This small abandoned village (Sotira) is mentioned in historical records dating back to the 15th century. By 1974 its population had dwindled to just one inhabitant. Situated just 12km from Sitia beach, port, and airport, it has good access, an unpolluted natural environment with fresh spring water source, and sea and mountain views.

7 ruined properties and 2 plots are available for sale, in some instances all that remains of the original houses are ruined walls.

Property 1 – 45m2 ruin; could make 2 rooms at ground level plus an upper floor.

Property 2 – 25m2 room plus beautiful terrace 25m2 with mountain view; existing room could make open plan lounge/kitchen, plus an upper floor of bedroom/ensuite shower w.c.

Property 3 – 60m2 house plus terrace; could be converted into 2-bed house with upper floor and roof terrace.

Property 4 – 120m2 ruin with 2 entrances plus terrace, sea and mountain views; could make 2 separate 2-bed houses.

Property 5 – 65m2 house of 3 rooms plus terrace, sea and mountain views; could make 2-bed house.

Property 6 – 100m2 house plus terrace, sea and mountain views; could make 2 separate 2-bed houses.

Property 7 – 40m2 ruin plus small terrace; could make 1-bed house.

Plot 1 – 2000m2 plot of land adjacent to Properties1-7; planning laws permit 200m2 building.

Plot 2 – 2000m2 plot of land adjacent to Plot 1; planning laws permit 200m2 building.

POTENTIAL BUSINESS OPPORTUNITIES:

1.        Renovate the existing ruins to make 9 houses, construct 6 more houses within the plots. Total houses: 15. Add a minimarket or cafe. Put on market as combined package or sell off individually.

Estimated market value of completed final development: 1,8 million euro – 2 million euros.

2. Renovate existing ruins and construct houses within the plots, total 15 houses plus a store as above plus a swimming pool. Put on the market for rent. Each house of 1/2bedroom, fully furnished, expected rental per day: 80-100 euros.

These properties can be rented in winter time as well, as there are increasing numbers of tourists, including Greeks, taking holidays in the area out of the traditional summer season.


Expected annual income: 300.000 – 400.000 euros

Total size of existing buildings excluding the terraces: 450-500m2

Price: 320.000 Euro

Approx combined cost of renovation and new construction, including swimming pool and store: 800.000 Euro

Ref: CH-VF 16