Bay View is a self contained community of 120 properties ranging from one/two bed studio apartments, through to 80m2 bungalows and 80m2 two bed two bathroom townhouses, all with freehold title together with community facilities and swimming pools.

Crete - Situated on the 35th parallel, the most southern island in mainland Europe

Bay View is a self contained community of 120 properties ranging from one/two bed studio apartments, through to 80m2 bungalows and 80m2 two bed two bathroom townhouses, all with freehold title together with community facilities and swimming pools.

Located near Makriyialos on the southern most edge of mainland Europe.

Prices From 99,000 Euros (approx £67,000) to 220,000 Euros (c. £150,700)

A short walk to the beach, close to all usual facilities, these quality apartments, townhouses and bungalows represent excellent value for money in an area that is likely to experience strong capital growth due to development of the airport at Sitia 35 minutes away.

Executive Summary

Bay View - Crete

After the election of a 'conservative' government on a pledge of reforms sweeping away bureaucracy, whilst stimulating inward investment and the successful staging of The Olympic Games, Greece is on the move to catch up with the rest of the Mediterranean sun belt. Eastern Crete is in the vanguard of this movement.

The Prime Minister has publicised his commitment to personally take responsibility for three projects, one of them being investment into the 'Sitia' region. This totally underdeveloped part of Crete is poised to be the largest beneficiary of investment in tourism in the whole of Europe. The focal point for this growth is the building of modern passenger terminals at Sitia airport. Grants have been approved, tender process finished and work is said to begin shortly.

This development will ‘open up' the Eastern side of the island, improving transfer time to Makriyialos from 2 hours, to 35 minutes.

Bay view in Makriyialos is an excellent opportunity for rental income & capital growth.

KEY POINTS

*Government grants of up to 50% for Golf courses.

*Government grants of up to 40% for 5* Hotels.

*€2bn of investment committed.

*New modern passenger terminals at Sitia Airport.

*Charter flights using the new Sitia Airport from Summer 2009.

*Greece has had EU membership since 1981.

*Cost of living is 40% lower than that of the UK.

*The Island of Crete has less than half the population density of the EU.

*The developer can provide up to a 75% mortgage subject to status.

*Property rental and management company will be put into place by the developer.

*Long rental season (April?Oct).

Need for quality rental accommodation.

Getting there...

Heraklion Airport has flights all year round from the UK and is 2 hours from Makriyialos.

Below are examples of prices flying into Heraklion from ...

Gatwick?June British Airways from £184.00 rtn

Gatwick?July Thomson Fly from £165.00 rtn

Gatwick?Aug from £185.00 rtn

You can hire a car from as little as £14.80 per day with First Choice Car Hire.

Did you know…

*Greece joined NATO in 1952

*Greece Joined the EC (now the EU) in 1981.

*Greece became the 12th member of the Euro zone in 2001

*Greek Independence Day is celebrated on 25th March

Makriyialos

Visiting the Bay View development site will confirm what a fabulous investment opportunity this is. The site is close to the beach and the nearby harbour town of Makriyialos.

Crete is an island rich in agriculture, producing large quantities of olive oil, grapes, wine and tomatoes. The north is currently more organised for tourists whereas Makriyialos finds traditional Greek life mingled with visitors enjoying the almost all year round sunshine.

Makriyialos is built on the 35th parallel of the southern most coast, of the southern most island in Europe. Some say that this provides a source of energy under the earth.

In May the temperatures were in excess of 22 degrees with perfect blue skies and sunshine from 8am to 8pm, followed by stunning sunsets. In the Summer months, the weather is much hotter, but a breeze remains, making it a wonderful climate to holiday in.

The area around Bay View has yet to be fully developed but it is easy to imagine how it will develop when more cafes and bars are built along the front. Nearby Makriyialos has a selection of shops, cafes, bars & restaurants available and is only a short 2 minute drive away.

Dramatic scenery surrounds the site, with uninterrupted views of mountains and coastline. Bay View is currently situated 2.0 hours by car away from the nearest airport of Heraklion. However, with the plans to extend Sitia airport in c.18 months time, Bay View will be approximately 35 minutes from an international airport. There will be a facility to receive 7 flights at a time, with 3 new terminals.

Nearby Sitia is well worth a visit, set around a pretty harbour with great fish restaurants, large expanses of paved areas with seating, perfect to people watch and enjoy the activity on the water.

