ISSUE N: 07 JUNE - SEPT 2019 FOR PROPERTY BUYERS & INVESTORS ARENCORES MAGAZINE A MAGAZINEA MAGAZINE DEDICATED DEDICATED TO THE TO REAL THE ESTATE REAL MARKETESTATE MARKET OF CHANIA

CHANIA RENTAL TOURISM, REAL ESTATE DEVELOPMENT AND PROPERTY MARKET OPPORTUNITIES SURVEY DISCOVER HOW THE SHORT TERM HOUSING SECTOR RENTAL PLATFORMS INFLUENCE REBOUND GAINS THE PROPERTY MARKET IN CHANIA PACE AS ECONOMY RECOVERS

HOW CAN I FIND A PROPERTY IN , ?

THE WHITE MOUNTAINS MYSTERIOUS & BEAUTIFUL

REAL ESTATE PHOTOGRAPHY MIGHT BE THE MOST IMPORTANT PART OF YOUR LISTING

ARENCORES - CHANIA REAL ESTATE EXPERTS

EDITORIAL

ARENCORES MAGAZINE is a publication that not only re- creating compelling images that are both artworks and ports on Chania real estate and property developments, communication tools. His knowledge and advice will it stands for something. In ARENCORES we embrace the service your property look its best, no matter the occa- idea that real estate business serves a purpose in our sion. world that goes beyond euros, dollars and cents, and that a responsible and sustainable investment can be a Join us on this summer excursion to see the top real vehicle for progress and prosperity. estate news, trends and designs in the Chania property market. We are passionately interested in the nitty-gritty of what makes real estate businesses really perform well by en- hancing creative people who inspire innovation at all levels in our team, . Nonetheless, our goal is to satisfy the needs of our clients to the highest grade.

The current issue–which covers subjects from tour- ism and real estate development opportunities to what property investors really want to realize in Greece be- fore investing and the challenges on the short-term rental platforms in Chania, Crete.

Me and Stavros are working very hard to provide prac- tical, thoughtful articles on the countless real property issues addressed to property buyers, owners and inves- tors in the property market of Chania. From next year on it is decided to not only highlight real estate properties and market, but also focus on architecture, design and decoration definitive in making a comfortable and luxu- ry building.

We are pleased to welcome Stelios Alexakis to our Cha- nia Real Estate team. Stelios is specialized in the archi- tectural photography of interior and exterior spaces,

CHANIA REAL ESTATE - REDEFINED 08 10 HOMESHARING, TOURISM DRIVING LOCAL PROPERTY 11 MARKET RECOVERY 12 16 INTERIOR DESIGN DECORATING 18 AND REMODELING TIPS

1 TABLE OF CONTENTS SOCIAL MEDIA MARKETING TIPS 16 FOR PROPERTY OWNERS WE ARE LIVING IN ONE OF THE 10 MOST BEAUTIFUL CITIES IN THE HOW CAN I FIND A PROPERTY IN WORLD 18 CRETE, GREECE?

TOURISM, REAL ESTATE DEVEL- CHANIA RENTAL PROPERTY MAR- 12 OPMENT AND OPPORTUNITIES 20 KET SURVEY 13 INVESTORS WANT STABILITY IN REAL ESTATE PHOTOGRAPHY MIGHT BE POLITICS & TAXATION 36 THE MOST IMPORTANT PART OF YOUR LISTING HOUSING SECTOR REBOUND 14 GAINS PACE AS ECONOMY RE- PASSIVE LISTING: LEARN MORE COVERS 39 15 HERE ARE THREE REASONS WHY INTERNATIONAL CONFERENCE FOR THE YOU SHOULD BE LISTING EXCLU- 40 REUNIFICATION OF THE PARTHENON SCULP- SIVELY. TURESΑΑ

42 THE WHITE MOUNTAINS CHANIA REAL ESTATE EXPERTS ESTATE REAL CHANIA RESARENCO

ARENCORES All rights reserved. This material may not be published, is a Member of the broadcast, rewritten or redistributed in whole or part with out Chania Real Estate Association the written permission of ARENCORES. Stavros Thomas Creative Content Editor

Creative Concept, Editing & Production ARENCORES & Chania Real Estate

Opinions expressed in ARENCORES MAGAZINE do not necessarily represent the views of ARENCORES or Cha- nia Real Estate.

All contents of this magazine, including production, publishing, audio visual, digital in whole or in part herein, may not be distributed in any form without the expressed written consent of ARENCORES and Chania Real Estate. ARENCORES MAGAZINE is distributed free of charge. Real Estate Quotes

Everyone can in vest in average opportunities; wealth is built by investing in the greatest opportu nity the economy presents.

Giovanni Fernandez, Owner & CEO, National Real Estate

ARENCORES REAL ESTATE REDEFINED

ARENCORES is one of the most recognized and re- in order to pair buyers and sellers around the world. spected real estate firms in Chania, Crete, having served discerning property buyers, investors and For those looking to sell their estates, our experi- sellers since 2014. enced associates are equipped with the marketing tools needed to ensure your property is presented to The firm has been established to provide inde- a global audience of qualified and interested buyers. pendently owned and operated real estate services Our real estate marketing strategy is designed to pro- with a powerful marketing and research platform. vide you the competitive edge by increasing interest ARENCORES through its collaboration with the Cha- in your property and engaging our audience both on- nia Real Estate, is exceptionally positioned to serve line and off. the commercial and residential real estate market in Chania with reliable and effective property making ARENCORES’ network acts exclusively on behalf of decisions and purchasing strategies. our client’s individual needs and offer the utmost dis- cretion when helping market and sell your estate. With that rich heritage in association with the engi- neering and architecture consultancy firm of AREN- ARENCORES excels at providing the highest level of COS, ARENCORES is a truly unique real estate net- service to our clients and their diverse lifestyle needs. work representing exceptional clients with discerning With a team of engineers, marketing specialists, real tastes. With the only real estate research team in estate professionals and researchers and some of Crete and a dedicated team of professionals, AREN- the most exceptional property listings, our firm is CORES continues to define the meaning of Chania uniquely positioned to find the perfect property that real estate by providing unparalleled personalized meets your requirements. Whether you are looking service along with the most interesting real estate for a serene beachfront retreat, the excitement and assets in Chania, Crete. sophistication of modern apartment in Chania a his- toric estate or for the quiet rural charm of a ranch, our ARENCORES strives to provide an unwavering com- experienced network of real estate professionals is mitment of excellence to all of our clients. Whether here to guide you every step of the way. you are seeking to purchase a luxury home of your own or sell a distinctive property, ARENCORES’ ex- perts have the tools to market each and every prop- erty with the same level of care and personalization WE ARE LIVING IN ONE OF THE MOST BEAUTIFUL CITIES IN THE WORLD

