arencores WINTER 2016-2017 WINTER 2016-2017 arencores Chania Best Place for Snowbirds to Retire CHANIA RESIDENTIAL Real Estate News MARKET Real estate property owners in Greece will have to pay an addition- al 1,000 euros in taxes and levies if they plan to sell or rent a property. ANALYSIS Greek Diaspora ...my language, my faith, and the vi- sion to help our country get back on its feet, which is shared by my- FOREIGN INVESTORS self and those close to me, are what is mostly Hellenic to me CHOOSE TRADITIONAL . Lissos HOUSES IN CRETE The discreete charm of an ancient city. IMAGE SOURCE: THOUSANDWONDERS.NET arencores EDITORIAL Maria Gkika, ARENCORES Owner and Founder How quickly the weeks turned into months, which in turn be- came a year but it seems just yesterday since the first editorial of the ARENCORES magazine was drafted. However, a new period starts and there is no time for nostalgia after the euphoria of the sum- of ‘ARENCORES’ and we do that by combining objectivity with creativ- mer. We prefer to focus on the things that are yet to come, learn- ity and knowledge sharing with value capture. We are proud to be ing from the lessons of the past to build success, grow and prog- a trust partner for our clients but our pleasure is to be our client on ress in the future while also looking back on our achievements. the cover of our services no matter how many others are around… We are truly fortunate to be enjoying this season in Cha- nia whose natural beauty and fascinating history has been al- ways a synonym to the hospitable spirit of its people with their love for life and the enjoyment for simple pleasures. Keeping an observant eye on the geopolitical changes and DISCOVER THE OPPORTUNITY unpredictable economic markets, but also on the criti- cal events in the Mediterranean Basin and Middle East, AREN- CORES steadily supports and promotes the island of Crete. By participating in key collaboration schemes with a plethora of investors and stakeholders the aim is not only to attract real es- tate customers but to endorse the area of Chania as an appeal- ing all-year-round destination. In particular, with regard to the real estate investments, Chania area constantly confirms its strong presence among the most attractive destinations in the world. ARENCORES continues to play its part in the real estate by estab- lishing new services and products; the “intelligent property list- ing” option, as well as other pioneering initiatives (internet of Things), research activities on market prices index and schemes. In the same vein, the second issue of ARENCORES magazine is hom- ARENCORES age to the area of Chania, featuring two articles as a hymn to the re- gion’s most iconic places that you can also visit and enjoy during the REAL ESTATE EXPERTS winter. We also present the results of a research on the price index of Chania residential market following two articles focused on the contri- bution of the Greek diaspora to the economic growth and prosperity. We are always looking for a cover subject that reflects the maga- zine, an interest in market, in our city, in our property listings. We are trying to bring the real estate world into the pages of ‘AREN- CORES’ and we do that by combining objectivity with creativity and knowledge sharing with value capture. We are proud to be a trust- ed partner for our clients but our pleasure is to be our client on the cover of our services no matter how many others are around… aurore 3 Chania Prefecture 24 Winter in a Paradise arencores The bright Mediterranean sun doesn’t stop to rest even in winter. In Crete, the sun light warms up the mountain sceneries, the vegetarian har- CONTENT bours and the people. The Joy of God – the bright Foreign Investors Choose Traditional Houses 28 in Crete Between years 2013-2016 almost 650 million euros have been invested in Greek real estate by foreign in- vestors, with the emphasis given to summer houses and traditional stone built constructions in particular. COMMUNICATION The Latest Real Estate Send us your comments O6 Market News Wines Of The Gods: on [email protected] or Discovering The Superior comminicate with us on +30 Real estate property owners in Greece 30 Cretan Wines 2821112777 will have to pay an additional of 1,000 euros in taxes and levies if they plan to The growing popularity of the Cretan wine, its im- ARENCORES © All Rights Reserved 2016-17 sell or rent a property. A new recession- proved standards of production, its brand equity ex- ary measure by the finance ministry, cellence and its wider acceptance both in Greece and DESIGNED BY INTCOMPAS calls for new levies in the form of three abroad are indisputable facts, perceived between the supplementary certificates. winery-community professionals and consumers. arencores Fall-Winter 2016-2017 How a company communicates, both internally and externally, is critical to