Full Description

100% Finance Option Only €6,000 Required -
Completed August 2008
Highly Desirable Rental Property
First selected Units 3 months mortgage paid option available.

A development of Studios and one and two bedroom apartments located 500 metres above the beach in Stavremenos just 12km from Rethymno and 65km from Heraklion Airport.

Detailed information

All studios and apartments have views to the sea and open fields behind. The properties will be finished with tiled floors, double glazing, fitted kitchens and points for television and telephone/broadband.

Fittings for central heating will be in place.

The nearest tavernas and supermarket are only 100 metres away and the elevation of the properties means that the views to the sea will remain unspoilt.

The complete development will be completed by Summer 2008.

Apartments of this size, and in this location, are very much sought after and extremely popular for rental, making properties in this development a very shrewd investment.

Interior Living Space (on one floor)- From 25-90 square metres

Prices From:

Studios      € 56,350 - € 86,733  24.50M2 37.71M2

1 Bed         € 94,760 - €150,650  41.20M2 65.50M2

2 Bed         €116,219 - €207,000  50.53M2 90.00M2

All main doors lead directly into the living areas from which the bathrooms (one to each property) and bedrooms are accessed.

Outside Area - 400 square metres

There is a shared area outside which provides parking spaces for each property and shared boundries.

Utilities

Electric and water will be connected, points for telephone in living area and all bedrooms.

Prices and Finance

100% Finance Option

Usual Payment Process:

Reservation   €6,000

20% paid at Contract Signature with in 30 days of Reservation

30% paid once the concrete structure is in place

50% paid upon completion.

(80% of the Purchase price of the property can be mortgaged. If there is to be a mortgage the bank will release the additional 30% prior to completion.)

100% Finance Option:

Reservation   €6,000 (Subject to Mortgage approval 100% refundable.)

On mortgage approval the €6,000 is used to pay legal fees, Notary Fees, Taxes etc., as the Taxes exceed €6,000 the balance can be included in the Mortgage.

Purchase Costs Of a Property Valued at €150,000 with a 19% tax Liability

Reservation                                                   €6,000

Purchase Price:                                           €150,000

Estimated VPR @ 70% *                               €  19,950

                                                                 -------------
Final Price                                                   €169,950

Legal & Transfer Fees         **                     €    2,000

Total Purchase Cost                                    €171,950

Total Mortgage (Less Reservation)                €165,950

Total Monthly Mortgage Repayment                   € 798.22

(First Two Years)

€481 per €100,000 borrowed over 30 Years.

For First Two Years, after two years €600 per €100,000)

* Taxes - Tax is only paid on the Notary's Calculated Value, this is usualy around 50-55% of the Commercial Value Paid For this Estimate 70% has been used. Please Refer to Our Buying Property in Crete Guide.

** This should be the maximum Costs Incurred c. €2,000

The tourism industry in Crete is very strong, with Greece being amongst the top 10 worldwide tourist destinations year on year. Crete collects the largest amount of tourists from the islands, with daily chartered and scheduled flights from Europe. As with most resort destinations, villa rentals play a major part in accommodation. However, as the development and holiday home market is still in its infancy, availability for villa rentals is limited. A quick check on websites such as holidaylettings.co.uk shows that there are a total of just over 100 rental properties available over all of Crete. The availabilities for these properties is limited, as they all have numerous weeks booked out months in advance. Compare this to a similar island like Cyprus. The same website shows over 1000 properties. And these are islands with similar sizes, population, and tourism figures.