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

Finding a Home In Iraklion
If you plan to rent or buy a property in Iraklion, finding your property will be a major step in your relocation to Iraklion. If you have not lived in Iraklion, you should rent rather than buy your property in Iraklion, at least for six months. If you would like to rent or buy a real-estate property in Iraklion 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 Iraklion is the place you want to live or retire for the next few years, but also if Iraklion is suited for you.

Apartments & Houses in Iraklion
If you are planning on living in Iraklion, 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 Iraklion to point out the negatives of a place they’re trying to rent or sell you.

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

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

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

When selling a property in Iraklion, real-estate agents in Iraklion usually charge between 2.5% and 3% of the final sales price.
Monthly rent Iraklion:€
Monthly Iraklion rental insurance:€
Expected annual inflation rate in Iraklion:  %
Purchase price of property in Iraklion:€
Down payment amount:€
Length of Iraklion mortgage term (years):#
Iraklion Mortgage's annual interest rate:  %
Discount points on purchase of home in Iraklion:  %
Origination fees:  %
Other loan costs in Iraklion:€
Mortgage Insurance (PMI):  %
Iraklion Homeowner's insurance rate:  %
Monthly association dues in Iraklion:€
Average monthly maintenance of Iraklion property:€
Iraklion Annual property tax:€
Iraklion plus government income tax rate:  %
Interest rate you expect to earn on savings in Iraklion:  %
Expected percentage your Iraklion home will appreciate by each year:  %
Number of years you will stay in Iraklion:#
Iraklion Realtor commission rate:  %
Total estimated cost of renting a property in Iraklion:€
Total estimated cost of buying a property in Iraklion:€
After coming to an agreement on a rental or purchase, both parties in Iraklion sign the contract. However, it is not a legal agreement until the appropriate seals of the city of Iraklion 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 Iraklion will be affixed to the agreement.

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

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

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

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

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

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

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

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

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

The Iraklion 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 Iraklion.

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 Iraklion

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


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

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


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


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

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