Galatas - Agios Nikolaos - Vamos

The historical city of Heraklion, Crete's largest city and capital, is a rich blend of ancient civilizations marked by fascinating archaeological sites and museums. Named for Heracles, the city displays the allure of its history that is interspersed with world-class shopping, dining, and day-to-day life. Its geographical location has been pivotal in its history, being on the crossroads between Europe, Africa, and the Middle East. Uniquely situated along the northern coast of Crete, this vibrant city exudes a lively and modern atmosphere despite being surrounded by the ruins of the ancient Minoan civilization.

The Current Property Market in Heraklion Crete

Currently, Heraklion is experiencing a strong and stable property market, buoyed by the demand for luxury homes and apartments which is steadily keeping up with the supply. The political and economic situation in the city remains stable, providing an ideal environment for real estate investment.

Real Estate Commissions and Additional Costs in Heraklion Crete

When purchasing a luxury home in Heraklion, you can expect to pay an average real estate commission of about 2-3% of the purchase price. Similar rates apply for home sellers. Other costs you need to take into account when buying an exclusive home in Heraklion Crete include transfer tax, legal fees, and potential costs for construction inspection. The transfer tax on private property in Heraklion is usually about 3%.

Tax Considerations in Heraklion Crete

The wealth tax on private home ownership in Heraklion can range from 0.1% to 1.0%, depending on the value of the property. Capital gains tax applies when selling a privately owned home that has been used as a second or vacation home. Currently, the corporate tax in Greece is around 24%, while the income tax for registered residents varies between 22% to 45%.

Mortgage Requirements in Heraklion Crete

The mortgage requirements for buying a house in Heraklion, Crete depend largely on one's financial status. The ratio between personal and foreign capital typically required ranges from 30:70 to 40:60. The maximum mortgage value one can get on the purchase price largely depends on one's income and creditworthiness.

Residential Areas and Accessibility

Some of the most sought-after residential areas in Heraklion are Kavrochori, Ammoudara, and Palaiokastro. Heraklion is easily accessible by road and boasts an efficient public bus system. The city is approximately 270 km from Athens, the nearest big city, and is served by the Heraklion International Airport “Nikos Kazantzakis”, one of the busiest airports in Greece.

Schools, Universities, and Institutions in Heraklion

Heraklion abounds with world-class educational institutions, including the University of Crete, Technological Educational Institution of Crete, and the Heraklion International School.

Heraklion's Leisure, Culture, and Amenities

Heraklion is located in the province of Heraklion, and the city itself has a population of approximately 175,000. The scenery is breathtaking, with beautiful beaches, stunning mountains and plenty of green landscapes. The climate is typically Mediterranean, with mild, wet winters and hot, dry summers. Heraklion's vibrant city life boasts luxury lifestyle shops such as Luisa World and Free Shop. The city's luxurious accommodations are nothing short of impressive, entailing high-quality hotels such as the Galaxy Iraklio Hotel and the Lato Boutique Hotel. For dining, the city offers high-quality, renowned restaurants such as Peskesi and Prassin Aloga. Luxury modes of entertainment can be found at the local casinos, including the spectacular Club Hotel Casino Loutraki. For the culturally inclined, Heraklion offers the Heraklion Archaeological Museum, the Natural History Museum of Crete, and the Historical Museum of Crete among others. The robust public infrastructure in Heraklion caters to its inhabitants' needs efficiently, providing numerous amenities and services including the University Hospital of Heraklion, Venizeleio General Hospital, and various local clinics.