Buying property in Iraklion as a foreigner: Complete UK guide

Disclaimer: The information in this article is for reference purposes only. All information on this page should not be considered financial or tax advice. You are also solely responsible for calculating and paying your tax liabilities depending on the applicable law. All tax saving strategies or decisions should be made after thorough research and consultation with a qualified financial advisor.

Buying a property in Iraklion, also known as Heraklion, is becoming an increasingly popular option for UK buyers.

As Crete’s capital and largest city, Iraklion offers a mix of urban living, historic neighbourhoods, coastal suburbs and good infrastructure - making it a great place for long-term homes, holiday properties and investment.

In this practical guide, we’ll run through everything you need to know about buying property in Iraklion as a foreigner. This includes info on mortgages, taxes, fees, property prices, residency rules and common pitfalls to avoid.

We’ll also introduce a reliable and cost-effective way to send and receive large sums internationally from the money services provider Wise.

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Can you get a mortgage from an Iraklion (Heraklion) bank as a non-resident?

Yes, UK citizens are able to get a mortgage from a Greek bank when buying property in Iraklion.

But it can be more difficult for non-residents compared to Greek residents. This is because the conditions are usually stricter and include:

• 35 to 40% minimum deposit¹
• Proof of overseas income
• Conservative affordability assessments
• Clean credit history and bank references
• Higher interest rates compared to residents.

The process usually requires translated and apostilled documents such as tax returns, employment contracts and bank statements. Because this adds a layer of complexity, working with an experienced mortgage broker who understands the Greek system can be beneficial.

What’s more, many UK buyers choose to finance their purchase using savings or equity from the UK. Using an international money service can help you to manage large transfers and currency conversion costs.

With Wise, you can hold 40+ currencies and send money to 140+ countries, which can be helpful when paying deposits or legal fees in euros.

Taxes and fees for owning property in Iraklion

The below costs are purely an estimate and may vary depending on the specifics of the property and the location:²

Fee/tax	Typical amount
Property transfer tax	3%
VAT (new builds only)	24%
Legal fees	1.5%
Notary fees	1.5%
Estate agent fees	Min 2%

There are also ongoing costs and additional charges, which may include:

• Land registry fees
• ENFIA annual property tax
• Municipal fees
• Building maintenance charges
• Income tax on rental earnings.

📚 Cost of living in Greece

What’s the property market like in Iraklion (Heraklion)?

Iraklion’s property market can be more affordable than many other Greek islands while still offering strong rental demand. It’s a large and diverse city with property prices and lifestyle significantly different depending on where you are.

Understanding the local areas is key to buying a property in Greece as a foreign buyer:

• City centre (Heraklion Old Town): The historic centre offers apartments close to shops, restaurants and offices. Demand here is strong from students and professionals making it ideal for long-term rentals. Some properties may require renovation but prices are still competitive compared to tourist-heavy areas of Crete.
• Koules Port and coastal districts: Areas near the port and seafront tend to cost more, particularly for modern properties with sea views. These areas are typically favoured by buyers planning to live in Iraklion all year round as well as short-term holiday rentals.
• Knossos and inland suburbs: Head slightly inland and you’ll find larger apartments and houses at lower prices. These areas are popular with families and retirees in search of quieter surroundings while remaining close to amenities.
• Villages outside of Iraklion: Just 10 to 30 minutes outside of the city, traditional villages offer excellent value for money. Detached houses are common suiting buyers who want space and lifestyle rather than proximity to nightlife and work.

Can foreigners buy property in Iraklion (Heraklion)?

Yes. Foreigners, including UK citizens, can buy property in Iraklion and across Crete. All that’s required is:

1. A Greek tax number (AFM)³
2. A Greek bank account
3. Legal representation

In Iraklion, no special permits are required as long as you aren’t purchasing in a border-sensitive area.

Can you buy property in Iraklion and get residency?

Buying a property in Greece doesn’t automatically give you the right to live in the country long-term.⁴

Instead, residency and property ownership are treated separately, although some buyers may qualify for residency through investment schemes - such as the Greece Golden Visa - depending on the value and location of the property.

📚 Golden visa in Greece

How much are property prices in Iraklion?

