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Other Considerations
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| Features: Garden, Pool, Parking, Disabled Access, Pets Allowed | ||||||||||||||||
| Amenities: Golf Course, Schools, Shops, Bars & Restaurants, Near beach resort, In beach resort, Near mountain, In historic place, In vacation place, 24 Hour security, Gymnasium, In Mountain, Near a Lake, By a Lake, Sea View, In Town, Nightclubs / Casinos, By the Sea, In Village, By a river, Near a river, River View, Mountain View, Garage, Near Town, Near Village | ||||||||||||||||
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Description: Exclusive Two Bed Villas with swimming Pools on the enchanting Island of Crete from only £112,000 with a 2-year rental guarantee from the developer. Exclusive Two Bed Villas with swimming Pools on the enchanting Island of Crete from only £112,000 with a 2-year rental guarantee from the developer. • 39 Detached or semi-detached villas. • Situated in the village of Filaki on the top of a hill • Enjoy magnificent sea views to the Cretan Archipelago • Size of the houses varies from 66 m2 to 105 m2. • Each house will have two parking lots, • Communal or private swimming pools, • Landscaped gardens, • Autonomous heating system and air conditioning • Furniture pack • Outstanding finance terms • 2-year rental guarantee from the developer. Location It is situated in the traditional village of Filaki, minutes from the stunning Lake Kournas (under 4km), and the sandy beaches of Georgioupoli (also under 4km), there you will find restaurants, tavernas, coffee shops and shops, as well as numerous hotels RENTALS • The tourism industry in Crete is very strong, • Greece being amongst the top 10 worldwide tourist destinations year on year. • Crete collects the largest amount of tourists from the islands, • Daily chartered and scheduled flights from Europe. • Villa rentals play a major part in accommodation. • Holiday home market is still in its infancy in Crete • 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. RENT GUARANTEE The developer is at the disposal of purchasers on Falcon Hills to rent out and manage their properties. Expected yields will be over 7% net annually after the 2nd year once a yearly clientele is established. The developer is very confident in the rental potential of Falcon Hills. Thus, the developer, provided that the full furniture package is purchased, is guaranteeing the rent for 2 years from completion at 5% on the net purchase price, ie pre-VAT. This amount (less maintenance costs) will be deposited directly into the mortgage by the developer on behalf of the client. FURNITURE PACKAGE All properties come with a furniture pack option of 10,000 Euro for a 1-bed, 12,000 Euro for a 2-bed and 14,000 Euro for a 3-bed. All the prices are plus VAT at 19%. PRICING The pools are either private, or shared between a maximum of 6 villas. In addition, in Greece properties need to have obtained an EOT license before they can be rented out on short-term basis. This adds an additional cost of approximately 4,000 Euros to each property, however this has been factored into the price. Prices before VAT range between 101,891 & 105,451 Euro for a 1-bed villa; 156,349 & 200,293 Euro for a 2-bed villa and 247,561 for a 3-bed. The VAT and all additional notary fees can be added into the contract price, and hence the mortgage. FINANCE Banks in Greece are quite flexible and progressive, however their normal finance terms are 20% deposit, and 80% LTV mortgages on the purchase price. We have negotiated with numerous banks a unique package for purchasers on Falcon Hills. They have accepted to include the VAT, notary fees, legal fees and furniture pack and provide the mortgage on the all-inclusive price. In addition, they have agreed to provide European clients with 85% LTV mortgages (subject to status). RESERVATION Thus, to secure a villa on this development, a 5,000 Euro reservation is required (to be deposited into the solicitor's client account). The client will then have 40 days to send over 7.5% deposit (less the reservation) to the solicitor, in which time the preliminary sales contract is signed. The remaining 7.5% can be paid by the client upon delivery, or broken down into stages during construction. During construction, the developer draws down from the mortgage, however there are no payments to be made as it is on a grace-period until completion. |
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