easyJet flights and improved roads open up Crete's property market
Article Date : 01 July 2008
Crete's property market is opening up thanks to new easyJet flights to Heraklion and improvements to the island's roads. New developments in Crete still offer good value for money for property investors, compared to other EU countries.
Crete is steadily gaining in popularity with property investors, particularly around Chania, to the west of Heraklion, the island's capital and site of the main airport, reports The Telegraph.
Since easyJet has started flying from Gatwick to Heraklion, more investors have been choosing Crete: "The low cost living is attracting would-be Spanish purchasers and easyJet's take-over of GB Airways' Gatwick-Heraklion route gives people the impression that Crete is more accessible," said property consultant Oonagh Karanjia.
The remoter, eastern side of Crete is also expected to open up to investors, as the island's main road is extended. This will cut the journey time from Heraklion airport to Elounda, an as yet relatively undeveloped location, to just 40 minutes. A possible new airport in Sitia could also open up the far east of Crete.
Greek property specialist John Batty points out that Crete is a "fantastic opportunity" and remains good value in comparison to other EU countries. Several new developments are being constructed in the east of Crete, where prices are slightly higher than in the west; property prices to the south of Heraklion are currently 40 per cent cheaper than in Elounda, according to Karanjia.