BUILDING COSTS IN CRETE
What are current build costs in Crete?
This is always potentially dangerous territory, but as a guide of construction only costs:
Reinforced concrete framed ‘new build’ with insulated and rendered external brick walls
New build costs are between €2,000 to €3,000m2
(excluding Basements)
Ruin, in need of total renovation
It is almost impossible to give guide figures for the cost of renovating traditionally built stone houses, as factors affecting costs include:
- the condition of the existing structure,
- retention of existing features (stone arches, stone door and window jambs),
- the extent of alteration works required,
- requirement for additional floor area,
- whether or not the structure is ‘Protected’ by the Archaeological Department
Cost of renovation €1,000m2
Swimming pools
Allow €1000m2
Note:
The above 'Guide Rates' exclude:
- land acquisition costs
- Property Transfer Tax (payable by the purchaser - currently 3%)
- Notary fees (their service includes inter alia checking the legality of the purchase, checking for liens, and drafting the 'Contract of Sale')
- Cadestre (Land Registration) fees
- Lawyer's fees
- Topographical Survey
- Building Permits
- Municipal charges
- Architect and Structural Engineer's fees and expenses
- Utility connections (water and electricity) (this can be a significant cost for 'remote' plots)
- extensive 'hard' landscaping (access road, retaining walls and the like)
- outbuildings
- 'Soft' landscaping (planting)
- swimming Pool and associated Plant Room
- EPC Certificate
- Social Security Contributions (EFKA/IKA for construction workers)
- furniture and furnishings
- FPA (Value Added Tax) currently 24% of the Contractor's Invoices for individuals; reclaimable if you are a registered business in Greece