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FO R P RO P E RT Y B U Y E RS & I N V ESTO RS
EXTENSIVE CHANGES AFOOT IN 2019 IN THE TAXATION OF PROPERTIES
ARENCORES MAGAZINE A M A G A Z I N E D E D I CAT E D TO T H E C H A N I A R E A L E S TAT E M A R K E T
HOMESHARING, TOURISM DRIVING LOCAL PROPERTY MARKET RECOVERY EXTENSIVE CHANGES AFOOT IN 2019 IN THE TAXATION OF PROPERTIES
CHANIA PROPERTY MARKET INVESTOR INTENTIONS
WHAT YOU NEED TO KNOW BEFORE BUYING PROPERTY IN CHANIA
GOLDEN VISA, AIRBNB DRIVE GREEKS OUT OF HOUSING MARKET
DISCOVER THE REAL ESTATE TRENDS IN THE MARKET
A R E N C O R E S - C H A N I A R E A L E S TAT E E X P E R T S
E D I TO R I A L A reference point for discerning property buyers and real estate investors who want to delve below the surface and real estate professionals alike. ARENCORES MAGAZINE explore not only real estate indicators but also specific fields of interest for which the island of Crete is renowned, such as Gastronomy, Wine, Shipping, the Tourism Industry and more.
It has been two years since we started working on this wonderful project, the creation of a real estate magazine that provided voice to real estate research and market trends in Chania, Crete. Over these years, we have worked with enthusiasm and dedication, doing the work of promoting research in advancing knowledge about the Chania real estate market. ARENCORES’ Research Team (ARRT) and our brand-new Chania Real Estate platform has been published surveys and property market outlooks to investigate and share the latest trends on the commercial and residential real estate, investment funds, macroeconomic aspects and the effects of the crisis in the market, to mention a few of the contributions. Over its lifetime, ARENCORES MAGAZINE has also embraced the processes of market intelligence incorporating open access publishing and knowledge sharing methods. More importantly, our audience reflects interest amongst real estate research groups, investors and companies internationally. In this respect, ARENCORES this year will seek to publish more papers and surveys in each issue than previously in response to the growing number of requests received. ARENCORES MAGAZINE is the one-stop source for inside information on what Chania property market is all about, showcasing destinations, culture, history, experiences, market trends and potential risks. We also encourage authenticity and creativity in all its forms, from the captivating past of the Minoan Civilization to the riveting present.
A team of market specialists and inquisitive insiders provide valuable, in-depth knowledge, refreshing perspectives and beneficial, accurate information in a bright and eclectic selection of unique style and content. This issue, includes research concerning the property pricing trends in Chania and the role of AIRBNB and other house sharing platfroms on the housing supply. Following the order, we explore the forthcoming changes in the property taxation in Greece and we provide a dedicated guide to the basic legal framework and the main points potential investors should know about the acquisition and ownership of real estate in Greece. Changing the topic, Barlindhaug and Nordahl investigate developers’ behaviour in setting the price differentiation depending on the existing site infrastructure, green areas or facilities; Wyatt considers whether land value affects housing affordability through the decision to build affordable housing. The analysis of consumers’ preferences is focussed upon in the paper by Glumac and Wissink through estimating the willingness to pay for photovoltaic installations and d’Amato proposes a reconciliation method for the different valuation techniques applied to a property asset. I hope this issue awakens the interest of readers and provides ARENCORES the opportunity to receive your feedback and requests for the next issues. We look forward to another successful year and wish all our readers the very best for 2019!
C H A N I A R E A L E S TAT E - R E D E F I N E D
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WHAT DOES THE FUTURE HOLD FOR THE PROPERTY MARKET IN GREECE? EXTENSIVE CHANGES AFOOT IN 2019 IN THE TAXATION OF PROPERTIES HOMESHARING, TOURISM DRIVING LOCAL PROPERTY MARKET RECOVERY ANCIENT FALASARNA THE PORT OF POLYRRHENIA GOLDEN VISA, AIRBNB DRIVE GREEKS OUT OF HOUSING MARKET JOINT OWNERSHIP ON REAL ESTATE PROPERTY IN GREECE
HOW DIFFICULT IS THE PROPERTY PURCHASE PROCESS IN GREECE?
WHAT YOU NEED TO KNOW BEFORE BUYING PROPERTY IN CHANIA
CHANIA PROPERTY MARKET INVESTOR INTENTIONS
SMART DESIGN IDEAS FOR SMALL KITCHENS
INTERIOR DESIGN DECORATING AND REMODELING TIPS
CCCHANIA REAL ESTATE EXPERTS
ARENCORES is a Member of the Chania Real Estate Association
Our goal is to provide the most accurate information available in our complex and constantly changing real estate market While we endeavor to be as accurate and timely as possible, we make no warranty or guarantee concerning accuracy, reliability, completeness, or suitability, and provide all information AS IS. Use of our data, outcomes and suggestions at your own risk.
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ARENCORES R E A L E S TAT E R E D E F I N E D
ARENCORES is one of the most recognized and respected real estate firms in Chania, Crete, having served discerning property buyers, investors and sellers since 2014. The firm has been established to provide independently owned and operated real estate services with a powerful marketing and research platform. ARENCORES through its collaboration with the Chania Real Estate, is exceptionally positioned to serve the commercial and residential real estate market in Chania with reliable and effective property making decisions and purchasing strategies. With that rich heritage in association with the engineering and architecture consultancy firm of ARENCOS, ARENCORES is a truly unique real estate network representing exceptional clients with discerning tastes. With the only real estate research team in Crete and a dedicated team of professionals, ARENCORES continues to define the meaning of Chania real estate by providing unparalleled personalized service along with the most interesting real estate assets in Chania, Crete. ARENCORES strives to provide an unwavering commitment of excellence to all of our clients. Whether you are seeking to purchase a luxury home of your own or sell a distinctive property, ARENCORES’ experts have the tools to market each and every property with the same level of care and personalization
in order to pair buyers and sellers around the world. For those looking to sell their estates, our experienced associates are equipped with the marketing tools needed to ensure your property is presented to a global audience of qualified and interested buyers. Our real estate marketing strategy is designed to provide you the competitive edge by increasing interest in your property and engaging our audience both online and off. ARENCORES’ network acts exclusively on behalf of our client’s individual needs and offer the utmost discretion when helping market and sell your estate. ARENCORES excels at providing the highest level of service to our clients and their diverse lifestyle needs. With a team of engineers, marketing specialists, real estate professionals and researchers and some of the most exceptional property listings, our firm is uniquely positioned to find the perfect property that meets your requirements. Whether you are looking for a serene beachfront retreat, the excitement and sophistication of modern apartment in Chania a historic estate or for the quiet rural charm of a ranch, our experienced network of real estate professionals is here to guide you every step of the way.
