There is a high demand for houses for holiday rental in West Crete, so rental values are high.
People who wish to buy a home to let during the summer holidays have to take a few things into account:
The demand for individual villas with private pools is high.
Villas located at a walking distance from a village have higher rental potential
The better equipped and the higher the standard, the better the income.
Under the Greek law, a license is needed to rent a property. The Greek National Tourist Organisation (EOT) issues this license. For a license to be granted specific conditions and standards must be met.
Local engineers can help you to obtain the license. Don’t even bother trying to work out the EOT license by yourself, getting a local engineer handling the Greek authorities for you will save you a lot of frustrations!
Before you start building or buy a property, find out if it conforms to EOT regulations.
As an example of a realistic rental income for a typical season, it is a good idea to expect a rental period of 100 days for the first year, rising to perhaps 16-20 weeks in subsequent years as the property gains popularity.