Covid Impact on the Real Estate Market-Crete

From mid-2018 until last February, the real estate market had recovered significantly and for 2020 there were high expectations for further growth.But, covid-19 and the global pandemic had other plans.The impact of the pandemic on Real Estate was direct and determinant. In particular the market froze for several months and many contracts were not completed and there was a general uncertainty.The lockdown and the temporary suspension of the operation of public services, cadastral offices, etc. has aggravated the situation.

 The good news is that Crete remains an attractive market in the category of vacation houses. The gradual lifting of restrictions on flights from abroad is expected to give a boost to the sales from foreign buyers, who have traditionally been significantly involved in the development of the real estate market in recent years.

 We must not forget that the real estate market in Crete is a mixture of properties with a variety of characteristics. It is therefore safer to review each category separately.