W H AT D O E S T H E F U T U R E H O L D FOR THE PROPERTY MARKET IN GREECE? An international real estate network promoting Greek apartments and holiday properties has started developing over the last few months, as a result of the growing demand by foreign investors for real estate assets in Greece. This has seen the emergence of platforms advertising local assets in countries with a traditionally high interest in the purchase of Greek property, in most cases in cooperation with local estate agencies. Several foreign companies promoting local properties have even set up local branches in Athens to facilitate interested property buyers. Recent surveys in the German real estate market confirmed the growing interest of German individuals in acquiring properties in Greece, as they rank the country among their top 10 choices for housing purchases abroad. The gradual stabilization of the Greek economy and its growth macro-economic prospects are generating a sense
of confidence and open a ‘window of opportunity’ between German enterprises and individuals. Moreover, a recent research from a member of the Expedia-HomeAway group) and a network of estate agencies from Germany place Greece among the top 10 preferences of Germans interested in buying a property outside of their homeland. Crete and the Ionian islands are the most popular destinations for German property investors in Greece. According to the above research more than 230,000 Germans are interested exclusively in Greek properties, which means that even if half of them go ahead and make purchases in the next few years, a property worth an average of 100,000 euros, this represents the creation of a potential market worth over 11 billion euros.
through short-term leasing and its Golden Visa program, which has the lowest threshold in the market for residence permits. In this context several real estate firms from abroad have already expanded their presence in the property market of Greece over the last couple of years. The low apartment prices in some areas of Chania and high demand are contributing toward high return of investment. For example, through utilization on homesharing platforms, a renovated flat in the center of Chania can offer an annual return of 7 to 9 percent, against 3 percent in most European capitals. There is also the prospect of future capital gains, as we forecast that prices will grow by 20 to 35 percent in the next two or three years.
Greece’s popularity is on the rise, mainly thanks to the potential of its property market for high returns
I N V E S TO R S E Y E I N G G R E E C E F O R R E S O R T & H OT E L R E A L E S TAT E According to the findings of a survey , the majority of respondents (86 percent) agreed that investor interest for property in the Mediterranean region was picking up. The key factor winning over buyers for real estate in Greece was a growing market with high yield prospects. A stable economy and low bank charges were decisive factors for acquisitions in Spain, Italy, and France, while attractive investor visa programs attracted interest in Spain, Portugal, and Cyprus. The Cyclades Islands (55 percent) were a favorite Greek destination for real estate investors, with Santorini, Mykonos and Paros in the lead, followed by Athens (36 percent) and Crete (27 percent). Farther behind are Rhodes and Halkidiki.
Investors in Greece are buying up distressed assets for redevelopment or conversion, but are shying away from any greenfield [investments]. The investment environment is complicated by protracted judicial procedures. Nevertheless, if the whole bureaucratic climate improves, so will investment.
ARENCORES C H A N I A R E A L E S TAT E E X P E R T S
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EXTENSIVE CHANGES AFOOT IN 2019 IN THE TAXATION OF PROPERTIES Thousands of property owners in Greece face the prospect of higher taxes due to sweeping changes that are being introduced in 2019. Starting on January 1 the cost of property transfers will go up, as the tax charges will be calculated according to the new rates used for tax purposes â&#x20AC;&#x201C; known as objective values â&#x20AC;&#x201C; that were drawn up earlier this year and go into effect in 2019. The same applies to all charges on properties that are based on the taxable rates. There is a 10 percent average reduction to the Single Property Tax (ENFIA) planned for 2019, but that is likely to be offset by a new adjustment of objective values in the summer. The objective values that applied from the summer of 2018 to the ENFIA dues will now also apply to all other property charges as of January, including stamps and duties
on sales, parental concessions, etc. Therefore, any property transactions in the 3,792 zones in Greece where objective values are going up in 2019, will also be charged higher transaction rates. Chartered surveyors will start drafting fresh objective values after the holidays, which will concern 10,000 zones across the country and apply to the 2019 ENFIA and the 2020 property levies; the changes may well affect not only the zone rates but also the commercial rates of the areas. The Finance Ministry also intends to revise the way the objective values are determined by amending the coefficients of age, facade, level, etc, so as to come as close as possible to the actual market value of a property, combined with supply and demand in the real estate market. This means that the next couple of years will also see significant changes to
the Single Property Tax and other charges calculated against the objective values. As for the ENFIA of 2019, more than 7 million owners will get their new slips online in August: Those with property worth up to 60,000 euros will see a tax reduction of up to 30 percent, but those with bigger properties cannot expect a discount greater than 100 euros. No reductions should be expected by owners of mid-range properties of 200,000 euros or more, while even the owners of smaller assets who will enjoy a reduction may see that evaporate if their property is located in one of the zones whose objective value will go up in the summer.
Homesharing, tourism driving local property market recovery Property investors are firmly focused on apartments in Chania city center, Koum Kapi, Chania Old Town, Apokoronas and Akrotiri tourism properties such as holiday homes, villas and hotels, according to ARENCORES’ latest research report. The results of the survey indicated that interest in property investments has rebounded after seven-eight years of decline in both demand and prices that came to 26-48 percent. The rise of “homesharing” platforms such as Airbnb and HomeAway and the concurrent explosion of the short-term rental market have significantly boosted demand, while the Golden Visa program – which grants five-year residence permits to investors from non-European
Union countries who spend at least 250,000 euros on real estate – has also spurred real estate acquisitions. However, the latest report from the National Bank of Greece notes that while buying interest appears significant, 53.5 percent concerns potential buyers who are interested but are not at present planning on making a move. A smaller share of demand, amounting to 37 percent, concerns active buyers. In this context 65-80 percent of investment interest in residential property pertains to small apartments in Chania, as a result of the Airbnb phenomenon and the opportunity it offers for immediate returns to the property owners. Similarly, active interest in tourism properties comes to 65 per-
cent, with 70 percent of foreigners seeking such assets – i.e. holiday homes, villas with more than three bedrooms and hotels. Notably, this trend is strongest in Apokoronas, Kissamos and Akrotiri area, where investors see with higher potential for return (and with higher risk potential). The real estate market of Chania remains “cautious but positive” and the emergent need for the immediate construction of high-quality spaces is clear, as these only cover 4-6 percent of the stock on offer.
