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Sea of Crete

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Sea of Crete Sea of Crete Overview Crete is Greece’s largest island and traits, dialect and traditions. The seasonal changes. Snowfall and the 5th largest in the Mediterranean island was first inhabited in 6.000 extreme weather conditions are Sea, and is located approximately BCE, as a prehistoric settlement. It common only in the mountain areas 160 kilometers south of the was the center of the first advanced during the winter months. The Greek mainland. Together with civilization in Europe, the Minoan. climate adds to the attractiveness of its neighboring islands, Crete The Minoan civilization flourished the region as a holiday destination forms one of the 13 administrative between 2700 - 1420 BCE and throughout the year. regions of Greece. The island is ended with the volcanic eruption subdivided into 4 prefectures – of Thera (Santorini). According to Crete is a well-established holiday Chania, Rethymno, Heraklion and Greek Mythology, Zeus, was born market worldwide. It offers long Lasithi, and 24 municipalities. in Crete, where his mother Rea hid stretches of beach - more than Heraklion is the largest city and the him in a cave at Mount Dikti, so 100 with Blue Flags eco-label, administrative capital of the region. that Kronos, his father, wouldn’t archeological and religious sites, The total land area is 8,336 km2 find him. The palaces of Knossos local culinary experiences, ideal with a population of 623,065. The and Phaistos and the site of Gortys climate and beautiful landscapes islands and islets of the area offer are the main archaeological sites of as well as sports facilities - 2 golf a coastline of more than 1,000 km. the region. courses and many water sports Crete is located at the crossroads of facilities, general hospital in three continents, the south-western Large and impressive plateaus, every prefecture and numerous part of Asia, northern Africa and breathtaking gorges, cliffs and cafes, bars, clubs, taverns and south-eastern Europe, and includes numerous caves, lakes and rivers restaurants. Its tourist infrastructure the southernmost part of Europe, shape the mountainous and wild can support all types of tourism. Gavdos island. morphology of the region, offering It is a place of rare beauty that an extremely rich biodiversity invites millions of people every The region has a very rich history (flora and fauna). Crete has a year to discover the island’s hidden and cultural heritage while still mild Mediterranean climate with treasures. retaining its own local cultural sunshine all year round and minor Demographic Prefecture Total Land Population Population density (km2) people per (km2) of land area Heraklion 2,641 305,490 115.7 Chania 2,376 156,585 65.9 Rethymno 1,496 85,609 57.2 Lasithi 1,823 75,381 41.3 2 Sea of Crete Economy The economy of Crete is primarily Viticulture and olive groves are Cretan Museum of Natural History, based on tourism and services and also significant to the economy, 60% of Crete’s terrain is suitable it makes up for 7% of the Greek while honey and herbs, grown for ‘green’ energy investment. GDP. Agriculture and livestock on the island, are of excellent The renewable energy sector is farming were the main contributors quality. Dairy products are also expected to develop in the coming to the economy until the mid-70’s important with a number of high years, benefitting the economy when tourism gained in importance. quality cheeses such as graviera and the employment of the region. Agriculture played an essential role (gruyere), mizithra and anthotyro. Tourism is undoubtedly the Cretan in the economy of the region due The island produces 30 products economy’s flagship, contributing to the mild climate, the soil and the categorised as PDO (Protected more than 50% of the island’s GDP. geomorphology of the island. Destination of Origin) including Crete attracts more than six million olive oils, cheeses, fruits and wines. visitors every year and contributes The island produces a wide variety According to a study published 20% to the Greek tourism sector. of vegetables, fruit and flowers as it by the Technical University of has 50% of Greece’s greenhouses. Crete in collaboration with the 3 Sea of Crete Tourism Crete is one of the most popular the above, in Crete, the share of Heraklion airport - the second holiday destinations in Greece visitors from abroad is 60%. busiest airport in Greece after the for local and foreign visitors. The AIA (Athens international Airport) island is easily accessed by an The main markets are Germany, - with a completely new airport at array of international and local UK, France, Russia and the Kastelli of a 10 million passenger flights or by well serviced ferry Scandinavian countries. An capacity. The completion of the connections. There is one port increased share from Israel, UAE, tender procedure is expected in the in every major city – Chania, Lebanon and China was also beginning of 2015 while Chinese, Rethymno, Heraklion, Agios