The Crete property resale market offers opportunities for Crete homeowners to sell their home and move on to pastures new.
There are quite a few ex-pats wanting to sell their property in Crete now. Often they want to move onto something bigger, or need to return to their homeland for some reason.
Often, people who don't rent first in a particular place find that they would like to move to a different place - nearer the sea if possible, or they might prefer to be in a quiet mountain village.
Whatever the reason for wanting to sell, we have heard some tales of resale property being on the market for a very long time and that the market is very sluggish at the moment. We believe that there are several reasons for this.
A big factor is that there is a lot of real estate property development now on Crete. This means that there’s plenty of choice in the “new builds” category. For a few extra thousand Euros, many people wanting to buy a Crete property will usually opt for a brand new house, rather than a “used” one.
Another big factor is that many estate agents are also property developers. They'd much rather plug the brand new villas they’ve just built than sell your resale property, where they are likely to make much less money.
Also, many property owners will have forked out up to 15% in addition to the asking price when buying their home. A strong desire to recoup this cash means that when they come to sell, they will be inclined to ask a price over and above what buyers will be prepared to pay (ie the market value).
Having said that, the property market in Crete is a growing market. The UK in particular is a place packed with wannabe relocators. Life in Britain isn’t what it used to be, and the statistics tell a story of disillusioned Brits aching to move to a sunnier, safer and friendlier place.
Both Spain and France are popular options for the prospective ex-pat, but things are getting pricey and overcrowded there. Crete has yet to reach its full potential.
Another big reason why some people find it hard to sell their Crete property is that, in our experience the seller and/or their estate agent are absolutely rubbish at marketing and selling property!
This is despite the often hefty commission estate agent fees of up to 4.5% payable by the homeowner. This can be as much as €9000 on an average priced property!
If you’ve a Crete property you want to sell we’ve produced a useful and informative FREE Selling your Crete Property Guide to assist you and help turn your 'For Sale' sign into a SOLD sign.
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