ANCIENT FALASARNA THE PORT OF POLYRRHENIA For most people Phalasarna is one of the best beaches in Crete â&#x20AC;&#x201C; and nothing more. And yet, right there on the core of the Gramvousa peninsula, the ruins of ancient Phalasarna reveal a secret millennia-old world. The site of ancient Phalasarna (Falassarna) is situated on the western edge of Cape Grambousa on the west coast of Crete in the county of Chania. Named Korykos in antiquity the area includes a rocky promontory from which the view of the sea to the west of Crete is impressive, and upon which the acropolis of Phalasarna (Falassarna) was built. Phalasarna was first inhabited in the late Neolithic period, where the cape forms a natural stronghold. From this first early civilization, relatively little remains. In the early Bronze age there was a natural catastrophe, the area was
abandoned, and people did not return for over 2000 years. Dorians found Phalasarna again around the 8th to 7th centuries BC and built a city over the ruins of the prehistoric site. The new city-state had laws, a complex system of social support, and cultural exchange with empires of the East.
A City of Great History The strength of the local economy came on the one hand from skill in navigating the sea, which led Phalasarna eventually to become a naval power. On the other hand the Phalasarnians were famous as soldiers, and their skill in military arts created a demand for them as mercenaries, and as advisors to military commands from Macedonia and Persia. In the 4th century BC, the citizens struck gold. Persian money aiming to stop the march of Alexander the
Great against the Persian empire allowed Phalasarnians to fortify the city. Ancient geographers took note of the artificial closed harbor, carved out of a lagoon, and ringed around on all sides with quays, fortification walls, and towers. Phalasarna traded across the Mediterranean and had especially close relations with the Spartans and the Phoenicians. Indeed the engineering design of the harbor is Phoenician, while details of the architecture are Greek. The city minted its own silver and bronze coins. The citizens worshipped goddess Dictynna at a temple atop the acropolis.
Workshops produced ceramic vases that showed a mastery of Attic techniques, and local artists carved marble sculptures. Finally, Phalasarna was recognized for superiority at sea, and its military harbor gave it a place in the history of Hellenistic culture.
earthquakes in recorded history raised Phalasarna 6.5 m out of the sea in a few seconds, making its once-famous harbor forever useless while what remained of the city was flooded by a tsunami, buried in mud, and lost for another 1500 years.
However continual wars weakened Phalasarna, and dr matic earthquakes and sea-level changes damaged the buildings and infrastructure. By the late 2nd century BC, the new buildings were unimpressive shadows of the earlier monuments.
Many ships ran ashore and people were wandering through the shallow waters gathering fish. But the waves returned bigger than ever and dashed on the shallows, the islands and the shore, flattening everything. Enormous amounts of water drowned thousands of people.
The citizens became pirates and stirred the anger of Rome. In 67 BC, Phalasarna was leveled by an invading Roman army determined to restore order to the Mediterranean sea lanes. A few people must have survived the Roman onslaught, and a small community remained in Phalasarna until a new natural catastrophe. In 365 AD, one of the greatest
The Absolute Catastrophe In July 21, 365 AD, the biggest earthquake in the history of the Mediterranean actually “lifted” the entire landmass of western Crete and transported the port of Phalasarna inland. Ammianos Markelinos experienced and described the great catastrophe “similar to which cannot be found neither in legends nor in true historic events: The sea withdrew, the water pulled back in such a degree that the bottom of the sea revealed itself. You could see many sea creatures buried deep in the mud, and many mountain ranges and valleys became visible as the rays of sun touched them for the first time.
When the fury of the water subsided, some destroyed ships and the bodies of the shipwrecked appeared. Some big ships were thrown by the waves to the roofs of houses, like in Alexandria, up to two miles inland”. This massive earthquake was followed by the biggest known tsunami in history.
The epicenter was underwater, close to Phalasarna, off the southwestern coast of Crete. According to scientific research, the earthquake caused Crete to elevate 6-9 meters from its former position within a few days! After the earthquake Phalasarna was abandoned. The city’s location remained unknown throughout the Middle Ages. British traveler R. Pashley identified the ruins of the city in 1837, but the port, 100 m from the modern shoreline, would have to wait for T.A.B. Spratt to be discovered, 23 years later.
Excavations Unveil Mysteries
Venetians who conquered Crete in the 13th century could not even find wher Phalasarna had been located. 19th century British traveler Pashley rediscovered it, and his compatriot Captain Spratt found the harbor 200 meters inland, but few believed him until excavations of the harbor began in 1986. The harbor of Phalasarna was the reason for the city’s existence. It was its source of wealth. It led to its recognition in history. And it was the source of its downfall and destruction. The final irony is that the cataclysmic earthquake that moved the harbor 200 meters inland ultimately preserved it. No later society could bring ships to the same spot, and unlike almost every other harbor of the Classical or Hellenistic period, Phalasarna was never overbuilt.
GOLDEN VISA, AIRBNB DRIVE GREEKS OUT OF HOUSING MARKET The real estate market in Greece is booming because of an extraordinary amount of sales to foreigners who want to receive the so-called “Golden Visa“, while an increase in the number of people who short-lease their apartments to platforms like Airbnb is driving up rent prices. According to a Deutsche Welle report based on a story published in Swiss newspaper Neue Zurcher Zeitung, real estate prices in Greece dropped significantly during the years of the economic crisis. However, a new market was simultaneously opening up — that of foreigners from outside the European Union who want to receive a residence permit in an E.U. member state. The “Golden Visa” program in Greece gives a residence and work permit to any individual and their family if they invest a minimum 250,000 euros in real estate in the country. This has had an enormous impact on real estate prices all over Greece. Just a few years ago, houses were selling well below market value, and now most of them are overpriced, with owners aiming to sell them to foreigners who wish to take advantage of the residence permit program.
The report notes that in comparison with other countries offering similar favorable conditions to attract foreign investment, the Greek program is the cheapest of its kind. In Greece one can obtain a renewable five-year residence permit for 250,000 euros, whereas in Portugal the same residence permit is offered, but the visa program begins at 350,000 euros and goes up to 500,000. In addition, the Greek program offers more generous arrangements for the rest of the investor’s family. Since the program’s inception in 2013, citizens from non-E.U. countries have invested more than one billion euros in the Greek housing market. The boom in the visa market coincides with an impressive growth in tourism. Financially-stricken Greek citizens have discovered in the past several years that they can earn a decent income by leasing their property to visitors from other countries. As a result, in several areas in Athens, and especially in the center of the capital city, rent prices have reached pre-crisis levels, and have gone even higher in some places. More than 50,000 houses in Greece are currently registered on Airbnb-like platforms which cater to tourists.
