Giakoumakis, E; (2005) An examination of the housing market in Crete, Greece A research from a perspective for the developer. Doctoral thesis , UCL (University College London).

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Abstract

This report examines the housing market in Crete. It identifies that house prices are detennined by the supply of housing, the supply of finance, the demand for housing, and confidence rather than by the construction cost. The increasing wealth in Europe, and the increased accessibility with more frequent and cheaper flights attributed most to the increased demand for second homes in Crete. Demand for both first and second home markets in Crete is high and is expected to remain high. From 2000 to 2005, housing stock increased in Crete by 8.2% to meet the demand, while the output of new dwellings increased by 78.4% during the same period. The multi-European clientele of the property market in Crete is making it a multi-source market with potential benefits of high stability and strength. On the other hand, the frequent changes in the planning system create problems to the developers. In the wake of increased foreign involvement in the market, Greek developers would have to form alliances while investing in better marketing strategies. The retirement market, made particularly appealing by retirees' tremendous purchasing power, is quickly becoming the hot housebuilding category.

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