Buy to Let in Crete Greece

If you are buying to let in Crete or Greece ensure that you research the local
market before you buy. Oversupply and competition in some areas means
that there are no guarantees that holiday rental will be profitable.

Holiday Rentals
Achieving high occupancy rates will depend on many different factors
including the property's location and facilities, how well you, or an agent,
market your holiday property and current holiday trends.

Don't forget to factor in running costs such as property & pool maintenance,
cleaning, bills, insurance as well as taxes and licence costs.

One of the positive aspects of renting out your holiday home is that your
property and pool will be maintained by the property management company
rather than standing empty for the majority of the year, and even a small
rental income should cover this cost so it is a good way of protecting your
investment.

Earning some extra income from your holiday home is a plus, however do not
rely on renting to pay for your investment i.e. to pay a mortgage. Even if it
seems like a profitable venture at the time remember that the short or long
term market may easily change.

In order to legally rent your Greek or Crete property on a short term basis to
holiday makers you must obtain a licence from the Greek National Tourist
Organisation (EOT in Greek).

Check list for holiday rental:

Consult a Greek accountant regarding tax liabilities

Obtain an EOT licence

Employ a local property management agent

Market your property. Approach local tour operators and travel agents
or sign up to Internet holiday letting websites such as holidayrentals.
co.uk and villarenters.com.

Long Term rentals
Long term lets - usually 3 months or more - do NOT require an EOT licence.
They attract a lower (monthly) income and officially a contract should be
drawn up with the tenant, deposited with the tax authorities and declared
on your Greek tax return.

The Hellenic Property Federation (POMIDA) offers advice to landlords
here in English.

Living in Crete

Settling In

Buy to Let in Crete

Buy to Let in Crete & Greece

Red Tape

Index > Property in Crete > Buy to Let

G reek Life

General

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Learn more about buying and renting property in Crete
and Greece and how to avoid potential pitfalls from the
guide
"Living in Crete. A Guide to Living, working, Retiring &
Buying Property in Crete"

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