In Athens, more than 12,000 apartments are now being rented through Airbnb. Central areas of the city such as Exarchia or Koukaki, which have seen decades of neglect, are now facing unprecedented economic development. Rents have increased an average of 35 percent in the above-mentioned neighborhoods over the last year. Despite the slight recovery of the Greek economy, purchasing power remains limited at the present moment. The number of citizens who are unable to pay the high rents is growing. The sky-high rental prices, and the noise that visitors tend to make while on holiday, have caused residents in many apartments all over the country to complain. But like it or not, Airbnb and the visa program have changed Greek real estate and the Greek economy — perhaps forever.
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JOINT OWNERSHIP ON REAL ESTATE PROPERTY IN GREECE
Joint ownership in Greece, creates not only rights among the joint owners but obligations, as well. Such obligations are either specifically regulated by law or by the principle of good faith. Therefore, joint ownership in Greece involves obligations such as payment of debts arising from the joint property; expenses for its maintenance; its management; and its usage. Each co-owner is liable on these obligations up to his share on the joint property, i.e. up to the percentage on the joint owned property that he owns. The administration of the joint real estate property in Greece, belongs to all the joint owners. The law provides that co-owners are liable to each other for any fault performed with regard to the administration of the properties. However, in cases of danger, each co-owner is allowed to take any necessary actions, without waiting for the other co-owners’ consent. Due to the common and frequent disagreements among the co-owners, it is often questioned how the manage-
ment of the joint real estate property in Greece can be achieved. Therefore, Greek law provides that, due to obvious difficulty of achieving consent by all owners, the management and usage of the joint ownership in Greece can be effected upon the relevant decision of the majority of co-owners. If the decision is not taken upon the relevant agreement of all co-owners or by the majority of them, each co-owner has the right to apply to the Court in order to rule on the most appropriate way for the property’s management. The Court may also appoint an administrator of the joint ownership in Greece. Therefore, the majority of the co-owners have the primary role on the administration of the joint ownership in Greece . The majority, however, does not have the right to decide for the substantial alteration or disposal of the joint real estate property and for any costly additions on same. Furthermore, the majority can not request from the Court to rule on the
above. Each co-owner, regardless of his share on the property, can request the dissolution of the society through the partition of the joint ownership from the Greek Courts. Greek real estate laws provide two means of distribution of the joint property; extra judicial partition and judicial. Through the extra judicial distribution, the co-owners can freely decide on their own, for the distribution of the joint ownership, defining themselves the desirable means of partition. The competent Court in Greece for the partition of properties, is the Court of First Instance of the property’ s location. The Jurisdiction of the Court is defined according to the market value of the property.
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H OW D I F F I C U LT I S T H E P R O P E R T Y PURCHASE PROCESS IN GREECE? EU nationals can freely purchase property in Greece, while there are a few restrictions for non-EU nationals. The potential buyer must open a Greek bank account and transfer all the funds required for the purchase (property price, notary fees, registration fees, etc.) in order to be in compliance with the Greek tax legislation or otherwise to import cast through the Greek Customs Authority. Acquiring property near military bases, national borders - mainly for security reasons, especially those close to Turkey - and in some islands requires special permission from the Local Council. Such permission is not granted to non-EU nationals. The importation of funds for real estate acquisition needs to be documented and requires the permission of the Bank of Greece. You will also need to secure a Tax Registry Number from the Internal Revenue Service. If you are a married couple planning to purchase property jointly, you should each obtain one.
The first step to purchasing property in Greece is to hire a real estate attorney. He will be responsible for performing due diligence and ensuring the protection of your interests in the transaction. Once you have selected the property, make an offer to the seller. If it is accepted, your lawyer will draw up an initial purchase agreement. Both parties will sign and you must pay a 10% deposit to reserve the property. Title search follows. Your lawyer must check if there are any charges on the property, if the construction followed government planning regulations, and all taxes due have been paid by the seller. This can be accomplished at the Registry of Mortgages. When the results are to your satisfaction, proceed to settling the remaining balance and necessary government duties. Closing usually takes four to six weeks. You must obtain copies of the title from the seller. It is your responsibility to hire a notary public to
prepare the contract deed, ensure that it has been drawn up correctly, and oversee the finalization of the purchase. Both parties must sign the contract deed in the presence of the notary who will verify and register the transaction in public records. This requires you to present a valid passport, your Tax Registry Number, and a special permission to purchase (if necessary). In addition to this, the seller will also need to submit a BÂ´Tax certificate proving he has a clean record with the Hellenic Fiscus (tax office). When this has been done, the final step involves submitting copies of the deed and transfer certificate to the Registry of Mortgages to change property ownership to your name. A National Land Registry is still in the process of completion.
W H AT YO U N E E D TO K N OW B E F O R E B U Y I N G PROPERTY IN CHANIA
A guide to the basic legal framework and the main points potential investors should know about the acquisition and ownership of real estate in Greece. Chania is a favorable investment destination in the last few years, mainly because of its natural beauty, mild climate and geographical position, but also because of a significant drop in prices following the financial crisis that emerged after 2010. Investors from all over the world are now looking at Chania real estate as the new “hot” investment destination and rushing to benefit from the abundance of quality real estate available at affordable pricing. Many buy as end users and others with the aim of letting. The laws pertaining to the acquisition and ownership of real estate are provided by the Hellenic Constitution and the Civil Code. Most properties in Greece are freehold.
1. LEGAL FRAMEWORK A. Rights in real estate Real estate owners in Greece may have different rights. 1. Full ownership (absolute or joint) 2. Bare ownership (absolute or joint) 3. Usufruct (absolute or joint) It is essential that the buyer establishes which (among the aforementioned) is the right of the seller to be transferred in every transaction, in order to ensure that the value of the real estate is reflected in the rights that come along with the sale.