We seek beauty in many forms—through art and archi- Chania is changing and more and more business people tecture; water views and mountain vistas; history and cul- are seeing its potential. The tourism boom is obvious and ture—and some places make that search extremely easy. is changing the whole area. New accommodation facilities and the renovated airport were game changers. There are cities you visit and cities you experience and Chania is a city to thoroughly immerse yourself in and en- The modern economy is transforming the traditional con- joy. A blessed city, home to approximatelly 60,000 inhab- cepts of development and services, with micro hotels, ex- itants, featuring pristine nature, a temperate climate and ceptional wineries, microbreweries, and an expanded food ample sunshine. Here, the air and water temperatures are scene. No matter the season, there is always something ideally mild throughout the year. going on in Chania. The city almost always makes you feel passionately alive and happy. The cobbled streets are filled with boho-chic boutiques The magic of Chania becomes apparent when you perch selling clothes, ceramics, and local artworks. Coffee is yourself above one of its many spectacular villages in mostly enjoyed cold, raki is everywhere, walking towards , Akrotiri or . Balos, Elafonissi, Paleo- the Old Harbour Lighthouse is part of the rhythm of life. chora, , Falassarna or Samaria Gorge – the destina- tions are endless. Chania is a place where romance and history play side by side. Cafés line cobblestone streets, beautiful people stroll Get familiar with the city of Chania by wandering around in along the Harbour at all hours, and every neighborhood its streets, visiting its museums and admiring the different seems to have its own iconic landmark. architectural styles presenting the historical route of the city. But there has been a great shift here, something which has been brewing over the last decade or so. The city of the How do you define a place’s beauty? The shocking blue of wonders and Ottoman remains has hit a crystalline sea? Elaborate architectural marvels reach- a new stride in its cultural history, one that has been trans- ing toward the sky? Somewhere rich in history? Chania will formative and creative, offering up a much more innova- steal your heart. tive version of itself. ARENCORES CHANIA REAL ESTATE EXPERTS

MARKET RESEARCH PROPERTY DEVELOPMENT DUE DILIGENCE PROPERTY CONSULTANCY PROPERTY MANAGEMENT PROPERTY BUYING & PROJECT MANAGEMENT SELLING MEDIATION EXCELLENCE ASSET MANAGEMENT PROPERTY APPRAISAL REAL ESTATE OF THINGS

A:26, STR.TZANAKAKI STREET 73134, CHANIA, CRETE P:WWW.ARENCORES.COM E:[email protected] T:+302821112777 TOURISM, REAL ESTATE DEVELOPMENT AND OPPORTUNITIES

According to Kathimerini newspaper, A case in point is the biggest project, gradual development (in different numerous major investment plans are Atalanti Hills, which is worth 1.5 billion stages) of five-star hotels and homes in the works for the development of euros. This is a project that Lokros Ltd with a total capacity of 8,872 beds. a series of tourism accommodation has been seeking to develop on a units whose total value stands at 3.2 12.5-square kilometer plot in the area A total of 2,990 beds will be in hotel billion euros in Greece. of Atalanti, , since the complexes while the other 5,882 will late 2000s. Lokros is a vehicle for Brit- be in 3,306 furnished holiday homes The majority are plans that date back ish investment groups Europa Capital which will be sold or leased out. As to the years before the outbreak of and Prufrock Investments. things stand at the moment, it is pos- the financial crisis and are now be- sible that work may begin during the ing revived as the country’s economy Although the town planning for the first half of 2020. slowly returns to a growth track. plot at Atalanti has been completed and the relevant presidential decree In contrast, there are two projects in Notwithstanding the crisis, and given was published in the Government that are much clos- that most of those units are designed Gazette last January, state authorities er to implementation, possibly in the for international travelers with high in- remain reluctant to proceed with the next few weeks: They are located on comes, these investments could have next steps in order for the building the of and Skor- already been completed, at the same permit to be issued. pios. time offering a considerable boost to economic growth. This has resulted in the expression The former is located at Kassiopi in of strong investor discontent, which northern Corfu, as the seven-year bu- However, the bureaucratic obstacles is putting the whole investment in reaucratic odyssey for NCH Capital and the proven inefficiency of the new doubt. appears to be approaching an end. instruments introduced, such as the law for fast-track investments or the The plot in question is located in the Special Plans for the Zoning Devel- Exarchos area of the Lokroi munici- opment of Strategic Investments (ES- pality in the prefecture of Fthiotida. XASE), have led to years-long delays. The investment plan provides for the Its first stage provides for the con- Latirus Ltd had in the plot for 14 mil- struction of a five-star hotel with a lion euros and is now the owner of 100 Institutional reforms, coupled capacity of 90 rooms and 180 beds. percent. with privatisations and im- Alongside the 76 suites there will be proved management of state 21 independent homes constructed in Besides the development of a five- assets, are critical to attract- cooperation with an international ho- star hotel, the 150-million-euro invest- tel group. In the second stage, 19 ad- ment plan that dates back to the early ing both foreign and domes- ditional villas will be developed, while 2000s provides for the development tic investment and strength- the third stage of the investment con- of two areas where some 300 maison- ening future growth. cerns the construction of a marina for ettes will be built, along with a confer- up to 57 yachts. ence center, a spa and an 85-berth Greece may well be an marina. increasingly attractive des- Meanwhile, on Crete, Minoan Group tination for investments, but Plc is in the final stage of licensing Mirum Hellas has a 450-million-eu- the absence of a stable legal for the utilization of a 25 sq.km. plot ro plan for the development of a 1.2 and regulatory framework at Cavo Sidero, near . The British sq.km. plot named Hills in and the delays in justice are group is in advanced talks with inves- eastern Crete, with the aim of starting preventing foreign direct tors to create a new consortium that on the construction of five-star hotels investments from reaching will undertake the development of there by 2020. their potential. In 2018 FDI one out of a total of five zones of ho- tels and holiday homes. expanded by 12.5 percent from 2017 to reach 3.6 bil- Also in search of investors is the Ik- lion euros, rising for the third construction company, for the year in a row, per the Bank of development of another plot near Si- Greece. tia, eastern Crete, covering 2.8 sq.km. A year ago the Athens-listed firm ac- quired the 79.65 percent stake that INVESTORS WANT STABILITY IN POLITICS & TAXATION

of 35 multinationals in Greece say it is A survey of 40 CEOs at multinationals likely their corporation will implement in Greece, presented by economics further investments in the country, up professor George Pagoulatos at the from 53 percent in the 2018 survey. InvestGR forum, showed that what foreign companies want to see before The most attractive sectors for inves- they invest in Greece is economic, so- tors in Greece are tourism, food ca- cial and political stability, tering, education, the primary sector, energy, health services, transport and Moreover, an investment-friendly tax real estate. system, faster judicial and arbitration procedures, speedy licensing and Nevertheless there are several fac- less bureaucracy, policies to employ, tors in the Greek economy that con- attract and train human resources, a tinue to raise obstacles to attracting state structure for the active attrac- investments and are rated negatively tion of private investment, better in- by the CEOs. The most important of frastructure, the encouragement of these are: the administrative and tax- bigger business schemes, and the ation frameworks, the perception of streamlining of the credit sector. corruption, the speed of delivery of justice, and the limited research and DISCOVER MORE ARTICLES LIKE THIS ON A Metron Analysis survey presented development. WWW.REALESTATECHANIA.COM at the same forum showed that 60 percent of the chief executive officers Housing sector re- bound gains pace as economy recovers

