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| Living in Crete Property - Buy to Let |
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| Buy to Let in Crete & Greece |
Buy to Let in Crete & Greece
If you are buying to let in Crete or Greece ensure that you research the local market before you buy. Oversupply and
competition in some areas means that there are no guarantees that holiday rental will be profitable.
Holiday Rentals
Achieving high occupancy rates will depend on many different factors including the property's location and facilities,
how well you, or an agent, market your holiday property and current holiday trends.
Don't forget to factor in running costs such as property & pool maintenance, laundry and cleaning, utility bills,
insurance as well as taxes and licence costs.
One of the positive aspects of renting out your holiday home is that your property and pool will be maintained by the
property management company rather than standing empty for the majority of the year, and even a small rental
income should cover this cost so it is a good way of protecting your investment.
Earning some extra income from your holiday home is a plus, however do not rely on renting to pay for your
investment i.e. to pay a mortgage. Even if it seems like a profitable venture at the time remember that the short or
long term market may easily change.
In order to legally rent your Greek or Crete property on a short term basis to holiday makers you must either obtain a
licence from the Greek National Tourist Organisation (EOT in Greek) or register with the new Short Term Renting
Register (from end 2016 / 2017).
Check list for holiday rental:
Long Term rentals
Long term lets - usually for one month or more - you are not required to register. Long tern rentals attract a lower
(monthly) income and officially a contract should be drawn up with the tenant, deposited with the tax authorities and
declared on your Greek tax return.
The Hellenic Property Federation (POMIDA) offers advice to landlords - here in English.
______________________________________________________________________________________
If you are buying to let in Crete or Greece ensure that you research the local market before you buy. Oversupply and
competition in some areas means that there are no guarantees that holiday rental will be profitable.
Holiday Rentals
Achieving high occupancy rates will depend on many different factors including the property's location and facilities,
how well you, or an agent, market your holiday property and current holiday trends.
Don't forget to factor in running costs such as property & pool maintenance, laundry and cleaning, utility bills,
insurance as well as taxes and licence costs.
One of the positive aspects of renting out your holiday home is that your property and pool will be maintained by the
property management company rather than standing empty for the majority of the year, and even a small rental
income should cover this cost so it is a good way of protecting your investment.
Earning some extra income from your holiday home is a plus, however do not rely on renting to pay for your
investment i.e. to pay a mortgage. Even if it seems like a profitable venture at the time remember that the short or
long term market may easily change.
In order to legally rent your Greek or Crete property on a short term basis to holiday makers you must either obtain a
licence from the Greek National Tourist Organisation (EOT in Greek) or register with the new Short Term Renting
Register (from end 2016 / 2017).
Check list for holiday rental:
- Consult a Greek accountant regarding tax liabilities
- Employ a local property management agent
- Market your property. Approach local tour operators and travel agents or sign up to Internet holiday letting
websites.
Long Term rentals
Long term lets - usually for one month or more - you are not required to register. Long tern rentals attract a lower
(monthly) income and officially a contract should be drawn up with the tenant, deposited with the tax authorities and
declared on your Greek tax return.
The Hellenic Property Federation (POMIDA) offers advice to landlords - here in English.
______________________________________________________________________________________
_________________________________________________________
Learn more about buying and renting property in Crete
and Greece and how to avoid potential pitfalls from the
guide
"Living in Crete. A Guide to Living, working, Retiring &
Buying Property in Crete"
__________________________________________________________
Learn more about buying and renting property in Crete
and Greece and how to avoid potential pitfalls from the
guide
"Living in Crete. A Guide to Living, working, Retiring &
Buying Property in Crete"
__________________________________________________________
_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________
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