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A Guide to Crete - The Value

Living in the Sun - International Property Sales

Information kindly provided by Living in the Sun - http://www.livinginthesun.com


The Value
Crete property is good value, the cost of living is low – more of your money, and more for your money.

Below you’ll find a guide to what it will cost to buy, and to run a Crete property. All prices are reasonably up to date at the time of writing, and we do update regularly. The purchase costs will vary depending on the building, so it’s a good idea, once you have made a decision, to check that you have everything correct.

A couple will only need around £10,000 per year as an income to live on and run a car – amazing value, and you’ll live the rich life in the sun !

 

crete property, crete properties, crete real estate

Budget
 
Furniture/Appliances International removals Cost of Living
House Running Costs Car Running Costs

Budget


The Capital Costs below are based on the purchase of a typical Crete property of 90m2 , a House/Villa with 2 bedrooms, 2 bathrooms, kitchen and a spacious living area with a purchase price of £105,000. (152,000 Euro) and an assessed Crete property value of £70,000 (see Purchasing Procedures on The Next Steps page)

               Capital Costs 

                               House/Villa                                  £105,000
                               Greek Purchase Tax                        £7,700
                               Legal fees & Notary fees                  £1,400

                               Total Purchase Cost:           
£114,100 approx or 165,000 Euro

                               Cost Of Living (see below)       £10,000 per year

 (For a Crete property with a purchase price of £60,000, assessed property value of £40,000, the Total Purchase cost would be approx: £65,200)

The custom in Greece is to keep down the declared value of the property to reduce legal fees and property taxes. The one time purchase tax (which is the Greek equivalent of our stamp duty) is calculated at between 9% and 11% of the assessed property value for plots of land. For apartments and houses the charge is between 11% and 13%. The Inland Revenue will base their assessment on special tables issued by the Greek Ministry of Finance. The tables help determine the value of the property according to its merits, i.e. location, nature, quality of construction etc. The assessed Crete property value will usually amount to around two thirds of the true purchase price.

The Notary Public fee is between 1% and 2% of the assessed Crete property value

Lawyers charge between 1% and 2% of the assessed value as recorded on the contract of sale.

To the above cost of purchasing your Crete property you should make an allowance for either buying furniture and appliances in Greece or transporting your furniture and household effects from the UK Illustrated below is the cost of a basic Greek furniture package and an example of specialist International removal company fees.

Furniture/Appliances

To give you an idea of the price of furniture and kitchen appliances our Greek associates have priced a typical starter package as an example.
Electric cooker £350 (500 Euro)
Fridge Freezer £350 (500 Euro)
1 x double bed £275 (400 Euro)
2 x single beds £350 (500 Euro)
Dining table and 4 x chairs £350 (500 Euro)
Three piece suit (1 x sofa & 2 x easy chairs) £730 (1200 Euro)
Patio furniture (plastic table & 4 chairs) £90 (150 Euro)
Total cost £2586 (3750 Euro)
 
International Removals

Based on a 20ft (1000 cubic feet) container, containing 25% small & 75% large items, Packing and loading in Birmingham to deliver to residence in Iraclion, Crete, Greece.

Total Cost: £4,000    

Price includes: packing, loading, Sea Freight, C/Clearance, delivery, unload & place based on easy access not above first floor.   

Price excludes: Duties, taxes, rent & storage.

Our International Removal Company has helped many of our client’s move to Greece and would be pleased to quote for your individual requirements. Please contact us for details.

Cost Of Living

The cost of living is substantially lower than in most countries yet reflects a comparable standard of living and a wonderful quality of life. Add a very low crime rate, low pollution, and plenty of sunshine and you have an extremely attractive package.  

A couple living in Greece can expect to require an annual income of around £10,000 (14,500 Euro)

    Example: -

                              House running costs + food                             5 ,800
                              Two people eating out twice per week               1,664
                              Car Insurance                                                   310
                              Petrol 5,000 miles per year at £2.290 per Gal       360
                              Return trip to the UK to visit family and friends     600
                              Contingency fund                                             1266

                              Total per year                                         £10,000

How does that compare with your costs in the UK ?

The detailed breakdown of these costs is illustrated below.

House running Costs

House Running Costs for 2 people for one year:-
Water 150
Electricity 400
Heating 400
House Insurance 350
Food for 2 people eating in 4,500
Total £5,800 or 8,500 Euro

There are no rates on property in Crete if the building is less than 150m2. The utilities costs are relatively inexpensive (see above).

Water is precious and charged as and when you use it. There is a small standing charge per two months. Electricity is charged as and when you use it, with a minimal standing charge per months. The supply is 220 volts. Expect an annual cost to be typically about £300. Telephone is charged as you use, with a small standing charge in addition. Refuse disposal and street lighting is included in the Electricity bill . A one-off connection charge is usually payable for utilities.

(NB an exchange rate of 1.45 Euro to the £ sterling has been used)

Car Running Costs

To purchase a small saloon car in Crete (Fiat Panda or similar) would cost around £4,600 (6,700 Euro)

Fully comprehensive insurance + road tax is likely to be about £310. (450 Euro)

Petrol is about 58p per litre (0.85Euro)

Car Rental will be £20-£30 per day, depending on size and duration of hire. For 15 days plus, the smallest might cost £18, and a 4WD between £25 and £40

 




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