According to Kathimerini newspa- en Visa Program – one of the most ery will likely continue as long as the per, nThe recovery in Greece’s hous- affordable residence-by-investment economy stays on a recovery path ing market gained speed in the first programs that provides access to Eu- and fire sales of repossessed homes quarter, Greece’s central bank data rope. Successful applicants and their by banks are avoided. showed, with an expanding economy families are able to benefit from vi- and growing foreign interest likely to sa-free access to Europe’s Schengen The Greek market has been damp- keep the uptrend intact. Area within two months of applying in ened by property taxes imposed to return for a 250,000-euro ($285,000) plug budget deficits, tight bank lend- Property accounts for a large chunk investment in real estate. ing and a jobless rate still around 18.1 of household wealth in Greece, which percent, the highest in the 19-nation has one of the highest home own- Greek house prices fell 42 percent be- euro zone. ership rates in Europe at 80 percent, tween 2008, when the country’s pro- versus a European Union average of tracted recession began, and the end But economic prospects have im- 70 percent, according to the Europe- of 2017. A similar trend is seen in Greek proved since 2015 when Greece an Mortgage Federation and Eurostat. prime office prices, which rebounded signed up to a third bailout package 7.0 percent last year. worth up to 86 billion euros ($107 bil- Apartment prices rose approximate- lion). The country emerged from its ly 4.0 percent in the first quarter of Real estate prices are tracking the latest bailout in August last year and 2019 compared with the same period positive path of economic activity, is now relying on markets to cover its a year earlier, Bank of Greece latest with Athens and Crete outperforming. financial needs. data indicated, accelerating from an The uptrend is also supported by a upwardly revised 2.6 percent increase sharp decline in home building in pre- Greece’s 180 billion euro economy in the final quarter of 2018. vious years, which curbed the supply expanded in January-to-March, but at of new family homes and villas. a slower annual pace than the quar- More specifically, prices rose by ter before, mainly driven by consumer 5.8 percent year-on-year in Athens, According to several economists the spending and a pick-up in real estate where short-term home-sharing plat- stock of unsold properties is slow- investments. forms like Airbnb and “Greece Gold- ly being absorbed. The price recov- Here are three rea- sons why you should be listing exclusively.

ARENCORES and Chania Real Estate spells out why signing an exclusive agreement with a real estate agency might work in your favour.

1) Accountability your property within an assigned pe- with one real estate agent – is it off- riod of time, through which they are plan, a luxury villa or a small apartment If you expect to give your property as aware they have a deadline to market in Chania. If it’s a combination, can the exclusive to an agent, expect them to and sell your property. real estate agent manage all of these be accountable about your listing. List- parameters? ing it with one agent in Chania is one of Discuss the time of exclusivity with the first steps forward in the fact that your real estate agent and make sure Other questions would include your you trust the agent enough to sell your you sign the Exclusively Listed Proper- financial goals and see whether your property at the right price. ty Agreement as outlined by the Real agent and you are on the same page. Estate Agents Association of Chania Discuss whether you would want to sell We believe creating an amiable re- (SYMENOCH), along with providing long-term or rent this property short- lationship with the agent in order for the property information, property ti- term. It would be important for you to them to cater to your real estate needs tle, deed and your passport copy. It is do the necessary research to find the accurately and so that they understand important to understand that there are firms that deal in the similar type of your goals and needs precisely. certain expectations and criteria you property in your area. need to manage with your agent. The real estate agent will be obliged 3) Expertise to check back with you often on your 2) Easier Manageability property listing and will be able to lay If you have a property that you want to out a marketing strategy to promote One of the factors to keep in mind sell in a particular area, such as Apoko- your property aside from creating a while listing multiple properties is that ronas, Kissamos, Chania Old Town, good, professional and personal rela- most professional real estate firms pro- Akrotiri, then making sure you go with tionship. vide property management services. an agent that knows the area and the risks associated with the property sell- Among the many marketing options You might argue that it’s an anomaly ing well. An agent who specialises in that ARENCORES and Chania Real to place your properties with one real an area that you have your property Estate offer our clients include: cre- estate agency that you know and trust most probably tracks the market well, ating a a dedicated digital marketing as well as provides property manage- gets the pragmatic and reliable mar- approach, taking professional photos, ment services instead of putting your ket information report from statistical and marketing to the right channels eggs in different baskets which are dif- data and will help you look at the price that fit the parameters of the property. ficult to keep track of. points as well as the knowledge of how the particular area is performing in the At the outset of your understanding of It must be noted however, that the na- market. the agent, you will be able to provide ture of the properties you have also the real estate agent a chance to sell deserve consideration before listing Social Media Marketing Tips for Property Owners

The property market is showing signs of a strong come- they are the people whose social media accounts gen- back. Prices are returning to their competitive levels as erate hundreds – even thousands – of retweets and re- more investors – and first-time buyers – are entering the shares. market. According to the latest reports, transaction vol- ume is also on the rise. For property investors, owners and Social media is perfect for both short-term promotions real estate agents, a growing market means a competi- and long-term relationship building, but it is more suit- tive one. To strive in a market like today, property owners able for the second purpose. You can’t expect to get in- need to take extra steps to connect with potential buyers. stant results when doing social media marketing, but you That is where internet marketing, and social media in par- will get so much more in return. You can develop a stron- ticular, can be very useful. ger online presence, better image and credibility by using social media the right way. The key to growing a strong audience on social media is sharing. As a property owner and active investor, you have The existing social media platforms are designed to allow knowledge and skills that are valuable to others who want for smooth and easy interactions between members, so to learn about the real estate market. All you have to do take advantage of the tools available and build genuine is convert knowledge and expertise into sharable content relationships that have the potential of making your prop- that the audience actually loves. erty investment a big success.

Whether you’re on the market as an investor (aiming for Greece’s 180 billion euro economy expanded in Janu- long-term gain in value) or a landlord pursuing short-term ary-to-March, but at a slower annual pace than the quar- returns, it is important to identify the industry leaders and ter before, mainly driven by consumer spending and a connect with them. These are the key opinion leaders; pick-up in real estate investments. READ THE ReadLATEST magazines CHANIA PROPERTY and MARKET NEWS & TRENDS AS WELL AS DISOVER EXCEP- TIONALshop catalogsPROPERTIES on-the-go. IN CHANIA

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RESEARCH & INSIGHTS

HOW CAN I FIND A PROPERTY IN CRETE, GREECE

Property agencies and agents fore you have met the seller, seen the modern homes, historic villas, town- property or have a working set of keys. houses, apartments and plots of land Because of the nature of finding Ask for an up to date property inspec- are all available, depending on where homes across islands, most proper- tion. The seller should provide this. you look. ty-seekers choose to use a real estate Do a thorough walk through with your agent in their search. Many do choose real estate agent with your inspection Condition of the property to use an agent in their home country, document in hand. however, this agent often then works Realistically, buying a home in Greece in cooperation with an agent in Greece. Ensure that the seller has the legal should come with a lot of caution. Be- right to sell the property, i.e. they’re the cause may properties are historic, they Agents are so ubiquitous, in fact, that real property owner. require a lot of rigorous upkeep and many will help you find legal advice, Double check on your rights to the plenty of modernizations, but thanks insurance, decorators, contractors property-- if it’s designated Alpha to the failing Greek economy many of and other “next-steps” after the sale. by the Greek Government (a historic those important updates have been It’s also possible to find an agent who home) you may have little to no ability pushed aside. will deal with construction services on to make updates or changes. your behalf, including supervising the As such, it’s a good idea to bring your work. How do I choose the right proper- own inspector and walk through the ty? house with them, so you can get a real All in all, if you’re looking for support idea of any problems or necessary as you make your purchase and get Property types maintenance. It’s possible to find well- ready to move, contracting an agent is kept, up to date homes on the islands, a good idea. The most desired type of property in but it’s always a good idea to do your Greece is villas, however it’s a good research. Avoiding scams idea to remember there are other op- tions that may serve you better or cost What are the steps to buying a As is the case anywhere, you may less in the long run. property as a foreigner? run into real estate scammers in your Greek property search. While the ex- Apartments, for instance, can have Buying property in Greece is a pret- act scams change every day, there are sweeping ocean views and beach ac- ty straightforward process, even for a a few things to keep in mind to help cess, but are significantly cheaper to foreigner. These are the steps to keep read more at: ensure you’re not taken for a ride: maintain. in mind as you get started. www.arencores.com/research Never send money or a deposit be- That being said, there’s no type of 1. Choose where to buy. While search- property you can’t find in Greece- ing online can give you a good idea of the property itself, it can be difficult How do deposits, down payments, fees you’ll need to pay up front. While to get a real feel for the area without mortgages and bank loans work? it’s important to do your own research, being there. As such, it’s a good idea these fees are some standard ones to to take a trip to Greece to scout where Choosing a bank look out for: you’d like to buy beforehand, if possi- ble. If you’re looking for a mortgage or • Agency/Agent fees: 1.5-2.5% home loan, you may struggle to do • Notary fees: .65-1% + 23% VAT 2. Retain an agent. If you’d rather so; banks in the country have largely • Lawyer fees: .40-1% + 23% VAT search yourself, begin looking online. halted real estate lending due to the • Public Registration fees: .5% + 23% numerous “bad” mortgages they’ve VAT 3. Pick your property and make an of- already been saddled with since the • Exchange rate: While this varies fer. After choosing a property and do- market crash. from bank to bank, it should be ing your due diligence, make an offer based on the mid-market rate. to the seller. If it’s accepted.. While it’s technically possible for a for- eigner to get a mortgage in Greece, With that, you’re ready to become a 4. Get a lawyer. In Greece, it’s manda- you may be better off working with homeowner! Good luck buying prop- tory to retain a lawyer if your home will your local bank for a loan instead. If erty in Greece! cost more than €12000 in rural areas you’d prefer to try your luck with a or €30,000 in urban areas. It’s unlike- Greek bank, you’ll be better off at an ly that you’ll be purchasing a home institution you’re already banking with. for less, so it’s a good idea to take this Learn how to open a bank account in step up front. Greece to bolster your chances.

