Investing in Greece / Crete: any experience to share?

[Vincent Joseph]

Hello,

I am looking to invest in Greece, Crete to be more precise. My goal is to buy an investment property to 1) generate some returns and 2) be one of the places to live in retirement. For info, I am a French citizen and US resident. Anyone has experience to share regarding the buying process? expected returns? financing?

Thanks,

Vincent.

[Dmitry Wilkowski]

Crete gives good opportunities for investing, for a wide range of budget. The climate of the island helps the prolonging of touristic season and also there are areas , like Heraklion city , that attracts tourists all the year. My point is that because of its touristic dynamic , combined with thousands of university students , gives many options to properties owners on how to make money.

Also for low budget investors , there are opportunities in areas less touristic , but with huge future potential. Infrastructures like highways , relocation of airport and many other can help investor with low budget to create high value longtermly and at the same moment make a good income short termly.

The buying process would take for sure more than a month because seller should prepare all the papers , for the buyer there is not much burocracy. The buyer should have someone to advise him, run the papers, and a lawyer to check the process.

About the expected returns depends on what you are going to invest and how you are going run it. For example an
appartment at Heraklio , that it s been rent to students per year, can return your investment in 10 years. There are also ways that will return you in less time, and ways that will take longer time. Many factors to consider.

Tricky market but very good opportunities on the other hand.