes more accessible, with the extension of the island's new main road - cutting the journey to Elounda to 40 minutes from Heraklion airport - and a new airport mooted at Sitia could open up the far east of the island.

A fantastic opportunity

Some newbuild properties are now selling for 10 times the average cost of a typical stone house, but will buyers consider Crete a luxury destination?

John Batty, of Greek property specialist Aegean Blue, commented: "A market is being created. People who have never considered buying in Crete before are realising it is a fantastic opportunity. It is good value compared with other EU countries."

Source: www.aegean-blue.com