5. Get a notary. The notary makes or Deposits / Down payments breaks the property sale in Greece; make sure all your documents are in Typically you’ll be asked to pay 10% of order so you can breeze through this the property’s total value to “reserve” process. it. You can do so with your Transfer- Wise borderless account, or move 6. Pay your taxes. The buyer pays for money via TransferWise to get the real the property tax transfer in Greece, exchange rate and cut down on inter- which is set at 3% since 2014. Watch national transfer fees. out, though- you won’t be able to do so without an AFM, which is like a What kind of taxes and fees will I Greek social security number. You can need to pay? get one by filling out M1 and M7 tax DISCOVER MORE ARTICLES LIKE THIS ON forms. As you’re setting your total budget, it’s WWW.REALESTATECHANIA.COM a good idea to recognize what kinds of Enjoy your new property!

CHANIA RENTAL PROPERTY MARKET SURVEY

This year, we take a look at if and how the vacation rental in- dustry has transformed over the last tourism years, and what this means for you and your listing(s) in Chania, Crete.

And just like ARENCORES and Chania Real Estate last research papers we’ve collected and analyzed all of the most relevant and valuable information from the study that you, as a vacation rental owner, can use to educate yourself on one of the most promising and economic viable industries nowadays.

ARENCORES

Are you thinking of buying a property in Chania, Crete? Need to ask us a ques- tion? Need help with your reαal estate search process?

Call ARENCORES at +30 2821112777 or email us at [email protected] Which of the following sites do you list your property (ies) How many properties do you list online? on? 70

60 60

50 50 40

40 30

20 30

10 20 0 None 1 2 3 4 5+ 10

0 Airbnb Booking Homeaway My own Expedia Tripadvisor Trivago Others website Property Listings Are Increasing

The Popular Vacation Rental Listing Channels Are Changing Last year, most vacation rental property owners listed one prop- erty online. This year, we see a trend upward as results reveal a Since you decided to go all along the way and rent your proper- slightly higher listing average. The response: on average, vaca- ties online the next natural question is: on which sites will you be tion rental owners are now listing two properties. listed on? This year’s results revealed two key differences from last year. First, while Airbnb came out on top last year, this year Indicate some services currently not enabled by your Booking, Homeaway and property webpages lead the way. project management software.

Second, we see some new names (that we didn’t see in last Vacation rental managers are seeking to offer services currently year’s market study) making their way into the vacation rental not enabled by their software. world, like thehotel.gr and others. According to our study, 88% of property managers either offer Indicate the most critical barriers of your existing chanel services outside their property management system or don’t of- management software. fer them but would like to.

According to the survey the majority of the responders say that Local tours emerged as the top service property managers ei- calendar synchronization, automation tools, website compatibil- ther offer outside their software or would like to followed by oth- ity, payment processing and guest communication are the most er concierge services and groceries on arrival. critical barriers of their chanel management software. ARENCORES compares the results to a similar study last year In addition to that, the survey results show that a large number to reveal tours and activities, groceries and other concierge ser- of responders express their concerns about their existing prop- vices remain in the top three while early check-in/late check- erty management effectiveness approach. out move from a ranking of eight to four in this year’s survey.

Only 9% of respondents say they of- Other fer these sorts of services within their Website Compatibility PMS.

Payment Processing Further findings of the study reveal Lead Management that if they could have an overnight Work Order Management fix, property managers would choose marketing, guest management and Guest Communication cleaning. Reporting Tools

Automation Tools According to the report, those manag- ing three properties or more see these Mobile Friendly among their top challenges with mar- Calendar Management keting listed as an instant fix at 24%

Booking followed by guest management at 14% and cleaning at 10% respectively. Calendar Sync

0 10 20 30 40 50 60 Do you have concerns about the effects of the new Under this assumption, we show that a 1% ινincrease in short-ter- regulations on your property-ies? mλλλλλλ σηοσσlistings is generally associated with a 0.024% increase in rental rates and a 0.032% increase in residential property sell- ing prices. While these effects may seem very small and in addition to the small size of the Chania real estate market, consider that short-term listings pltaforms year-over-year av- erage growth is about 48%.γγγγγγγ

When is a property owner obliged to submit the declaration of lease?

Proprietors are required to declare all the information of the lease online whether the transaction is a written or verbal YES NO agreement and regardless of renumeration method with the exception of those offering homes of up to 200 sq.m. The majority of the responders (88%) expressed their con- for free. cerns about the new regulations aφφφnd taxation framework neg- ative impact on their short-term rental business and income. What types of rentals require declaration of lease? Can short-term listings in Chania increase rent prices? Those rented out for residential use, commercial use, short-term tourist accommodation (up to three months), for Because of the limited empirical evidence to answer this crit- agricultural use, or those offered for freeor return in kind. ical question, we decided to dig deeper. We started by col- lecting data from three sources: (1) clients information, from Airbnb, about the complete set of Airbnb properties in the When do I have to file a lease statement? Prefecture of Chania (there are more than 1500) and the hosts who offer them; (2) zip code–level information, from Spitoga- In cases of initial leases or sub-leases, when extending tos, about rental rates and housing prices in the Chania real the right to use property for free, or when any of the above estate market; and (3) area data from the RESTful tool - an in- have been modified and in cases of short-term rentals. novate research platform developed and managed by AREN- CORES and Chania Real Estate. In the case of short-term rentals:

