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Selling a plot in Crete – Tips for land owners

07 Sep 2019

Market, by Broosco Team

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Tips for land owners in Crete on how to prepare for the sale process. Things you should know about your plot/property. Steps to follow for the listing, documentation, pricing and viewings.

Selling your plot is a different process than selling a house, mostly because your target group has different characteristics from home buyers. Nevertheless the philosophy and the action plan aren’t totally different from selling a house. You still need to know what you sell, your property has to be legally and technically ready for the sale, you need to set the right price and of course you need a marketing plan that will provide to your property maximize exposure. Here are some tips for land owners.

 

Know what you sell

You need to know exactly what your plot is zoned for, or if you prefer what is allowed to be built. The regulations dictate the uses allowed (residential, commercial, touristic lodgment), the total sqm per use that can be built, the height of the building/s, distances from borders etc. This information is usually stated in the topographic plan. If your plot is outside city plans you will probably need a certificate from the Forestry Agency. If the plot is in restricted areas  (parts of Akrotiri mainly in Pithari, Aroni, Marathi, Souda bay, Aptera, Kalami etc ) you might not be allowed to sell to non-Greek citizens. If you don’t have all this documentation we advise you to address to a topographer and proceed with all the necessary paperwork.

 

Prepare all the documents before for the sale

Rules and regulations have changed significantly compared to 10 or more years ago. The sale process follows specific steps and is more transparent. Don’t make the mistake to wait until you find the buyer. If he realizes that the process needs 6-12 months for completion he will withdraw his interest and will move to his next best option. So be proactive, have all your substantial documents and certifications ready for the sale process and prove that you are a confident seller. Check here  all the documents required.

 

Target your buyers

Since you know the advantages and disadvantages of your plot, it’s easier to target your buyers. If your plot has panoramic unobstructed sea views but rather small building density (e.g less than 200sqm) you probably address to individuals. On the other hand if your plot is near a popular vacation area (e.g Alimirida, Kalyves, Platanias etc) and has high building density you could address to construction companies.  Always check the competition and take under consideration how the real estate market moves in your area or similar areas. Try to understand the land market as a whole, why people are buying plots in your area and what these people are looking for. Your decision about the target group of buyers will dictate (besides other factors like location, building density, views, etc ) your pricing strategy. If you are not experienced enough to come to a conclusion don’t hesitate to ask a real estate, he/she may have clearer ideas on what people are looking for in your area.

 

Set your price

We have written many times in our blog that the price can determine your success in attracting potential buyers. Bear in mind that we are still in a buyer’s market, so keep monitoring the real estate market and try to balance between your needs and what the market dictates. An extremely high price will probably lead to zero inquiries and will cause your plot to take longer to sell.

 

Boost your selling chances

The location of a plot is usually the most important aspect for a buyer to consider. Is it enough? Short answer is No. First impression is lasting in real estate. So try to show your plot at its best. If you want to amplify the buyer’s first impression:

  • Provide easy access: Have the plot cleaned from briars, thorns, cut the grass (or weeds), remove garbage etc so that the buyer can easily walk through your property
  • Show clearly the boundaries: Install poles or a fence to help the buyer realize what he is buying. Try to avoid signs like stones and trees, they do not have a good visual impact...
  • Take care of the trees and make your plot look nice
  • If your plot provides a magnificent sunset suggest a viewing during the sunset

 

Inform your neighbors

Maybe some of you will think that it goes without saying, but in case you haven’t tried it yet, talk with your neighbors about your intention to sell your land. It’s a gentle thing to do, showing respect to neighboring. You never know, they may want to buy your land for extra space or just to control what is built next door.

 

There are plenty of extra parameters that you could take into consideration when selling a plot. The purpose of this article is to highlight the major factors that a land owner should focus. If you want more information about the Cretan land market Broosco Team is always willing to help you move forward. Good Luck!


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