The area will appeal to nature lovers & walkers with the nearby Pervolakia Gorge available for a 5-6 hour hike. This is close to one of the oldest monasteries on Crete which has fantastic views

*Already one of the most expensive land areas in Crete

*The leading tourist village along the entire South coast

*30 minutes away from two working, cosmopolitan towns of Sitia and Irepature

*30 minutes from Sitia airport

*A dual carriageway is being built taking traffic away from Makriyialos town and making the journey time to Sitia shorter

Makriyialos - What it is

*Reminiscent of a typrical Cornish village or Marbella Harbour of 25 years ago

*Natural. Raw. Authentic. Majestic. Inspiring countryside

*Peaceful. Unhurried

*Villages untouched by time

*Totally Safe

*Fresh locally producted fruit, vegetables, meat, fish, olive oil (worlds best), wine

*The best weather in all of Crete

Crete

Crete is the largest of the Greek Islands.

Among the most beautiful places in Europe.

Steeped in history and mythology.

The home of the great Minoan dynasty.

The birthplace of Zeus.

The cradle of civilization.

'Crete has outstanding all year round sunshine'

'Traditional coastal and mountain villages untouched by time'

The culture is largely fishing and agricultural. Many villages remain in a largely unchanged state. The Island has less than half the population density of the EU. Outside of main cities of Heraklion and Chania crowds and traffic jams are never seen.

There are no traffic lights on roundabouts, no speed bumps, and no speed cameras at every corner!

Eat and drink well and inexpensively, live in shorts, swim in clear waters, enjoy the sun and the panoramic views from your terrace.

'The birth place of Zeus"

The Site

'Set just a few minutes walk from a beautiful beach, Bay View Makriyialos'

Why Bay View?

Rental Program

Local agents report a large demand for high quality properties as demand exceeds supply.

We are advised that conservative rental prices of approx €80.00/day (winter), €100.00/day (summer – outside of school holidays) and €120.00/day (peak summer period) are obtainable.

A specialist property rental and management company will be put in place by the developer.

Mortgages

The developers are able to provide, subject to status a 70% mortgage and non status mortgages of 60%.

Current interest rates are very competitive at 4.35%** fixed for 3 years with no arrangement or valuation fees.

Up to 30 year term is available. E.g. based on paying back capital and interest from day 1 with a 30 year term the monthly payment would be €650 for a €168,000 mortgage**.

Choice of Properties

40 sq metre 1 bed garden apartment

Prices from € 99,000 (*£67,260.00)

80 sq metre 2 bed garden apartment

Prices from € 180,000 (*£122,929.00)

2 storey 2 bed 2 bath 80 sq metre town house

Prices from € 220,000 (*£149,468)

A ground floor 80 sq metre Bungalow 2 beds 2 baths

Prices from € 240,000 (£*163,056)

(* Phase 1 prices based on an exchange rate of 0.679 23rd May 2007)

** Subject to changes

Bay View Floor Plans - Please enquire for floor plans

Please enquire for payment plan

Financials

*1 Bed Apartment from 105,000 Euros (£73,000)

*Deposit 30% (£22000)

*Rent average £450 pw x 20 weeks = £9000 pa

*Capital Repayment Mortgage (£51100)

*Over 20 years = £3960 pa

Factors Underpinning Growth in Land and Property prices

*Sitia airport receives 28,000,000 Euros grant to build passenger terminals, tender process completed, contractor has begun work on site

*"Most Favoured" area for receiving government grants - 40% plus grants for top quality golf, hotel and marina developments totalling around 2,000,000,000 Euros on Eastern Coast

*Eastern Crete should have more golf/integrated leisure developments than all of Greece and Greek islands

*High quality and low cost lifestyle

Genuine potential to be THE all year round resort area of Greece and the Greek Isles

*Pent up demand for quality homes

*Likely to be a strong reslae market for quality homes

*Quality rental stock is very limited. Good prices and good occpancy being recorded.

Other property in area to compare for rentals

*Diascari - converted stone house Makigrialos sleeps 4 1,295 Euros pw high, 1,045 Euros pw mid, 925 Euros pw low inc taxi/car no pool

*Makagrialos studios sleeps 2 675 Euros pw high, 645 euros pw mid, 595 euros pw low inc taxi/car

*2 bed house outside of town 2,119 euros pw high, 1065 euros pw mid, 995 euros pw off inc taxi/car

To request further details please use the Contact Us link below.

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