We combined these different sources of information in order If the proprietor does not have a VAT ID number, he must apply for one at the relevant tax authority in order to submit to study the impact of Airbnb on the housing market of Chania. a declaration of lease online. However, measuring this impact is not straightforward or reli- able enough. The main challenge is that the housing market in any economy can be affected by a plethora of factors other than short-term platforms, such as political (in) stability and economic trends. In our research, we control for these factors, and additionally use an assumption - technique to isolate the part of housing costs that is driven only by changes in short- term rental supply. ASK ARENCORES In simple terms, we argue that if an area is “touristy,” meaning PROPERTY MANAGEMENT it has a lot of restaurants and bars, and if awareness of short- TEAM FOR MORE INFOR- term rental increases, which we measure using the Google MATION ABOUT YOUR search index for the keyword “Airbnb,” then any jump in Airbnb SHORT-TERM RENTAL supply in that area is likely driven by an increase in demand PROPERTY for short-term rentals, rather than local economic conditions. Kounoupidiana, Halepa, Nea Chora, Koum Kapi, Agia Marina, [email protected] Galatas, Chania City are just some of the paradigms. These results show that short-term rental platforms have cal economy. However, there is a plethora of stories about certainly an impact on the property market in Chania. Howev- tenants being evicted from their apartment, only later finding er, they don’t reveal the full truth of how it is happening. In our out they were making way for permanent short-term vaca- research we present two additional results that help explain tion rentals. the underlying economics. Living next door to a short-term vacation rental can range First, we show that areas with higher property owner-occu- from mildly concerning to completely life altering. Visitors pancy rates are less affected by the short-term rentals. Those usually rent the accommodation only for a couple of days, rates are important because the landlords who switch their thus neighbors see new people coming and going every properties from long-term rentals to short-term rentals are few days, especially when the density of short-term vacation those who don’t live in the properties they rent. Owner-oc- rentals in the area is high -like in Nea Chora, Koum Kapi, Cha- cupiers do use short-term rental platforms, but they use it nia Old Town, Kounoupidiana etc. Related complaints about to rent out a bedroom or two in their property or perhaps the trash, parking issues and noise disturbance continue to worry whole property with its facilities while they are away. Howev- local authorities. er, the majority of these properties are still primarily occupied by a long-term resident (the owner), so they are not the ones Furthermore, short-term rentals are considered disruptive for being reallocated as short-term rentals through short-term the traditional accommodation industry. The hotel industry rental platforms. claims that the business models of short-term vacation rent- al platforms offer unfair economic advantages in two distinct Second, we present evidence that short-term rental plat- ways. First of all, short term vacation rentals have do not have forms affects the property market through the reallocation to pay for staff and aren’t regulated like hotels which increas- of residential accommodation availability. By looking at prop- es costs substantially. This allows short-term rentals to offer erty selling vacancies, we show two things about the short- lower rates compared to traditional tourist accommodations. term rental supply: it is positively correlated with the share of A second factor is that short-term vacation rentals are usually homes that are vacant for seasonal use and negatively cor- not charged with tourist taxes which is further deepening the related with the share of homes in the market for long-term unequal competition. rentals. Even though this new accommodation brings substantial Taken together, our results are consistent with the story that, economic benefits to communities, when unregulated, Airb- because of the short-term rentals platforms like AIRBNB, nb-style rentals can put pressure on communities and the HOMEAWAY, absentee landlords are moving their properties accommodation industry. With the immense growth of short- out of the long-term rental and for-sale markets and into the term vacation rentals in every community, ignoring the im- short-term rental market. pact, whether positive or negative, is not an option anymore. Local governments need to work towards effective and en- Short-term vacation rentals have created a good deal of forceable regulations to protect communities, neighborhood controversy since the start of their existence and have been character and housing availability. growing at an incredible speed ever since. Short-term vaca- tion rentals can bring a positive economic impact to the lo-

The full results are available to Airbnb Brake: Short-Term Rentals Subject to members at: New Restrictions www.arencores.com/research

Some months ago a joint committee made up of officials 1) No more than two properties can be utilized as short- from the ministries of Economy, Finance, Labor and Tour- term rentals by the same tax registration number. ism established the ministerial decision thatdetermine the maximum number of overnight stays per year per property, 2) No property can be leased out for more than 90 days per a clearly determined number of properties utilized per tax- calendar year; for islands with a population of fewer than payer or company, and specific income limits. 10,000 inhabitants, the limit has been set at 60 days.

The government has decided to set up the above commit- 3) For the limit of 90 days (or 60 days for small islands) to tee due to their huge growth – turnover approached 2 bil- be exceeded, hosts will have to prove that their total rental lion euros in 2018 – which has had negative consequences: revenues do not exceed 12,000 euros per annum. these include a drop in property availability for long-term rentals, a wave of evictions (so that owners could cash in on It is not certain that these restrictions will apply to the entire the new market), a steep rise in rental rates in certain areas country: The law allows for their enforcement only in the and a decline in turnover at hotel units. areas where housing has to be protected.

The restrictions are already provided for in the legislation The joint committee will also have to determine the pos- on short-term rentals, but their activation had been left to sibility of restrictions on the professional utilization of such a joint ministerial decision; however, that has not yet been rentals, which exceeds 50 percent of all short-term leases. issued even though the framework has been in place since 2016. The law provides that: ARENCOS ARCHITECTURE, ENGINEERING AND CONSULTANCY SERVICES

A:26, STR.TZANAKAKI STREET. 73134, CHANIA, CRETE T:+30 2821112777 P:WWW.ARENCOS.COM E:[email protected] PROPERTY PRICE 197.000 euro

CHANIA TWO BEDROOM PROPERTY APARTMENT DESCRIPTION

A beautiful and spacious 99.00 sq.m apartment in a nice and quiet neighborhood away from all city buzz. The apartment contains an open-plan kitchen and a living-dining room area benefits from large windows right across the room that allows the space to be filled with natural light. The apartment also includes two spacious bedrooms with wardrobes and a com- PROPERTY ID: AC0103 fortable bathroom. There are numerous cupboards and cabinetsVisit the property at: fitted in the apartment as well as a 10.00 sq.m storage-room forhttps://www.arencores.com/property/ Property Size: 99.00 sq. m various household articles. chania-two-bedroom-apartment-for- Year Built: 2008 The apartment sits on the first floor of the building as can easilysale/ Elevator, 10.00 sq.m storage room, be accessed by walking up one flight of stairs or by using the elevator. This stunning apartment is equidistant between the solar panel, first floor, 3 balconies, trendy and bustling city of Chania and the genteel and friendly private parking neighborhood of Koumbes. The property also features a covered private parking place and three balconies with street views. FOR MORE INFORMATION CONTACT US: Visit the property online at: A: 26, STR TZANAKAKI STREET, 73134, CHANIA https://www.arencores.com/property/ E: [email protected] chania-two-bedroom-apartment-for- T: +30 2821112777 sale/ PROPERTY DESCRIPTION

This 103.00 sq.m property is built to the highest standards, making the most of its at- tractive design combined with traditional Cretan style architectural features. Its unique location proviodes ideal combination of peace and privacy, with easy access down to the lively village of , Apokoronas beaches, combined with absolutely stunning views.

The property consists of three bedrooms with floor to ceiling wardrobes and sharing an immaculate family bathroom. There is also a fully equipped kitchen with all modern appliances and tailor-made shelves, cupboards and breakfast area. Vamos family house also features a bright living room with a wood ceiling that guarantees its residences’ peacefulness and relaxation. Beneath the staircase that leads to the roof terrace there is a storage room of 6.80 sq.m.

The house features a magnificent roof terrace overlooking the White Mountains and the Cretan Sea. A private swimming pool of 26.80 sq.m is set at the backyard of the house.

