Buying a house in Greece: existing houses, newly built or 'off plan'

In Greece, including on Crete, there are many beautiful houses which have been built in a traditional manner. These houses are charming, because they are part of Greek history. However, there are disadvantages to buying an existing house. For this reason, it is worth considering buying a newly built project or buying ‘off plan’. Below, we will give you an overview of the advantages of buying newly built or ‘off plan’ in Crete.

Why you could consider buying newly built or 'off plan' when buying a home in Greece

Buying an older house often leads to many renovations, or the houses are not very energy efficient, which will take a big chunk out of your budget. Consider the rising electricity bills caused by a house that is not very well insulated. All of this could be a never-ending story, leading to financial stress.

What does it mean to purchase 'off plan' in Greece?

When purchasing a house ‘off plan’, you buy a new estate that can be adjusted to your own wishes. It is not part of a ‘standard’ project. When purchasing ‘off plan’, you establish the price in advance, which means you will not be getting any unpleasant surprises in terms of the costs. Below, we will give you a brief overview of the many advantages of purchasing newly built or ‘off plan’ on Crete.

The advantages of newly built houses or 'off plan' projects;

• You are able to secure purchase below market value.
• Great capital growth can be attained.
• It gives you the ability to resell the property at a profit before completion.
• It gives you the opportunity to buy the property with a small deposit and staged payments.
• It gives time to plan and save.
• Purchasing property ‘off-plan’ will shield you from future price increases.
• The property is brand new and will be more energy-efficient and in better condition than a lot of older homes, meaning you likely won’t need to shell out as much on repairs and utility bills in the months and years ahead.
• The property is brand new and fresh and you can have an input into the central decor, fixtures and fittings. It is your dream house becoming a reality.

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