Yes, this is an excellent time to buy property in Greece. Why? Because there is economic turmoil. No one knows when the rollercoaster ride would end. Too many are trying to sell because the ride is making them dizzy. We saw the same thing in US real estate market in 2008-2010. There were some insane deals out there. But remember, it is going to be a rollercoaster ride for some time.
But there is a bigger hurdle. In Greece, ownership of real estate is not very clear. Which means that the wonderful villa you bought may not truly belong to the person who is selling it to you... Unlike US and UK, where there are seriously deep real estate records, Greece suffers from fuzzy recordkeeping so horrible that even the Greek government has no clue about various properties...
Not only in Crete , but also everywhere in Greece, it is a really good timing to invest in a property . Speaking of investing, apart from the economic parameters, there is also the parameter of life quality, and this is the great factor about having a property in Greece. Nevertheless a small villa can also provide you the benefit of an income, since now renting your villa in Greece is a huge trend . The benefit of the crisis is that you will finally purchase in the best value for money price, a house that otherwise would be super expensive. Though allow me to disagree that you could purchase a property half of it s value.