B. Acquisition of real estate in Greece There are various ways of acquiring real estate in Greece. For investors, these mainly concern the two following:
– Acquisition by contract: The buyer and seller appear before a notary public and sign a deed which is subsequently registered at the local cadastre or land registry. – Acquisition of property through public auction: As of 2017, the Greek State has conducted electronic auctions. Greeks and foreigners (whether natural persons or legal entities) can subscribe online. The procedure is open to the public and the properties offered are easily accessible via a weekly journal.
er gets the title deed, which is the first step to ownership of the property. 6. The registration of the title deed takes place at the local Land Registry and is the absolute proof of ownership. 7. Registration of the property online with the tax authorities.
2. THE PROCESS OF ACQUIRING REAL ESTATE IN CHANIA 1. After selection of the property, the buyer appoints a lawyer to perform all the necessary legal searches. The title search takes place at the Land Registry and ensures that the asset in question indeed belongs to the seller and that it is clear of any encumbrances (such as mortgages, liens, foreclosures etc). The lawyer also checks the suitability of the asset and if this is located in an area where prohibitions or restrictions apply. 2. Issuance of a tax number. It is a requirement of the Greek State that every transacting party (natural person or legal entity) has its unique tax number before acquiring real estate. 3. Technical survey of the property. This is not a compulsory stage, but it is highly recommended as planning and or structural issues may occur that could render the sale invalid or the investment poor. 4. Payment of stamp duty (transfer tax). Currently at 3% of the value of the transaction. 5. Completion of the acquisition contract before a notary public. The buy-
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3. TAXATION A. Ownership of real estate in Greece is subject to an annual tax (ENFIA) which is calculated based on the value of each property and in conjunction with the total value of the assets one may have in their portfolio. Currently the annual tax is payable in 5 installments and it is applicable in all types of real estate assets â&#x20AC;&#x201C; including cases of rights on properties. This kind of tax applies to both natural persons and legal entities regardless of whether they are resident and/or have their registered seat in Greece. B. Property-based income (short or long-term rentals, Airbnb, long-term leases etc) are subject to taxation. Natural persons who benefit from rental income are taxed at various rates (thresholds are in place depending on the amount of revenue produced). Legal entities owning real estate assets are taxed differently as the rental income is regarded as revenue and is subject to 29% corporate tax.
4. IMPORTANT PARAMETERS FOR CONSIDERATION PRIOR TO THE ACQUISITION
As in every country, certain restrictions apply to investors who buy real estate in Greece: A. Acquisitions in forest areas: Subject to the Hellenic Constitution, land uses in areas regarded as forest cannot be changed. B. Acquisitions of real estate in regions close to the border: There are specific prerequisites for acquisitions in areas close to the borders. In these areas, foreign investors can acquire real estate upon receipt of special permission by joint ministerial approval. A publicly available list identifies such areas. Strict restrictions apply and investors should conduct thorough research into such plots prior to purchase.
terms set by the State. E. Acquisitions in areas where antiquities are located: Development may be prohibited or allowed under very specific terms in areas where historic monuments may be located. In most cases, special permission is required by the Ministry of Cultureâ&#x20AC;&#x2122;s competent directorate. F. Acquisitions in areas of outstanding natural beauty (Natura) or under a special environmental protection regime. Both acquisition and development of real estate in such areas may be blocked by the Ministry of Environment due to restrictions that may apply.
C. Acquisitions outside urban zoning: Special attention must be paid to plots which happen to be outside urban or residential areas as they often have limitations with regard to the development capacity they offer and in most cases plots cannot be divided in smaller segments. D. Acquisitions on the coastline: Development of real estate that is situated close to the coast may be prohibited or allowed under very specific
Buying for investment G re e c e i s o n e o f t h e m o s t a t t r a c t i v e d e s t i n a t i o n s fo r p ro p e r t y i n v e s t m e n t i n E u ro p e , e s p e c i a l l y i n t h e i s l a n d s i n c l u d i n g R h o d e s , C re t e , a n d P e l o p o n n e s e . T h e re a re m a n y t y p e s o f p ro p e r t i e s t o i n v e s t i n . Yo u r h o m e i n G re e c e m a y a l s o b e c o n s i d e re d a n i n v e s t m e n t b e c a u s e i t p ro v i d e s y o u w i t h f re e a c c o m m o d a t i o n , e l i m i n a t i n g t h e n e e d fo r p a y i n g re n t , a n d i t m a y a p p re c i a t e i n v a l u e w i t h t i m e . H o w e v e r, p ro p e r t i e s i n m a j o r c i t i e s a n d t o w n s t e n d t o g ro w f a s t e r i n v a l u e t h a n p ro p e r t i e s i n re m o t e re g i o n s o f G re e c e . I n a d d i t i o n , t h e v a l u e o f a p ro p e r t y i s l i ke l y t o i n c re a s e i f y o u p u rc h a s e p ro p e r t y fo r o t h e r u s e s other than living in them, e.g. a holiday home.
2 . A p ro p e r t y fo r y o u r f r i e n d s o r re l a t i v e s , w h i c h may generate additional income if you decide to re n t i t o u t .
T h e re a re fo u r m a i n c a t e g o r i e s o f i n v e s t m e n t p ro p e r t i e s i n G re e c e :
C o n s i d e r m a k i n g m e d i u m t o l o n g - t e r m p ro p e r t y i n v e s t m e n t s , p re fe r a b l y 1 0 t o 1 5 y e a r s . I t i s i m p o r t a n t t o u n d e r s t a n d t h a t p ro p e r t y i s n o t a l w a y s a s a fe i n v e s t m e n t . T h e i n v e s t m e n t c a n b e a r i s k y v e n t u re over the short to medium term. In addition, you have to consider paying income tax if you plan to re n t t h e p ro p e r t y o u t . P ro p e r t y i n v e s t m e n t s t h a t c a n g e n e r a t e f i f t e e n p e rc e n t m o re t h a n t h e i r o r i g i n a l v a l u e s w h e n s o l d o f f a re u s u a l l y c o n s i d e re d w i s e investments.
1 . A h o l i d a y h o m e . T h i s t y p e o f p ro p e r t y p ro v i d e s re t u r n s i n n u m e ro u s w a y s . A h o l i d a y h o m e c a n p ro v i d e y o u r f r i e n d s a n d f a m i l y w i t h re n t - f re e a c c o m m o d a t i o n a s i t m a i n t a i n s i t s v a l u e . Yo u w i l l a l s o b e a b l e t o re n t i t o u t a n d e a r n s u p p l e m e n t a r y re v e n u e . H o l i d a y h o m e s c a n a l s o p ro v i d e c a p i t a l g a i n s , e s p e c i a l l y i f t h e i r v a l u e s i n c re a s e f a s t e r t h a n t h e r a t e o f inflation.
