Full Description

Crete is the location for our latest Apart-hotel investment opportunity with prices expected to start from just GBP78,500 (EUR98,910) for a luxury 1 bed apartment. The island of Crete is a well liked tourist hot spot that attracts over 4 million holiday makers each year with Hotel occupancy for 4 and 5 star hotels running at approx. 75%.

The resort will be fully managed and marketed by a well established and experienced resort management team and as with all of our successful apart-hotel products generous personal use is included for investors to enjoy as they see fit.

For investors, A minimum return on investment of 10% is expected but should hotel occupancy continue to perform as it has been this figure could go as high as 20% (or more). Importantly, the mortgage can be deferred for up to 2 years.

Crete and tourism

Tourism is one of the main sources of income and employment in Crete.  According to National Tourist Organization (NTO) data, Crete has 1,523 resorts and hotels with 145,139 beds, approximately 5,300 beds belong to five-star hotels. Over three-quarters of Crete's gross domestic product come from service based industries with tourism contributing approx. 13 percent.  The island is host to 11,200 retail businesses with a combined turnover of approx $2.2 billion and there are 8,700 companies actively working within tourism with a combined turnover of approx. $1 billion.

The tourism sector employs approximately 18,000 people, compared to 4,000 people in 1971.  Of the 4 million tourists visiting Crete each year, 23% are Germans, 19% are English, followed by Scandinavians and French.  Greeks represent approx.10 percent of all tourists who visit Crete and their visits are predominantly around August. It is also worth mentioning that the island is starting to attract strong interest from Russia and other East European countries.