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13/04/2008

Buying properties in Crete: Buying a re sale is now an option worth looking into

There are a number of articles and arguments about why one should feel comfortable with buying off plan. But considering the benefits of re sales or second hand properties is equally important.

In an article published in the Greek newspaper "Proto Thema" on the 13th of April, 2008 written by Ms Rita Zachariadou a study mentioned provides some interesting data: In 2005 from every 10 properties sold, 8 were new constructions. In 2007 in every 10 houses sold only 4 were new constructions. The other 6 were re sales. This means that re sales have become more attractive. There are 3 main reasons that explain why this trend is appearing now and especially in the Chania area on the island of Crete.

  • More re sales are available today than ever before

Real Estate in Crete and in Chania is a quite recent market. People that live on the island today say that just 5 years ago when they were asking real estate agents and builders to show them key ready properties there were hardly any show houses available - not to mention re sales. In 2008 this has changed drastically. There are a number of home owners that want to sell their villa or apartment because they want to buy a larger property or want to move nearer to a specific place they became fond of. So today there is a supply of re sales.

  • Prices are reasonable

In the same article mentioned above, it is stated that the cost of materials has risen by 6,5%. So it is only reasonable that prices of off plan houses are increasing. Home owners that have bought their property some time ago for a much lower price usually do not need to sell expensive. They want to sell their property for a reasonable profit compared to the price they bought it. In other words in most cases, re sales are less expensive to buy than off plan.

  • A key ready property is something you can use immediately

There are some people that do not want to wait 6 or 12 months for their villa or apartment to be built. They want to be able to use it immediately. They might also want to see what they are buying, finished. As it may be hard imagining how the house will look via plans or 3D computer generated images. Not to mention that a number of re sales are offered partly or fully furnished which means that the whole process is as hassle free as possible. You see it, you like it, you buy it.

The conclusion is that it may be worth while to look into the re sales available in Chania, Crete or in any place you are looking to buy or invest in. Naturally the best way of finding that is via a professional and experienced local Real Estate office. The re sales market is now forming and it is up to you to explore it.

Andreas Batakis has lived in Greece, Ireland and Cyprus, acquiring a Business Administration Degree in Greece, an International Marketing Diploma and a Bachelor of Science in Human Resource Management in Ireland. He is also a member of the UK based Chartered Institute of Personnel and Development. Andreas has extensive experience in helping people from all over the world to locate a home in Crete and is a founding member of the independent consultancy Talos Properties.

Talos properties was created in order to guide and protect all of you who wish to acquire a property in Crete via offering you a wide range of choices as well as professional advice in property related matters. For more information please access the Talos Properties website at: http://www.talosproperties.com

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