3 . A b u s i n e s s p ro p e r t y. T h i s c o u l d b e a n y t h i n g f ro m a s h o p t o a n o f f i c e o r a p r i v a t e h o m e t h a t o f fe r s b e d a n d b re a k f a s t t o v i s i t o r s a n d t o u r i s t s . 4 . A p ro p e r t y b o u g h t s p e c i f i c a l l y fo r i n v e s t m e n t t h a t c o u l d t r a n s l a t e t o c a p i t a l i n v e s t m e n t o r p ro v i d e a re g u l a r f l o w o f c a s h . M a n y p e o p l e i n v e s t i n t h i s t y p e o f p ro p e r t y t o p ro v i d e i n c o m e , e s p e c i a l l y a f t e r re t i re m e n t .
ARCHTECTURE, ENGINEERING AND CONSULTANCY SERVICES
A : 2 6 , S T R .T Z A N A K A K I S T R E E T. 7 3 1 3 4 , CHANIA, CRETE T: +3 0 2 8 2 1 1 1 2 7 7 7 P : W W W. A R E N C O S . C O M E:INFO@ARENCOS.COM
CHANIA TWO BEDROOM APARTMENT PROPERTY ID: AC0103 Property Size: 99.00 sq. m Year Built: 2008 Elevator, 10.00 sq.m storage room, solar panel, first floor, 3 balconies, private parking
Visit the property at: https://www.arencores.com/property/ chania-two-bedroom-apartment-forsale/
A beautiful and spacious 99.00 sq.m apartment in a nice and quiet neighborhood away from all city buzz. The apartment contains an open-plan kitchen and a living-dining room area benefits from large windows right across the room that allows the space to be filled with natural light. The apartment also includes two spacious bedrooms with wardrobes and a comfortable bathroom. There are numerous cupboards and cabinetsVisit fitted in the apartment as well as a 10.00 sq.m storage-room for https various household articles.
The apartment sits on the first floor of the building as can easily sale/ be accessed by walking up one flight of stairs or by using the elevator. This stunning apartment is equidistant between the trendy and bustling city of Chania and the genteel and friendly neighborhood of Koumbes. The property also features a covered private parking place and three balconies with street views.
FOR MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA E: INFO@ARENCORES.COM T: +30 2821112777
PROPERTY DESCRIPTION This 103.00 sq.m property is built to the highest standards, making the most of its attractive design combined with traditional Cretan style architectural features. Its unique location proviodes ideal combination of peace and privacy, with easy access down to the lively village of Vamos, Apokoronas beaches, combined with absolutely stunning views. The property consists of three bedrooms with floor to ceiling wardrobes and sharing an immaculate family bathroom. There is also a fully equipped kitchen with all modern appliances and tailor-made shelves, cupboards and breakfast area. Vamos family house also features a bright living room with a wood ceiling that guarantees its residencesâ&#x20AC;&#x2122; peacefulness and relaxation. Beneath the staircase that leads to the roof terrace there is a storage room of 6.80 sq.m. The house features a magnificent roof terrace overlooking the White Mountains and the Cretan Sea. A private swimming pool of 26.80 sq.m is set at the backyard of the house.
PROPERTY ID: HC1203
VAMOS FAMILY the property at: HOUSE s://www.arencores.com/property/ nia-two-bedroom-apartment-for/ CHARMING MODERN & COMFORTABLE FOR MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA E: INFO@ARENCORES.COM T: +30 2821112777
Visit the property at: https://www.arencores.com/property/vamos-family-house-for-sale-apokoronas/
PROPERTY DESCRIPTION This wonderful Chrisi Akti plot for sale is a unique land of 234.00 m² in the sought after and prestigious area of Nea Kydonia, North West Chania. the property boasts wonderful sea and mainland views and is a superb opportunity to purchase land for your holiday home or as an investment project. With the potential to build 240.00 m² of property plus basement and covered verandas this is a truly rare find and unique opportunity in one of the top and most exclusive areas in Chania, Crete.
Visit the property at: https://www.arencores.com/property/ chrisi-akti-plot-for-sale/
Property ID: PC0402
CHRISI AKTI PLOT FOR SALE: A RARE REAL ESTATE FOR MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA E: INFO@ARENCORES.COM T: +30 2821112777
KOUNOUPIDIANA PLOT FOR SALE: EXCEPTIONAL PROSPECTS Property ID: PC0611
FOR MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA E: INFO@ARENCORES.COM T: +30 2821112777
PROPERTY DESCRIPTION A rare opportunity to acquire a highly reversionary estate located near Chania town offering great residential and commercial development potential. It is possible to build a residential property of up to 747 sq.m or a commercial property of up to 3.000 sq.m. Within a two-minute drive of the small town of Kounoupidiana, and just 3 minutes to the beach of Agios Onoufrios, this is in an ideal spot for a secluded residential complex with great rental potential. Excellent value for such a large plot of land in this area.
Visit the property at: https://www.arencores.com/property/ kounoupidiana-plot-for-sale/
Keramia Plot for Sale: Away-From-It-All
Keramia plot is an attractive and beautiful property only 20 minutes away from Chania Town. This is a unique plot with an ‘away-from-it-all’ atmosphere. The plot measures approximately 3.125 sq.m, and holds a building allowance of 200 (residential) or 400 sq.m (commercial) investment. Keramia plot- with its own direct access and its incredible view – is reasonably priced considering its location and size.
Property ID: HC2201 The property can be sold in two seperated plots - ask us for the available options.
Visit the property online: https://www.arencores.com/property/keramia-plot-for-sale/
220.000 euro BEAUTIFUL ALIKIANOS FAMILY HOUSE Property ID: HC2201
PROPERTY DESCRIPTION This marvelous, beautifully finished and spacious family house has an internal area of 95 m2 and a veranda of 26 m2 with gorgeous views over the countryside and the White Mountains. It comprises of two large bedrooms, two bathrooms as well as a common living room and kitchen area. The structure has been built on a private plot of 465 m2 with its own private pool and several orange trees, Mediterranean flowers and local herbs. The carefully crafted concrete and wood ceilings of this beautiful Alikianos house, provide an aesthetic element that truly embraces the inhabitants for whom it is intended.