PROPERTY ID: HC1203 PROPERTY PRICE PROPERTY 320.000 euro

VAMOS FAMILY Visit the property at: https://www.arencores.com/property/HOUSE chania-two-bedroom-apartment-for- sale/ CHARMING MODERN & COMFORTABLE

FOR MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA Visit the property online at: E: [email protected] https://www.arencores.com/property/va- mos-family-house-for-sale-apokoronas/ T: +30 2821112777 PROPERTY PRICE 120.000 euro

Property ID: PC1800

PROPERTY KOURNAS PLOT FOR SALE DESCRIPTION DISCOVER THE OPPORTUNITY This exceptional Kournas plot for sale is an incredible and unique opportunity to own a plot 1000.00 m² of land with a building permission of 400.00 m² in a fantastic position within the exclusive and sought-after area of Kournas Lake. It enjoys stunning panoramic views of the popular lake as well as the mainland and is the perfect spot for an exclusive villa for a commercial or residential use. FOR MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA Visit the property online at: E: [email protected] https://www.arencores.com/property/ T: +30 2821112777 kournas-plot-for-sale/ PROPERTY PRICE 700.000 euro

KOUNOUPIDIANA PLOT EXCEPTIONAL PROSPECTS

PROPERTY Property ID: PC0611 DESCRIPTION A rare opportunity to acquire a highly reversionary estate located near Chania town offering great residential and com- mercial development potential. It is possible to build a resi- FOR MORE INFORMATION CONTACT US: dential property of up to 747 sq.m or a commercial property of up to 3.000 sq.m. Within a two-minute drive of the small town A: 26, STR TZANAKAKI STREET, 73134, CHANIA of Kounoupidiana, and just 3 minutes to the beach of Agios Onoufrios, this is in an ideal spot for a secluded residential E: [email protected] complex with great rental potential. Excellent value for such a T: +30 2821112777 large plot of land in this area.

Visit the property online at: https://www.arencores.com/property/ kounoupidiana-plot-for-sale/ PROPERTY PRICE 580.000 euro

PROPERTY Villa DESCRIPTION Away-From-It-All Situated in Kokkino Chorio, Apokoronas, one of the most beauti- ful and unspoiled locations of the Prefecture of Chania, this Property ID: HC1701 exquisite villa for sale is an outstanding example of the ideal property investment. Set on a plot of nearly 628.00 sq.m. this 212.00 sq.m. two storey villa provides a tremendous real estate opportunity.

There are paved patios and seating areas, pathways and feature natural stone walls, a BBQ area and a large swimming pool of approximately 40.00 sqm with paved sunbathing area as well as a covered seating area with pergola (16.17. sq.m.) taking advan- tage of the stunning views. Visit the property online: https://www.arencores.com/property/kokkino-chorio-villa-for-sale/ PROPERTY PRICE 250.000 euro

CHRISI AKTI PLOT Kokkino Chorio Villa Excellent location & high prospects Away-From-It-All Property ID: PC0402 PROPERTY DESCRIPTION A rare find – one of the few remaining plots in the sought after and exclusive north west area of Chania that not only has direct access to the public road that leads to the lovely Chrisi Akti beach, but also boasts pleasant views of the sea and towards the magnificent White Mountains.

The plot has a total area of 234.00 m² with a building allow- Visit the property online at: ance for a residential or commercial construction with a total area of 240.00 m². https://www.arencores.com/property/ chrisi-akti-plot-for-sale/ PROPERTY PRICE 800.000 euro

Tabakaria Old PROPERTY Tannery DESCRIPTION High Yield Investment Built with stone and tiled roofs, the Tampakaria Tannery com- prises of two floors, ground floor and 1st floor of 384 sqm and Opportunity 336 sqm respectively. It can be renovated into a beautiful, stylish residence or boutique hotel of exceptional architectural beauty. Property ID: CC0101 Tabakaria, situated in the rocky eastern region of Chania, is the district where, since the early 19th century, the tanneries for processing leather were located. It is a very atmospheric region, an architectural monument of the industrial age. Visit the property online: https://www.arencores.com/property/taba- karia-old-tannery/ PROPERTY PRICE 420.000 euro

PROPERTY Agia Marina Plot DESCRIPTION Exceptional Prospects

This 5.000 sq.m. property is favorably located in a quiet and serene neighborhood of few minute walk to the Agia Marina Property ID: PC0105 sea-side resort and the local amenities. Agia Marina plot for sale offers unique views and the privilege to be just 10 km away from the charming city of Chania. Directly above the centre of Agia Marina, within earshot of the village church bells, this beautiful plot for sale is central and easy to reach, but the area is quite undeveloped and feels “undiscovered”. Visit the property online: It is very unusual these days, to find such a large land in Agia https://www.arencores.com/property/agia- Marina, and this gives this property for sale enormous potential marina-plot-for-sale/ for a stunning commercial development – either for an exclu- sive boutique hotel, or for high quality villas.

Visit the property online: https://www.arencores.com/property/taba- karia-old-tannery/ PROPERTY PRICE 250.000 euro

PROPERTY Large & Charming DESCRIPTION Plot for Sale in

Nestled in lush countryside area in Kamisiana, on the west coast of the Chania Prefecture, this beautiful plot Kamisiana, Platanias of land is in a unique location – it is hidden between olive groves offering absolute privacy, peace and tranquility, yet it is also within easy access of all amenities that are just a Countryside Views five minute drive away, and the Blue Flag beach of Tavronitis which is just 3 minutes away. Property ID: PC2304 Mostly flat which means lower constructing and engineer- ing costs, this plot for sale has a large frontage onto a quiet, asphalted road and is ideal for constructing a luxurious resi- dence up to 300 sq.m. plus basement and covered verandas or for an investment in the lodging industry.

Visit the property online: https://www.arencores.com/property/peace- ful-plot-for-sale-in-kamisiana-platanias CROSS THE LINE Real Estate Photography Might Be the Most Important Part of Your Listing

ARENCORES: MEET THE PROFESSIONALS

Everyone understands the need for professional photo- friends wedding photos, you’re going to get a different graphs for a wedding, but what about when listing a prop- product. People who specialize in photographing events erty in Chania real estate market? Is it really necessary to are going to approach architecture photography similarly, pay someone who specializes in real estate photography to missing key elements that make your property unique and take pictures of your living room and bathroom? attractive.

ARENCORES and Chania Real Estate provide a guide to un- Beyond that, those who specialize in real estate photogra- derstand the dynamics behind this decision. phy rely less on photo editing than other types of photog- raphy. This is also a critical parameter to take into account. Do I need a real estate photographer for property photos? What is real estate photography exactly?

To sell a property in today’s online age, you’ve got to have Many of us we have already seen those educational videos some serious marketing and digital promtion approach. where they compare an original photo to one that has been That’s because more than 93% of buyers start their real es- improved with Photoshop or CorelDraw. That is not what tate search online. They scroll through photo after photo real estate photography is. until they find a house that they like. But do they really not like the other properties, or did the other properties just not While real estate photographers can implement several have professional photos to reveal a reliable and attractive tools from Photoshop to improve virtual staging, remove feeling? that stain on the wall or carpet and lighten up some shad- ows, they usually keep the propertyexactly the way it is. Architecture Photography This is a professional and reliable strategy that focus on a Before we go any further, let’s talk about why professional relationship of trust between the real estate firm and the architecture (building) photography matters. potential buyer. While you could get the same photographer that took your While there are plenty of budget-friendly ways to sell your property in Chania, Crete, real estate photography is one element that you won’t want to skimp on.

Unless you have photography training and experience or want to learn enough to purchase the equipment neces- sary for a quality photo shoot, you might do your property 6% 1% a disservice. 6% 6% As a premium and dedicated real estate firm, our primary responsibility is to produce a perception of attractiveness for a property that becomes the reality and expectation of the potential buyer. Developing an effective and re- liable property marketing campaign becomes the key. It requires intelligent promotional strategies that capture interest and secure viewings. 15% 8% That means every potential customer contact – from on- line listing, advertisements, listing flyers, brochures, di- rect mail contact – must communicate the story aimed to 8% entice the perspective buyer. 8% 14% With our Premium Photoshoot Service you can benefit from great quality photographs of your property at com- petitive prices. Professional photos add polish to your listing and ensure more property viewings from prospec- tive buyers.