Property prices vary by neighbourhood, but prices as a whole have recently reached their peak with a value of €2,036 EUR per square meter.⁵

The median price of an apartment for sale in Heraklion is €275 EUR per square foot. As for houses for sale, the median price is €241 EUR per square foot.⁶

Prices here are generally lower than in tourist-heavy islands like Chania, Mykonos and Santorini.

Where is the cheapest place to buy property in Iraklion?

The most affordable areas to buy property in Heraklion include older city districts, inland suburbs and villages just outside of the city.

Buying property in Iraklion as a foreigner - a step-by-step guide

Before you start your house hunt, it can be useful to know a little about how the process of buying property works in Iraklion (Heraklion).

Here’s a quick overview of the steps involved:

1. Get your finances in order

Your budget should include the property purchase price, taxes, professional fees, any renovation costs and ongoing ownership expenses.

2. Obtain a Greek tax number (AFM)

An AFM (ΑΦΜ)³ tax number is required for all property transactions in Greece.

You can apply for your AFM at the local tax office with your passport and a completed application form.

You’ll also need to open a Greek bank account in order to pay taxes, utilities and complete the property purchase.

📚 Opening a Greek bank account

3. Find a property and arrange viewings

Now it’s time to start searching for your dream home. You can use online property portals and/or local estate agents to find properties. If you’re using an agent, make sure they’re registered with the Hellenic Association of Realtors (HAR).

If you’ve found somewhere you like, arrange a viewing as soon as you can, and start researching the area in the meantime.

4. Make an offer

Offers are usually negotiated via agents. Once agreed, terms are confirmed in writing.

5. Appoint a solicitor and carry out due diligence

Your solicitor will check ownership, planning permissions and debts.

A local lawyer will review contracts written in Greek, cheek title deeds and verify planning compliance.

A personal recommendation is a good way to find a solicitor, but you can also find a list of English-speaking property solicitors on the UK Government website.

6. Get a survey

A building survey isn’t mandatory, but it could help to flag up any serious issues early on.

If the technical report flags anything up, you may be able to go back to the seller to negotiate on price, or arrange to have issues rectified before the sale completes.

7. Sign the preliminary agreement

The next stage is to sign the preliminary agreement. You’ll also need to arrange a transfer to pay the deposit.

📚 Transfer money to buy property abroad

8. Complete the purchase with a notary

The final contract is signed before a notary and registered with the Land Registry. You’ll need to transfer funds to pay the final balance, and then you’ll get the keys to your new property.

You can learn more about finding a notary through the Hellenic Notary Association website - your solicitor will also be able to point you in the right direction.

📚 Transferring large amounts

9. Completion

This is the final crucial step, involving the following actions:
Signing the deed of sale and the final sales contract
Transferring money to pay the final balance
Registering the property title in your name
Getting the keys to your new home

All of the main steps will need to be done in person at the notary’s office, and it’s crucial to have your solicitor there as it may be conducted in Greek (including documentation).

How can you find a property in Iraklion?

While you don’t have to visit Iraklion to purchase a property, many people find it useful to view properties in person and build good relationships with agents and lawyers.

Property agencies and agents in Iraklion

• Engel & Völkers Crete
• RE/MAX Greece
• Elxis - At Home in Greece
• Local independent agents

Property websites in Iraklion

• Spitogatos.gr
• Xe.gr
• Rightmove Overseas
• Idealista

What are some of the pitfalls of buying property in Iraklion?

While property investment in Iraklion does come with several benefits, it’s important to understand any potential risks. This includes:

• Buying without an independent lawyer
• Unlicensed or illegal extensions
• Overestimating short-term rental demand
• Underestimating renovation costs
• Not budgeting for taxes and fees

One of the biggest risks when buying property in Heraklion is failing to carry out proper legal and technical checks. While the Greek property system is well-established, issues can arise especially when dealing with older buildings.

Some of the most common include illegal structures such as extensions, roof terraces and balconies built without permission and unclear ownership or inheritance disputes.

There are also zoning restrictions to consider. Land outside of urban areas may be subject to certain rules that restrict building or renovation. This is why it’s important to confirm what can legally be done if you want to build a house in Greece or purchase land or a rural property.