FορORΟΡορ MORE INFORMATION CONTACT US: A: 26, STR TZANAKAKI STREET, 73134, CHANIA E: INFO@ARENCORES.COM T: +30 2821112777 Visit the property at:
CHANIA PROPERTY MARKET INVESTOR INTENTIONS A SURVEY BY ARENCORES
A R E N C O R E S h a s c o n d u c t e d a s u rvey on the outlook of the real estate m a r ke t i n C h a n i a e v e r y s i x m o n t h s since 2016. In order to gain a deeper u n d e r s t a n d i n g o f t h e p u b l i c ’ s p e rc e p t i o n o f t h e C h a n i a p r o p e r t y m a rke t a n d t h e i r w i l l i n g n e s s t o i n v e s t i n real estate assets in Crete, we have deliberately devoted more resources this year to RESTful, a state of the art research platform, to conduct a the ‘2018 H1 Chania Real Est a t e M a r ke t O u t l o o k ’ s u r v e y v i a a n online questionnaire from January 2 9 t o Fe b r u a r y 1 0 , 2 0 1 8 . We h o p e t h a t t h e r e s u l t s o f t h i s s u rvey will enable property buyers to acquire a more holistic view of the current trends and facilitate their decision making.
Property investments continue to rise on the back of steady economic and employment growth in key real estate markets. This is despite some concerns about a flattening yield curve, various country tax reform initiatives, property legalization irregularities and the threat of trade tariffs as well as the yet to be fully determined impact of the higher property taxes. In the first half of 2018, property transactions in the real estate market of Chania significantly increased – especially from property buyers or investors originated from Germany, the UK, Scandinavia, Israel and China. The trend is expected to continue, as approximately 94 percent of our survey respondents plan to invest in the real estate market of Chania over the next 18 months (see figure 1). Respondents from Germany are very much willing to invest in the commercial and residential property market of Chania by 16 percent in this time frame, while those in the UK (12 percent), China and Israel (8-9 percent) show similar levels of interest. In terms of the property type, “holiday villa” is the most preferred type for investment (28 percent), fol-
lowed by traditional stone houses (17 percent), building plot (14 percent) and apartments (12 percent). F O R E I G N P R O P E R T Y B U Y E R S P L A N TO INVEST IN CHANIA PROPERTY MARKET THE NEXT 18 MONTHS.
Traditional Stone House
Less than 100.000 €
101.000 € - 350.000 €
351.000€ - 500.000 €
Above 501.000 €
Surveyed investors and real estate private equity funds plan to diversify their portfolios through larger investments in touristic and thematic investments. Over half of the survey sample aims to invest or increase investments in properties with short-term leases, and 39 percent plan to do so in the area of Apokoronas. Investors seem to realize that their real estate investments should be tied to the changing nature of their guests’ and tenants’ preferences and requirements for high quality accommodation. As such, the new principal real estate strategy is unlikely to flow entirely into traditional practices. For instance, survey respondents specializing in building plots and apartments plan to increase their capital commitment by a higher percentage than those focused on traditional properties. Moreover, a significantly large percentage of those surveyed are likely to increase investments in large (more than 20.000 sq.m) properties. While investors diversify their risks, they are expected to continue to invest in small apartments in the center of Chania.
DO YOU HAVE QUESTIONS? CALL ARENCORES AT: +30 2821 112777
What type of property assets are most attractive to purchase in 2019?
The survey results reflect investorsâ&#x20AC;&#x2122; concerns about property taxation, market transparency and currency risk asset as the most critical obstacles to investing in the property market of Chania.
60 11 40
15 16 12 15
What is the biggest obstacle to acquiring assets in Chania?
Moreover, from an analysis in our investment transaction database we see that transaction cost levels across the broader real estate market are somehow in the same pre-crisis levels.
Availability of Assets
Cost of Debt
Low Market Transparency
Lack of Real Estate Professionals
Most attractive sectors for investment in Chania.
OBSTACLES TO INVESTING IN CHANIA REAL ESTATE MARKET The phase in the sequence poses challenges to real estate investors seeking to implement their longterm strategies in the property market of Chania. Prime properties are now in the peak of the real estate assets that private property investors are seeking in the market. With some new prime properties under development in the Prefecture of Chania, it is not surprising that pricing factor has become a key concern for investors and this is even more pronounced than in last year’s survey from ARENCORES. Whereas prime asset prices may pose challenges to investors trying to close deals, it is a favorable factor for property owners willing to sell. This may explain the increase in investors expecting to sell more in 2018.
mains an obstacle for investors looking for real estate business opportunities in Chania and this is also a significant obstacle for approximately 18% of all respondents. Neither asset pricing nor transaction costs are the same in the real estate market, so this outcome reflects concerns that apply worldwide. Investors also expressed currency risk and availability of professional local real estate professionals as two additional barriers to investing in the property market of Chania. The survey results reflect investors’ concerns about property taxation, market transparency and currency risk asset as the most critical obstacles to investing in the property market of Chania. Moreover, from an analysis in our investment transaction database we see that transaction cost levels across the broader real estate market are somehow in the same pre-crisis levels.
PLANNED PROPERTY ACQUISITIONS / DISPOSITIONS Whilst 2018 was a good year for real estate investments in the property market of Chania, investors expect to deploy more capital in 2019. Looking back at the last year the survey, investors have always indicated that they expected their residential and commercial property purchases to exceed the previous year. It is also likely that property investors tend to be deeply optimistic about their future investments. Relative to last year’s survey results, investors are more optimistic about 2019 as on balance 10% expect to invest more compared to 6% in the previous year. On an additionally positive note, property investors are less inclined to sell than last year: on balance 13% of investors expects to sell slightly more than in 2017.
Real estate transparency also re-
Compared to 2018, do you expect your purchasing activity in 2019 to be
Compared to 2018, do you expect your selling activity in 2019 to be
Why do People Participate as Respondents in a Survey? Learn more at: www.arencores.com/research
The full results are available to members at: www.arencores.com/research
SMART DESIGN IDEAS FOR S M A L L K I TC H E N S A small kitchen can seem restricting, especially if you love to cook and bake recipes from scratch, or you dream of entertaining for guests. These things, unfortunately, come hand-inhand with a need for ample cabinet and worktop space, which can cause a problem if your kitchen's a little smaller than desired! But, there are things that can be done. We've compiled some of our favourite design ideas that will help combat your small space and have you feeling like Head Chef in no time.
