If you are buying to let in Crete or Greece ensure that you research the local market before
you buy. Oversupply and competition in some areas means that there are no guarantees that
holiday rental will be profitable.

Holiday Rentals
Achieving high occupancy rates will depend on many different factors including the property's
location and facilities, how well you, or an agent, market your holiday property and current
holiday trends.

Don't forget to factor in running costs such as property & pool maintenance, cleaning, bills,
insurance as well as taxes and licence costs.

One of the positive aspects of renting out your holiday home is that your property and pool will
be maintained by the property management company rather than standing empty for the
majority of the year, and even a small rental income should cover this cost so it is a good way
of protecting your investment.

Earning some extra income from your holiday home is a plus, however do not
rely on renting to
pay for your investment  i.e. to pay a mortgage. Even if it seems like a profitable venture at the
time remember that the short or long term market may easily change.

In order to legally rent your Greek or Crete property on a short term basis to holiday makers
you must obtain a licence from the Greek National Tourist Organisation (
EOT in Greek).

Check list for holiday rental:

  • Consult a Greek accountant regarding tax liabilities

  • Employ a local property management agent

  • Market your property. Approach local tour operators and travel agents or sign up to
    Internet holiday letting websites such as holidayrentals.co.uk and villarenters.com.

Long Term rentals
Long term lets  - usually 3 months or more - do NOT require an EOT licence. They attract a
lower (monthly) income and officially a contract should be drawn up with the tenant, deposited
with the tax authorities and declared on your Greek
tax return.

The Hellenic Property Federation (POMIDA) offers advice to landlords
here in English.
Copyright 2004-2012  Carol Palioudaki.    Property in Crete  Buy to Let  Living in Crete   www.livingincrete.net
Living in Crete
Buy to Let in Crete
Buy to Let in Crete & Greece
Index  > Property in Crete > Buy to Let
Living in Crete guide book

Learn more about buying and renting property in Crete
and Greece and how to avoid potential pitfalls from the
Living in Crete. A Guide to Living, working, Retiring &
Buying Property in Crete"

Related pages :

Buying Property   Rental Accommodation     EOT Licence      Pitfalls