When it comes to selling a house, cameras are a real estate agent’s single most useful tool. Statistics prove that people are heavily in- fluenced by pictures (as oppose to written descriptions) when it comes to making housing decisions. Good vs. Bad Real Estate Photography posed to, and they’ll capture rooms in their entirety.

There are a few ways to identify good real estate photogra- Ask to see the photographer’s portfolio. You should be able phy from a bad one. Here are a few indicators. to piece the house together, see the best features of the rooms, and not have any discoloration. The Equipment The first way to separate the experienced photographers Be Well Pepared from the less experienced is to check out their equipment. The top rooms you’ll want to take your time making the pic- Your photographer should have a full frame camera. Any- tures look really great are: thing less and your photos will look distorted, which is a major turnoff to buyers. • Kitchen • Bathrooms (especially the master bath) Photographing Tiny Spaces • Master bedroom Good real estate photography should be able to capture • Exterior of the house tiny spaces with ease. On the other hand, bad real estate • Main/great room photography will divide tiny spaces into multiple photos. Make sure these rooms shine, and there isn’t anything in the photo that would distort or obstruct the view, such as a Potential buyers love seeing half baths and laundry rooms, foggy day or a pet. but if those rooms are split into multiple photos, it can make it difficult for buyers to visualize the house.

The Pictures that Matter The exterior photo can be some of the most difficult to cap- ARENCORES and Chania Real Estate like to ture, but also the most important. Good exterior real estate introduce photography should capture the entirety of the house with- out washing out any of the features. Stelios Alexakis On the other hand, bad real estate photography will have long shadows covering windows and features like the as our newest member of our team in Chania in hardware and accent woodwork. our effort to fulfill the need for excellence in real estate photography. Interior Photos It’s not just on the exterior, either. Good real estate photog- To support ARAENCORES’ growth, we are excit- raphy will make the most of natural light in the most looked at photos of the interior: the kitchen, master bedroom, and ed to welcome Stelios as our new team mem- master bathroom. ber to our Premium Photoshoot Service. Surveyed investors and real estate private equity funds Badplan photography to diversify willtheir only portfolios capture through a few of larger the rooms invest with- thements natural in touristiclight before and the thematic light begins investments. to fade andOver the half oth - erof rooms the survey are cast sample with shadows. aims to invest or increase invest- ments in properties with short-term leases, and 39 per- Homecent planStaging to do so in the area of Apokoronas. While staging your home is a great idea, it’s probably best toInvestors do so after seem you totake realize your thatphotos. their The real decor estate might invest draw- potentialments should buyer’s be eyes tied to to the the art changing rather than nature the mantelof their on theguests’ fireplace and tenants’or the built-ins. preferences and requirements for high quality accommodation. As such, the new princi- It’spal best real to estate have thestrategy room is as unlikely empty toas flowpossible, entirely and into defi - nitelytraditional free of practices. clutter, garbage, For instance, and personal survey respondents items such as familyspecializing photos. in building plots and apartments plan to increase their capital commitment by a higher percent- Verticalage than Lines those focused on traditional properties. Good photography will line up the vertical lines correctly. CabinetsMoreover, in kitchen a significantly photos, large the pillars percentage on the houseof those and sur -the staircasesveyed are all likely need to to increase have crisp investments and aligned in largeverticals. (more than 20.000 sq.m) properties. While investors diversify Badtheir photos, risks, onthey the are other expected hand, will to havecontinue the kitchen, to invest pillars, in You can communicate with Stelios at: andsmall staircases apartments all at in a theslight center angle. of Chania. [email protected] or you can visit his portfolio page at: Professionalism www.steliosalexakis.com A professional photographer will have a portfolio filled with photos featuring these elements and principles. Well-lit photos, clear accents will stand out where they’re sup- ARENCORES is chang- ing the way properties are sold

Passive Listing Learn more about the process, advantages and requirements of AREN- CORES’ innovative service to sell your property without listing it publicly. The service also works for buyers looking for specific properties. How It Works dors are often reluctant to have the contents of their house and their floor plan displayed on property portals for the Passive Listing of off market properties are properties that world to see. Vendors also recognise that prospective buy- are off the market. These properties are not public. Before ers may also not want their future property advertised in jumping into how to search and find off-market properties the same way. and owners, it’s important to understand what it actually means for a property to be off the market. Plain and simply, Testing the market: In a difficult market Vendors some- passive listing properties are those that are not publicly list- times like to test their asking price privately, without the ed for sale and is not marketed or advertised via the tradi- negative publicity of subsequently reducing the price in tional channels.. A synonym could be “unlisted properties.” the open market.

Why would property sellers prefer to have passive listing Personal reasons: Often Vendors are reluctant to have their properties, you may ask? The reasons may vary. Sometimes property publicly advertised for personal reasons. An ex- the property owner - seller simply has not advertised the ample includes an owner of a large family home in Cha- real estate property publicly. Sometimes the seller wants nia Old Town. Here the property had been in the family for the selling process to be more private, leading to a quick- generations and the owners wanted to avoid revealing to er sale and possibly more interest in the property. Another relatives and close friends they needed to sell. Selling pri- reason is that the property is in pre-foreclosure. Whatever vately meant they could say they had an offer that was “just the reason, passive listing properties are great deals to find. too good to refuse”. Confidentiality is usually the reason, perhaps for family rea- sons or because the owner has a high profile. An advantage To avoid overexposure in seasonally weak periods: For to owners is that interest in off market properties tend often those Vendors wanting to sell their property in the season- to come from serious investors able to exchange quickly. ally poor periods of December, January, July and August, it Why are Passive Listing Property Sales so Significant in is often a good idea to market privately during these times Chania Real Estate? and then launch fresh on the open market in the busier pe- riods. There are numerous reasons why Vendors choose to sell off-market including: If you would like to find out how we can help you access such a significant part of the market or want off-market Security and privacy: At the upper end of the market Ven- sales advice, feel free to get in touch with ARENCORES. International Conference for the Reunification of the Parthenon Sculpturesαα α ψον

The Greek government has put renewed pressure on Britain the trustees of the British Museum, free from political inter- to return the Parthenon Marbles to the country, also known ference.” as the Elgin Marbles. Opponents of the move have previously suggested that re- The sculptures have been displayed in the British Museum turning the marbles would set a precedent that would see since the early 19th century, after they were transported from many of the world’s major galleries lose exhibits. The British Greece by Thomas Bruce, the 7th Earl of Elgin. They origi- Museum has also noted that around half of the original mar- nally formed part of the Temple of Parthenon and other sites bles remain on display in Greece. across Greece. “The Parthenon sculptures in London are an important rep- Their retention has been a long-running source of anger in resentation of ancient Athenian civilisation in the context of Greece. Labour leader Jeremy Corbyn recently pledged to world history,” a British Museum spokesperson said: “Each return the sculptures if he becomes Prime Minister. year millions of visitors, free of charge, admire the artistry of the sculptures and gain insight into how ancient Greece in- The new move comes as Greece emerges from austerity fluenced and was influenced by the other civilisations that it measures imposed by the European Union (EU). As an EU encountered. member state, it must ratify any future Brexit deal the UK strikes with the EU. “The trustees firmly believe that there is a positive advantage and public benefit in having the sculptures divided between Critics of Britain’s retention of the marbles have claimed that two great museums, each telling a complementary but dif- their removal from Greece amounted to looting, though Elgin ferent story. claimed to have gained permission from the government of the to take the sculptures. They need the sweet Attic sunlight shining on them and a blue sky beyond; they ask to be re-connected to their other A 2014 YouGov poll found that 37% of the British public sup- port their return, compared to 23% who oppose it. The re- half in the New Acropolis Museum where a space for them mainder were indifferent or did not have an opinion. awaits. They need to be seen in sight of the Parthenon itself, which still astonishingly stands, in full view of that space, so The Greek government has been unable to force their return that I, the visitor could turn my head and exclaim “Now I through legal proceedings, though their role in approving a see - that’s where they came from!” No more gloomy light, no Brexit deal could provide them with new leverage. more orphaned statuary. They need to be re-joined to their “The Parthenon sculptures are the legal property of the Brit- other pedimental half which sits in this fine museum so that ish Museum,” a British government spokesperson said. “They I, the visitor, can understand the whole silent conversation are free of charge to view and are visited by people from all between them. over the world. Decisions relating to their care are taken by Janet Suzman RETIRING IN CRETE, GREECE