Back to Basics If you’re planning a complete redesign, don’t feel restricted by your kitchen’s current layout. The key to making your small kitchen seem bigger is creating an efficient, clever space with maximum storage. Galley layouts are ideal as long, wall to wall cabinets will give you optimum storage and worktop space, plus you avoid leaving any dead areas trapped in the corners of your kitchen. If you’ve got the room, try incorporating a breakfast bar into your design. The beauty of a breakfast bar is that it gives you a dining option that can also double as an extra worktop. However, if you’re desperate to include a proper table in your kitchen, consider investing in a folding or extending model. This means you can have the benefit of a proper dining table when guests are over, whilst still saving on space when it’s not in use.
Styling the Space A neutral colour will help to open
out a small room. Consider painting your table and chairs the same tone as your walls as this will help make your kitchen look spacious and unified. Open shelving will add interest to your design and is a stylish way of adding extra storage if you’re not keen on using tall cabinets. The open shelves will help to create light and space, which might be more beneficial to a small kitchen, rather than just overcrowding it with tall units. When it comes to choosing your cabinet doors, handleless and gloss designs will keep the room streamlined and make it appear more spacious as they reflect light.
It’s all About the Accessories Accessories take up the general bulk of most kitchens, so learning to organise and minimalize your collection will help your small kitchen appear more spacious. When it comes to your electric and hand appliances you need to be realistic.
Choose smaller and more compact options, combinational machines like blenders and mixers are great for this. Try and condense your collection. If there’s an appliance you hardly ever use then think about storing it elsewhere, perhaps in a loft or cupboard where it’s out of the way, or even donate it to a friend or local charity. If you’re cupboard and shelves are all full, then hanging pots, mugs and tea towels onto your walls, or the edges of your shelves, is a brilliant way to create a simple and effective storage solution that also looks great. Hanging hooks onto open shelves and cupboards is also extremely low cost and very simple DIY, so what have you got to lose?
With some new prime properties under development in the Prefecture of Chania, it is not surprising that pricing factor has become a key concern for investors and this is even more pronounced than in last year’s survey from ARENCORES.
I N T E R I O R D E S I G N D E C O R AT I N G AND REMODELING TIPS 1. Determine Your Style
have space for.
How do you want a space to feel? Here’s a trick to help you hone in on your style: take a look at your closet. Do you prefer tailored pieces or do you prefer looser and more comfortable items? Do you gravitate toward certain colors or patterns? Another way to help you determine your style is to think of key words that define how you want a space to feel. Traditional, formal, elegant? Playful, humorous, inviting? Monochromatic, streamlined, modern?
Think about the balance of a space. For larger rooms, consider establishing zones for different activities: a seating area that is conducive to conversation; another area for television viewing; a work area with a desk or table for projects or games. Even though I love symmetry, you can make things feel too contrived when you make everything symmetrical. Think about the visual weight and distribution to balance out a space. Proportion and scale are key to any design.
Take note of design inspirations in every facet of life. I often use these as a starting point to discuss with clients when I’m hired to help them design the interiors of their homes. Recall a hotel in which you’ve stayed or restaurant in which you’ve dined that particularly struck your fancy. Perhaps it was a minimal interior from your trip to Japan or a clubby bar in New York furnished with worn leather chairs.
4. Sample Your Paint
2. Figure Out What You Don’t Like It is a lot easier for people to express what they do not like. By putting dislikes into the equation, we can eliminate some things and narrow in on others. For example, a bold large-scale print might remind you of something in your childhood that you do not want to see in your own space. Or a wingback chair might bring back memories of being sent to time-outs for pulling your sister’s hair. Likewise, a certain color might evoke feelings of a past design trend that you aren’t eager to repeat. These memories and reactions are very personal and individual, but also define our tastes. 3. Build Around Your Space Space planning, which impacts scale, is essential. People often use furniture that is too large or too small for a space. I like to blame a certain retail company for the large-scale furnishings that saturate interiors today. Build around the furniture that you actually
Paint selection is one of the most important and cost-effective decisions you can make. Proper paint choices harmoniously connect spaces. Consider the house as a whole. You risk creating disjointed rooms if you paint one room at time. Take into account how colors affect our mood. Some colors make people feel happy, calm or even agitated. I have been known to paint interior doors a bold black for a contrast against crisp white walls. Sample actual paint colors on your walls when looking at options. Observe them in natural light, morning light and at night. Often a go-to color that worked well for one project will not work for another. What might work at your friend’s home might not work at your home. The chips at the paint store are a helpful starting point, but what looks good on paper might not translate into your interior. With white paints, try a handful of different hues on the wall and pay special attention to the undertones. They can have touches of pinks, blues or yellows. The outside surroundings strongly affect the temperature of the light. The vegetation and the sky can create reflections of greens and blues on your interior walls. 5. Mix High and Low Price Points Pedigree doesn’t necessarily mean better (whether it be art, furniture or dogs). Consid-
er an “unknown” artist or designer and buy based on shape, comfort and how the art or furniture works for you and your needs. The most humble objects can have the most soul and be the most beautiful thing in a room. Do not be afraid to mix high and low price points. Not everything must be precious to be important. The opposite can be said with splurging on something that you really love. 6. Start From the Ground Up Design can be overwhelming. People often want to know where exactly to start. For any room, I usually suggest that you begin from the ground up: Decide on the floor covering. It doesn’t matter if you want or have hardwood floors, area rugs, tile, stone or wall-towall carpeting. Thinking about your floor first will dictate how other pieces are layered in the space. If you select a neutral tone or natural fiber without a lot of pattern or color, you have more options with colors or upholstery. If you start with an antique rug, you can draw colors from the rug to formulate a color palette. It is important to plan these things in tandem, otherwise you end up with the circus effect: too many things going on without the space as a whole functioning in unison. Starting with a sofa or upholstered chairs limits your style immediately. There is more flexibility with something like an area rug with dozens or even hundreds of possibilities. This is where you have options and can then start to layer pieces. It is a much easier approach to make your final floor covering decision first, and then layer.
C H A N I A R E A L E S TAT E BY A R E N C O R E S
D I S C OV E R E XC LU S I V E LY LISTED PROPERTIES IN CHANIA, CRETE
P : W W W. C H A N I A R E A L E S TAT E . C O M E : I N F O @ C H A N I A R E A L E S TAT E . C O M A : 2 6 , S T R .T Z A N A K A K I S T R E E T 73134, CHANIA, CRETE
ARENCORES MAGAZINE CHANIA REAL ESTATE EXPERTS
C H A N I A R E A L E S TAT E M A R K E T N E W S - I N V E S T M E N T O P P O R T U N I T I E S - M A R K E T T R E N D S