its brand, reputation and its ser- vice quality. Doing it right is an essential part of solving Chania Residential Mar- any important business issues. As part of this practice, O8 ket Analysis ARENCORES magazine provides the opportunity to our members to participate in our holistic approach to In Chania approximately 80% of the ARENCORES is a real estate business advisory firm dedicated to helping, individuals and organisations protect and en- strategic communications, including everything from residences are between 25–30 years real estate transactions and investor relations to client hance properties in an increasingly complex legal regulatory and economic environment. We work closely with clients to old with an average price of 650 – alignment and strategic sourcing. anticipate, illuminate and overcome complex business challenges in areas such as property sourcing, mediation, nego- 1.250 €/sqm depending on the loca- tion, age and level of maintenance. tation and acquisitions, regulatory issues, reputation management and restructuring. On the other hand new structures’ prices vary from 1.600 – 2.300 €/sqm. The prices regarding new conventional ARENCORES magazine is a quarterly publication of ARENCORES, the Architecture Engineering structures in popular residential areas. Consultancy and Real Estate Services team. Available in print, online, digital and very soon in app ARENCORES formats, the magazine is distributed to our members and subscribers around the world. Greek Diaspora REAL ESTATE EXPERTS Through articles and research, the magazine addresses risks and issues impacting real estate 20 transactions development, both now and in the future. Commercial, industrial, retail and mixed- ‘Greece does not need austerity but mo- real estate projects are featured. Topics include: strategic sourcing and management; regulatory tives’. Interviews with M. Dukakis and A. and government affairs; the capital markets, investment sales, supply, demand and market insights Drakopoulos. relating to real estate trends; demographics, technology, sustainability, leasing and marketing and more. The Ancient City of Lissos 23 We want to hear from YOU. Send your press releases, white papers, data, reports, etc., to info@ Discover the desceete charm of a mag- arencores.com. nificent ancient city. To submit a featured article or content for one of our columns, please do not hesitate to communicate with our team. 4 aurore arencores 5 all property owners must comply within the next five years SUBSCRIBE TO OUR NEWSLETTER TO LEARN MORE (2020). The building ID will have to be renewed every sev- ABOUT THE LATES REAL ESTATE NEWS IN GREECE. en years, while the energy certificate expires every ten years. VISIT: http://arencores.com/newsletter/ THE LATEST REAL ESTATE Ute perum culparuptia architatias as experro omni comnihi ligentium aut volorum MARKET NEWS CONSEDISSIM Ute perum culparuptia architatias as experro omni comnihi ligentium aut volorum CONSEDIS- With loans harder to get, property buyers are limiting their SIM sights on more affordable homes. Realtors point to the single GREEK HOME MARKET property ENFIA tax as a deciding factor in home buyers choices. AMONG CHEAPEST IN EU: New homebuyers are considering the size, age and location zone of homes when making their choice as these influence the size of ENFIA. Real estate property owners in Greece will have to pay an addi- VALUE FOR YOUR 200,000 Since 2008, the home market has been more acces- tional 1,000 euros in taxes and levies if they plan to sell or rent sible, especially for foreign buyers who can get more PROPERTY OWNERS IN a property. The expected measure by the Finance and Town- EUROS value for their euros when investing in Greek property. planning Ministry, will call for new levies in the form of three supplementary certificates and documents from relevant au- The Bank of Greece’s data shows that home prices were shaved GREECE WILL PAY EXTRA thorities that the property owners essentially must submit to Statista, the online statistics portal for mar- by another 2.7 percent in the second quarter of 2016, where- the state before any rental or selling transaction-procedure. ket data, reports that a home buyer in Greece as they fell 4.7 percent in the first quarter and a total of 5 per- can buy the fifth largest home for 200,000 eu- cent for 2015. Specific data on newly built apartments (up to IF THEY WANT TO RENT Besides the single property tax (ENFIA) payment certificate which ros among 17 EU member states. Specifically, the five years old) showed prices fell 3.3 percent in Q2, while older remains in use - an energy compliance certificate and a docu- amount can buy a newly-constructed 120 sq. me- flats dropped 2.3 percent y-o-y. In Q1 the decline came to ment verifying that the property has proper power supply are ter flat that covers the needs of the average family.