Extremely upcoming seems to be in recent years its market. The island, apart from being one of the most powerful tourist destinations, is experiencing great growth both in the fields of offices and commercial shops and in logistics that gradually strengthen their presence on the island. With regard to the residential properties of Crete, according to Danos’ recent research, it seems to be one of the first choices of foreign buyers, especially the Americans and the Australians, who are constantly aiming at the market, in order to buy luxury properties, either for personal use or for investment purposes, as they can easily gain high value. Apart from foreign investors, domestic demand for the island’s apartments is great, despite the small available stock and high prices that have been set due to increased construction costs, inflation and high interest rates. The demand from the Greeks, according to the survey, seems to have been further stimulated, due to the government program “My Home” for young couples. More specifically, the average selling price of houses in Chania and Heraklion remained stable compared to the first half of 2023. In some of the most popular areas of Heraklion house prices move between 2,000 and 4,900 euros per square meter, while in Chania prices range between 2,000 and 5,500 euros per sq.m., with the highest prices referring to newly built properties reaching 3,750 euros per sq.m. Special dynamics were noted in 2023 and the first months of 2024 and the shops of Crete due mainly to increased tourism, as there was an increase in rents and a small available stock of real estate. The most popular squares of the island are located in Chania and Heraklion, while less demand is the commercial road of Rethymnon. In the old port of Chania, the rental prices of commercial properties reach all 45 euros per sq.m. on busy roads, while in the most commercial areas of Heraklion they can reach all 70 euros per sq.m. At lower levels, prices in the center of Rethymnon (15-30 euros/sq.m) and Lasithi (15 euros/sq.m). Although fewer investments are observed compared to Athens and Thessaloniki, Crete gradually enters the logistics market, as demand for modern industrial sites on the island is increasing, with rents rising gradually. Specifically, in prime locations prices start at 5 euros per sq.m., while in other areas the price falls below 3 euros per sq.m. In any case, the upward trend in prices in recent years is clear, since in 2015 rents in top locations did not exceed EUR 3.5 per square meter and in other regions EUR 2 per square meter. In the field of green offices, Crete has not taken significant steps to increase these squares, as the older offices of Crete dominate before 2000. Today, of course, it is clear that the trend towards new renovations of office spaces is clear to respond to the highest treasons requested. However, the lack of top-quality offices leads stakeholders to a medium-quality office solution, which will either use them as they are, or renovate them.
Crete: The X-ray of the residences – New trends in offices and logistics
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