Heraklion Real Estate ... 
  Should I rent or buy an apartment in Heraklion, Greece?
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Heraklion Real Estate Calculator

Finding a Home In Heraklion
If you plan to rent or buy a property in Heraklion, finding your property will be a major step in your relocation to Heraklion. If you have not lived in Heraklion, you should rent rather than buy your property in Heraklion, at least for six months. If you would like to rent or buy a real-estate property in Heraklion you may email us at webmaster@greece-travel-guide.de with your real-estate questions.




It is the best way to know not only if Heraklion is the place you want to live or retire for the next few years, but also if Heraklion is suited for you.

Apartments & Houses in Heraklion
If you are planning on living in Heraklion, it is likely that you will be living in an apartment/condo versus a house.

Please make sure that modern equipments, such as electricity and water should function to the maximum. Please double-check and make sure electrical outlets are located in every room and functioning.

Make sure you turn on the water and make sure that hot and cold water is functioning and flush the toilet, turn on the shower. Don’t count on real-estate agents in Heraklion to point out the negatives of a place they’re trying to rent or sell you.

Heraklion Agencies
Real-estate agencies in Heraklion advertise in local Heraklion newspapers and as well on their office windows.

You should be able to notice a real estate agency in Heraklion by the window full of ads for the different apartments or houses they have available for rent or sell in Heraklion.

Before you begin working with an agency in Heraklion, check that their fees are acceptable and that they are a member of the Heraklion Real-estate Assocation. In most rental agreements in Heraklion most agencies charge a month’s rent for a twelve-month rental agreement.

When selling a property in Heraklion, real-estate agents in Heraklion usually charge between 2.5% and 3% of the final sales price.
Monthly rent Heraklion:€
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Discount points on purchase of home in Heraklion:  %
Origination fees:  %
Other loan costs in Heraklion:€
Mortgage Insurance (PMI):  %
Heraklion Homeowner's insurance rate:  %
Monthly association dues in Heraklion:€
Average monthly maintenance of Heraklion property:€
Heraklion Annual property tax:€
Heraklion plus government income tax rate:  %
Interest rate you expect to earn on savings in Heraklion:  %
Expected percentage your Heraklion home will appreciate by each year:  %
Number of years you will stay in Heraklion:#
Heraklion Realtor commission rate:  %
Total estimated cost of renting a property in Heraklion:€
Total estimated cost of buying a property in Heraklion:€
After coming to an agreement on a rental or purchase, both parties in Heraklion sign the contract. However, it is not a legal agreement until the appropriate seals of the city of Heraklion with a tax stamp has been purchased and affixed to ther agreement. You have to make sure before finalising the lease or purchase that the official seal of Heraklion will be affixed to the agreement.

Renting
Real estate agencies in Heraklion are the safest way if you want to rent or buy a property in Heraklion. Please make sure they are a licensed agent in Heraklion and very familiar with the Heraklion property market.

Local newspapers in Heraklion also advertise apartments and houses for rent, but word of mouth is the best way in Heraklion. If you are currently an academic in Heraklion, you could check local at local universities in Heraklion, where apartments or rooms for rent are commonly posted.

In general rental rates in Heraklion, increase by a small percentage each year in accordance with the government’s annual cost of living reports in Heraklion. You can find yearly leases in Heraklion, and more short-term housing is available near academic institutes or around tourism areas within Heraklion.

Short-term tourist housing in Heraklion is fully furnished and most of the time fully equipped. If you have the budget, you could rent a serviced apartment in Heraklion.

If you want to buy a property in Heraklion, I would highly suggest you to have the property checked out by yourself and hire a lawyer in Heraklion to check how much debts the property has currently registered and if those numbers matched with the seller of the property in Heraklion.

If you are buying a brand new property, you’ll need to pay property tax in Heraklion. If your purchase is a luxury property, you may have to pay local taxes in Heraklion and possible stamp duty.

Even as a non-resident homeowner in Heraklion, you may become liable for all kind of taxes in Heraklion, including income tax.

Heraklion Mortgages
If you plan to take a mortgage in Heraklion you need at least a 20% downpayment of the purchase price of the property in Heraklion. Even if you generate rental-income from renting your Heraklion property out, it is not considered by most lenders as you may decide to move in, at a later time.

The Heraklion Real Estate calculator will help you to compare the costs of renting a house or condo in Heraklion to the costs of buying a house or condo in Heraklion. Since there are all kinds of forces at work behind the scenes such as the current interest in Heraklion, Heraklion property taxes, tax savings, appreciation in general to investments in Heraklion, comparing the cost of renting to the cost of buying in Heraklion is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment.

The Heraklion Calculator attempts to forecast the net effects of all the hidden forces so you can make an informed decision before buying or renting a property in Heraklion.

Help Buttons: For pop-up explanations of any of the entry fields, click the radio button next to the description.

NOTE: Be sure to enter "0" (zero) in any entry boxes that don't apply to you. Also be sure that only numbers and decimal points are entered into the fields.

Property Types in Heraklion

  • Heraklion Multi-Family
    Traditional, multi-family residential complexes located in Heraklion and suburban markets of Heraklion.


  • Heraklion Mixed-Use
    Properties in Heraklion that integrate and combine residential with different uses, including retail and office spaces.

  • Heraklion Office
    Traditional office or office type properties in Heraklion.


  • Heraklion Retail
    Properties in Heraklion with a mix of tenants that meet the convenience needs of neighborhood residents, including video stores, grocery, and financial services companies within Heraklion.


  • Heraklion Light Industrial
    Single- or multi-tenanted spaces in Heraklion used for warehouse, manufacturing, distribution, or research and development in Heraklion.

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