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Greece > Crete > Nomos Irakleiou > Dimos Heraklion > Bendevis

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€100,862

(GBP 86,898)

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Apartment / Flat 2 bedrooms
For Sale
Bendevis
Greece

100% Finance Option Only �6,000 Required -
Highly Desirable Rental Property

A development One and Two bedroom apartments located Overlooking Rethymno.

Detailed information

Atsipopolou is a suburb of the historic city of Rethymno and is set in the hills just three kilometres from the city border. The property in this town is highly sought after by locals as well as investors as it is only five kilometers from the city center, six kilometers from the old harbor, old town and Venetian Fortress (Fortezza) and seven kilometers from the eight kilometer long sandy beach.

Rethymno, the capital of the prefecture of the same name, is only a ten minute drive away and is a year round city full of history and vibrancy. When you step into the old town you take a step back in history as you walk through the cool, narrow streets lined by Venetian three story houses with their own private courtyards. Freshly caught fish and seafood are the specialty of the tavernas that surround the old port and as you look up, the huge Venetian fortress dominates the skyline.

Out of the old town there are lively bars, boutiques, traditional kaffeneions and tavernas with live Cretan music all co-existing in a city that is home to 30,000 people and a further 8,000 students at the university.

`Panorama Rethymno` is a complex of 72 one and two bed-roomed apartments offering a real `life-style` existence. Relax by one of the three shared pools, walk through the streets of the town enjoying the mix of old stone built houses and shops and more modern buildings, in which are set a number of shops, tavernas, bars and kaffeneions. Or, take a five-minute drive down to the magnificent beach front of Rethymno.

The views to the North are of the sea over the rooftops of Rethymno and to the South of the mountains. The site has three sections, all sharing communal roads that will be adopted by the Municipality.

Each of the twelve buildings will consist of six apartments, three on the ground floor and three on the first floor, with the exception of building 4 which will house only four apartments.

All external doors and windows will be of either UPVC or aluminum with high quality kitchens, fitted wardrobes, bathrooms and internal doors. A choice of finishes is available for kitchens, bathrooms and tiles for early reservations so you can have a finish to your own taste.

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

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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 s such as holidaylettings 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 pare this to a similar island like Cyprus. The same shows over 1000 properties. And these are islands with similar sizes, population, and tourism figures.

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