recorded in the last 2 years. It is French, Greek and Spanish investor Nicholaos, welcoming around 2 estimated that above 3.5 million groups have expressed interest. million visitors mainly during the international tourists arrived at The upgrading of the “Ioannis summer months. It is estimated that the two international airports in Daskalogiannis” airport at Chania 500,000 additional people visited Crete in 2014.This was a 25% is also under procedure. Crete through cruise ships in 2014, increase compared to 2012 while and recorded a 50% increase the growing trend is expected to Crete has all the features and since 2012. The region also has continue in 2015. ‘Ryan Air’, the the facilities to satisfy even the two international airports, ”Nikos largest low-cost airline in Europe, most demanding visitor. Sun and Kazantzakis” in Heraklion and created a base in Chania in 2013 beach luxury tourism, agro-tourism, “Ioannis Daskalogiannis” in Chania with significant benefits in terms medical and therapeutic, cultural, as well as a smaller national one of tourism for the entire region. religious, and gastronomic tourism, in Sitia. It is estimated that more The two airports almost reach the as well as many outdoor and sea than 4 million local and foreign limit of their capacity during the activities are available for the visitors were serviced through the months of July and August. There visitor to enjoy. three airports in 2014. From all of is a long-standing plan to replace International Tourist Arrivals at the main Airports (mil) The main 4 markets are 3.56 3.34 Germany, 2.83 2.82 2.83 2.56 2.52 UK, France, 2 Russia and the Scandinavian countries 0 2008 2009 2010 2011 2012 2013 2014f Chania Heraklion Crete 4 Holiday Home Market Overview Crete is one of the most developed has weakened the demand from spark back into the interest from segments of the Greek holiday abroad, stopped any residential abroad. If the new coalition home market with a significant development and has led to a government ensures a sustainable track record. A large number of substantial fall in the sale prices. solution for the debt, securing transactions have been completed In 2014, the improvement of the political stability and the recovery mainly by northern and central Greek economy and the incentives of the economy, transactions will Europeans in the past years. Since to foreign investors, such as the pick up for the entire Greek holiday 2009, the ongoing financial crisis “Golden” visa scheme, put some home market in 2015. Demand Crete is a popular destination for demand was anemic both from in excess of €250,000. Russians all types of holiday home buyers. locals and foreigners. A growing are interested in seafront detached It offers easy access, moderate interest appeared in 2014. residences mainly in the prefectures climate, quality of life, natural Northern and central Europeans of Heraklion and Lasithi. Chinese beauty and good investment value. look for residences in organised are also considering buying land In this context, Scandinavians, residential complexes but they are plots outside the residential zones British, Germans and other still wary due to political instability. to build their own residential Europeans have already bought There has been an increasing communities, while Israelis and properties in Crete either as holiday demand by non-EU citizens led Arabs prefer luxury properties with home, investment or retirement. by the “Golden” visa scheme - swimming pool, sea views and on- During the financial crisis, the residence permit for investments site amenities. Supply The official survey by Elstat, overseas demand and high building unsold and many Greek and “Population and Housing Census activity. Large residential complexes foreign owners have placed their 2011”, recorded that the total have been built and others are in private residences on the market. number of holiday homes in Crete the pipeline. It is estimated that the The new growing overseas interest was 37,470. This figure represents holiday homes for sale in Crete is adequate and can absorb the only 5% of the country’s total stock are about 5,000, as a number current supply and re-launch the of holiday homes. An additional of residential complexes remain investment activity in the region. amount of 44,186 residences was recorded as secondary homes in the same report. The number of holiday homes in Crete has The new growing overseas interest remained essentially unchanged during the last three years as any is adequate and can absorb the residential development was put on hold. Before the financial crisis, the current supply and re-launch the Cretan holiday home market was a fast growing market with strong investment activity in the region 5 Holiday Home Market Prices - Transactions Holiday home prices in Crete are Average asking price of prime holiday homes in Crete expected to remain stable in 2015, following a cumulative decrease €/m2 €/week of 40% since the beginning of 8,000 10,000 the crisis.
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