They buy whatever old houses are available for sale, convert them into luxury holiday accommodation and, where possible, rent them out on a short-term basis

In a report by Lilian Diaferaki published in the daily newspaper of Heraklion “PATRIS” it is mentioned that now the Germans are buying old houses and plots, everywhere even in inland villages that are far from the sea.

As Kalamaki mentions, Matalla, Siva, Kouse, Listaro, Kamilari, and Pitsidia, which lead the buying demand, are no longer the only villages that interest foreign investors. Other areas such as Alithini, Lagolio, Pompia and Vassilika Anogia are also being targeted.

Looking for vacant properties are being sought to build new luxury homes for short-term rental.  80% of the investors are German as the local residents say and they note that the buying interest of the investors is undiminished which is developing vigorously apart from the coastal zone and towards the mountainous villages of Asterousia.

This is because inland property prices are much more attractive and affordable which means it is easier to invest. After all, the mountain villages are not inferior to the coastal ones in the sense that they have excellent climatic conditions and at the same time very beautiful nature, a fact that is evaluated as an element for every investment.

These are luxury homes aimed at high incomes. More specifically, the investment model that we often encounter is that foreign buyers acquire a property in which they build homes where they live in the winter months, and for a short period of time they also take summer vacations. Then they leave the house and use it on the short-term rental platform so that in this way they also have cash benefits from their property.

There are also investors who do not stay at all and use the property for revenue purposes, but also those who choose to spend the rest of their lives in the area. This fact, as he explains, is inextricably linked to the high level of the privileged characteristics of the area, which lends itself to the development of many different types of tourism, a fact that inevitably attracts investment interest.