If you are considering renting out your Iraklion property, instead of moving to Greece full time, you should also look into average rental income. While Iraklion has year-round demand, short-term holiday rental returns are generally lower than in resort towns. Long-term rentals are often more realistic for investors.

📚 Building a house in Greece

How do you choose the right property in Iraklion?

Your dream home in Crete will be the one that closest fits your search criteria. The most important factors will be location, the type of home and of course, how much you can afford to spend.

If you’re not already living there, it’s worth travelling to Iraklion to check out the specific area you’re interested in.

You’ll want to check out the local area and view properties, making sure to pay attention to local transport links and amenities.

Condition of the property

Older properties may need upgrades, so renovation costs should be factored into your budget if this is something you’re considering. Remember, you also need to check what work can be carried out.

Type of property

Consider where you want to purchase and what type of property will be best.

For example, apartments may suit city living while villas could be better for families and retirees.

No special permits are required in Iraklion for foreigners buying property as long as you aren’t purchasing in a border-sensitive area

Moving into your Iraklion property

Consider proximity to hospitals, shops and transport. You will also need to factor in moving costs such as transporting your belongings or hiring a moving company.

Insurance

Home insurance is strongly recommended and often required if you have a mortgage.

Setting up utilities

Get these sorted as early as you can, and the moving process should be a little smoother.

Utilities typically include:

• Electricity
• Water
• Internet and phone services
• Municipal charges

📚 Paying a bill in Euros

Cost of living in Iraklion for UK buyers

One of the main attractions of buying property in Iraklion is the relatively low cost of living compared to the UK.⁷

Electricity and water costs are generally lower than in the UK, though air conditioning in the summer can increase bills. This is why many homes use solar water heaters which can significantly reduce hot water costs.

There is no council tax equivalent in Iraklion. Instead, local taxes are usually included in electricity bills and again are relatively modest. Public healthcare is also available to residents and private healthcare is an option too.

Food, eating out and local transportation are also cheaper than in most UK cities, making Iraklion an attractive choice for many retirees and remote workers.

Renovating property in Iraklion

Renovation is common in older properties but you should always confirm planning permissions before purchasing a potential renovation project. Again, costs can vary widely depending on the location, condition of the property and scope of work.

Typical costs range from €500 to €1,500 EUR per square meter and can take 3 to 12 months to complete.⁸ This depends on permit approvals and contractor availability so it’s important to build flexibility into your plans and avoid tight move-in deadlines.

Working alongside an interpreter can help to avoid any delays and misunderstandings during the renovation process.
📚 Renovating property in Greece

Save on currency conversion fees with Wise when buying property in Iraklion

After reading this guide, you should have all the essential info you need to start your property search in Iraklion. However, there’s one more thing to consider - and that is how you’ll manage multiple payments in euros to cover deposits, professional fees and eventually, the final balance to complete the transaction.

Need a secure, convenient and low-cost way to send a deposit or pay the final balance for your property purchase in Iraklion? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

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Additional FAQs about buying property in Iraklion

Can a foreigner buy property in Crete?

Yes, foreigners can buy property anywhere in Crete, including Iraklion (Heraklion). However, they may be subject to stricter mortgage approval processes.

Do I need a Greek bank account to buy property in Greece?

Yes, a Greek bank account is required for taxes, fees and utilities. You also need a Greek tax number.³

Does buying a house in Greece give you residency?

Yes, but only if you qualify under programmes like the Golden Visa.⁴

Is it cheaper to live in Greece or the UK?

Overall living costs are lower in Greece, particularly for housing and food. But this does depend on where you live and your lifestyle.⁷

How much do I need to retire in Crete?

Living in Greece can be much cheaper compared to UK cities such as London but exact costs will depend on where you live and your lifestyle.⁷

Which Greek island is best for over 50s?

Crete is popular due to healthcare, infrastructure and year-round living options.

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Sources used:

1. Global Mortgage Group - mortgages for non-residents
2. Housing in Greece - property taxes and fees
3. Elxis - Greek taxes
4. Your Overseas Home - Greek residency
5. Indomio - average property prices
6. Properstar - average housing prices
7. Numbeo - cost of living in Iraklion
8. Inconde - construction costs in Crete

Sources last checked on date: 02-Feb-2026