A great number of those buying property in Chania, Crete are Lifestyle – whilst you may choose your new home country pensioners wanting to live out their twilight years in sunnier planning for a slower way of life, you may find this frustrating climates, or somewhere with a slower pace of life. If you are as you begin to settle in to your new life. It’s a good idea to one of these people, take note of our top tips for buying a step back and think other ways to spend your time, instead property in Chania, Crete: of getting frustrated by the things that take a long time. Even aside from pace, your life in your new country will be very dif- Research – Before you actually make the move abroad, the ferent than back in your country and this may seem very alien more research you do is really the better – find out about at first. Try and celebrate these differences! your chosen new country, the people, the culture. Speak to a relocation specialists and look online for people who have TAX and regularities – speaking to a financial advisor and already made the move there – find out what was easy and other local advisors about your worldwide estate must be what was hard! one of the first things that you do. You will need to register with your local tax office and make sure you fully understand Choose carefully – work out whether you will be happy in your tax obligations. If you are purchasing your new home in an area that is very local, or somewhere that is full of British Chania, it’s also a good idea to make a will in your new coun- expats like the area of Apokoronas. You will need to ascertain try as soon as you can, as inheritance laws will be different to if you should begin learning a new language – and if so, how those in your country. difficult it will be to organise. It’s also a good idea to work out exactly what you will need from your new life – the types of Health – You will really need to research healthcare in your amenities you want, and will need later on, such as nearby new country, and the facilities in your new region. Genral- medical facilities. ly speaking EU retirees are covered automatically in all EU countries, but private healthcare may still be the best option. Climate – don’t presume that everywhere in Crete has the If you do take this route you will need to decide whether to same climate; look at historic weather statistics for your cho- go. sen area. Generally, the coastal areas are the most temper- ate, but in some areas you will still experience summer hu- Have fun! Don’t spend so much time worrying about all of midity or heavy winters which can be uncomfortable. the above and not enjoying your new location! Make some friends through expat associations and try new things – es- International travel facilities – bear in mind that you are pecially things unique to your new property in Chania, Crete! more than likely to feel homesick at times, and miss your family, friends or even just your culture! It’s a good idea to check out the transport links back to the country of your or- igin. Assess travel times and make sure you have transport Read more at: http://www.emigrationguide.com points within commutable distance from your new property in Crete – not only so you can get back to your country, but also so your family and friends can visit you easily! WHITE MOUNTAINS Mysterious and Beautiful Dscover, explore and enjoy wildlife in Chania, Crete. Because the most important asset in your life is not just real estate... (meaning White Mountains) or Madares cover the 8) Sternes 2.335 m. 9) Grias Soros 2.331 m. 10) Thodoris largest part of the prefecture of Chania and are the larg- 2.320 m. 11) Katsouna 2.305 m. 12) Xerolimnia 2.288 m.13) est mountain range of Crete, 50km in length and 25km in Ag.Pneuma 2.254 m. 14) Zouridia2.250m. 15)Kentakia 2.243 width. With approximately 50 peaks with an altitude higher m. 16) Exo Tourloti 2.240 m. 17) Modaki 2.224 m. 18) Kastro than 2000m, the White Mountains are generally the high- 2.218 m. 19) Kakovoli 2.214 m. 20) Askifiotikos Soros 2.213 m est massif on the island. This mountainous topography has also kept away people, Deep ravines, a lot of gorges with steep crests and rocky and there are very few villages and roads in the mountains. paths. Our mountains are a genuine balcony between the Contrary to what someone would expect, the highest Libyan and the Cretan Sea. Lefka Ori are really tough and peak in Crete is not located in the White Mountains, but many paths are difficult to walk through. No trees, wild with in Psiloritis. The peak of Timios Stavros is higher by only sharp stones and enormous extents with gravel that chal- 3m (2456m) by the highest peak of the White Mountains, lenges the walkers on their excursions through the moun- Pachnes (2453m). tains. The snow covers most peaks till June and the alpine areas That is why local people are calling them “Madares” wich above 2000m are bare of vegetation and water. The bare could be translated into “bald” since the alpine zone starts peaks consist mainly of large stones and gravel, which around 1400 meters. Therefore climbers Greeks and for- makes climbing on the steep slopes very difficult. eigners consider the Lefka Ori hard mountains.However the magnificence of those mountains can offer breathtak- In the White Mountains, the geological morphology is very ing moments to its visitors. Pachnes is the highest peak coarse and there are so many caves, gorges and precipic- 2.454 metres, the view towards both sides Cretan sea Lib- es. The most famous gorge in Greece is the Samaria Gorge, yan Sea, but Pachnes is not the ony summit with that priv- the largest in Europe, which has been designated as a Na- ilege most of the summits offer an amazing view point on tional Park since 1962. both sides of the island. There are many plateaus, with the largest being Omalos, The first 20 peaks of Lefka Ori are: from where the Samaria Gorge starts. Other smaller pla- teaus are those of Anopolis, Askifou, Tavri and Niato. 1) Pachnes 2.454 m. 2) Troharis 2.401 m. 3) Mesa Soros 2.397 m. 4) Dipli Thodori 2.380 m. 5) Gavala 2.350 m. 6) Bournelos 2.342 m. 7) Svourihti 2.337m. There are many species of flora and fauna, many of which of the area, such as Samaria gorge Gingilos summit, Agia are stenoendemic, which means that they are not found Irini gorge, Psilafi summit and many others. anywhere else, even in other regions of Crete. The areas near the southern slopes are covered with forests of cy- The plateau is one of the largests in the island, visitors press, oaks and pines, while the inland areas have more can observe the varity of endemic plants like the tulip moisture (such as Syrikari) and are covered by forests of that blooms in late April for example. Or admire the big chestnut, plane and other hydrophilic trees. number of wild birds such as the voltures or the bearded voltures that live in the area by the small seasonal lake White Mountains are home to rare species of animals, on the south side of it. birds and reptiles, with the most famous being the en- demic wild goat of Crete, Kri Kri.

“There is a kind of flame in Crete – let us call it “soul” – some- thing more powerful than either life or death. There is pride, obstinacy, valor, and together with these something else inexpressible and imponderable, something which makes you rejoice that you are a human being, and at the same time tremble. ”

― N. Kazantzakis (Report to Greco)

OMALOS PLATEAU

A unique spot for a multi day trekking basecamp, Omalos Plateau is located on the west side of the Lefka Ori massif. Surrounded by high breathtaking summits the visitor has noumerous options of accomodation and local cousine in order to have the energy to explore the various trails α α βλο A BLOG DEICATED TO CHANIA REAL ESTATE MARKET

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