The Investment

30% deposit and nothing to pay until completion – The developer will meet interest payments on deposit borrowing up to 8% without the investor having to pay this back.  There is no interest charged on stage payments.

80% LTV Guaranteed mortgage.

14 days free use per year (1 week peak season, 1 week low season).

Low entry level prices – Price increases through the build period with up to 184% return on deposit.

8% guaranteed rental for 2 years (using government subsidy).

50/50 split with hotel thereafter (please contact us for hotel rate comparables).

Please see below for further details.

Resort Overview

‘Demand for luxury homes within complexes is constantly rising’.
Giorgos Souflias, Greek Public Works Minister.

The proposed site plan has been produced by Yiannis Vikelas, one of the most respected architects in Greece, who has an excellent reputation and wealth of experience. His aim was to create a low density design which not only is in keeping with the Government plans, it creates more outdoor space and the promise of higher occupancy rates.

The site was selected due to the gradient of the land and, as such, all properties will have stunning sea views over the bay of Klima to Asia Minor.

The concept behind the overall construction is to emulate the village tradition of the island.  Therefore, the resort is split into hubs which encompass a range of property types. The varying design of the properties is intended to heighten the sense of community living while creating a pleasing and interesting aesthetic.

It is possible to ‘flip’ properties throughout the lifetime of the construction, ensuring that early investors can take advantage of the full release advertising to achieve a possible early exit strategy.

Once the full marketing machine starts in a few months you will see the resort on TV advertisments, magazines and National Newspapers. The developer’s aims are that the resort will become a byword for luxury, quality and value. They already have reporters from the The Times, The Telegraph and The Daily Mail planned to visit the site in order to write editorials on the resort. By the time this advertising campaign is in full swing, the prices of the properties will have risen to reflect this extra cost.

Facilities

The resort is going to have a stunning array of facilities, of which the ‘pièce de résistance’ will be the 1,200m2 Spa.

 

The Spa, which is being designed by the internationally renowned Spa design company Blue Spa, who designed and operated the exclusive Mayfair Spa (www.mayfairspa.com) in the Radisson Edwardian, Mayfair hotel amongst others. In addition to the Spa, there will be a comprehensive array of other facilities:

• Tennis Courts
• Exclusive Marina
• Gymnasium
• Dive Centre
• Water Sports Centre
• Outdoor Infinity Pool
• Indoor Pool
• Two Restaurants
• Reception
• Children's Club
• Conference Centre
• Boutique
• Convenience Store

The bay of Klima already has two restaurants on its water’s edge, which will of course be within easy reach. The tourist resorts of Pythagorio and Psili Ammos are 10km and 2km away respectively. The Capital of Vathy with its eclectic mix of sites of cultural significance, shopping centre, restaurants and a range of lively bars, is only a short 15 minute drive from the resort.

The Marina

The marina at the development will be a subtle yet significant addition to the resort, allowing owners to berth their yachts for convenience whilst island hopping throughout Greece. Conveniently, the new state of the art marina at nearby Pythagorio is a mere few minutes sail west of the resort. The 35 berth marina at the development will offer all of the necessary facilities to secure and maintain your yacht. Power, water, internet access and other conveniences will be readily available, as will vehicular access. Nowhere else on Samos can you moor your yacht and admire her from your own balcony whilst sipping a glass of delicious local Muscat wine!

Comparables

This development will represent the pinnacle of five star accommodation available on Samos.

At present, there is only one true, five star hotel on the island, which rests between the airport and the marina resort of Pythagorio, the Doryssa Bay Resort (www.doryssa-bay.gr).

The hotel rates are explained in the brochure and the resort currently has a small Spa (with only three treatment rooms) and is directly under the flightpath from the airport being only 0.5km from the end of the airstrip.

Other than The Doryssa Bay Resort, there is a collection of three and four star hotels throughout the island. Christie and Co. have undertaken a full feasibility study into five star tourism on the island and its future potential, which confirms the need for further five star accommodation.

Further information is in the development brochure.

Rentals

All properties within the Resort can enter into the rental scheme which guarantees an 8% rental return in the first two years of operation, whilst allowing the owner 14 days free usage.

 

Some other developer's rental guarantees are created simply by inflating the prices of the property, but this is not so with this development. This is a true rental guarantee offset by a subsidy provided by the Greek Government as an incentive to establish 5 star tourism on the island.

Maintenance

The maintenance charge is likely to be €19 per m2 of the property size. This sum is payable per annum and includes all costs associated with the operation of the resort, such as utility bills etc. There are no other charges to pay apart from any borrowings or insurance.

Purchase Procedure and Viewing Trips

The first step once having decided upon a property within the resort is to reserve it in your name. A sum of £1,000 secures your property for 30 days, in which time you will be sent a personalised contract for you to peruse. If, within 14 days of reserving you decide not to proceed, the developer will fully refund your reservation fee.

 

During this time we highly recommend one of the bespoke viewing trips. These can be carried out for the cost of just £200 per person. The developer will also make all arrangements on your behalf. Please contact us for further details.

 

Finance 

 

Many investors have funds tied up in property elsewhere. If you decide to release this equity with finance and invest in this resort, then the developer will pay your interest payments until completion. (The developer will pay cashback on client UK-sourced finance secured for the first 30%. Cashback payments will be paid from receipt of the first 30% for a maximum of three years or until property completion (whichever is soonest). The developer is not responsible for the repayment of any loans or mortgages and your property is at risk if you do not keep up repayments or loans secured upon it. Terms and conditions apply.)

 

So with just a £1000 reservation fee, you can secure a five star luxury property available at under the market value with minimal financial outlay and maximum capital gain.

 

The remaining balance isn’t due until completion. Assuming the property will then be worth substantially more than when you first borrowed on its value, there will be ample equity in your property from which you can mortgage and settle your finance.

 

When you come to mortgage your property after completion, the two year guaranteed rental return and anticipated 14% rental return thereafter substantially assist your repayments.

 

Ownership

 

Due to Greek legislation, the properties are offered on a full sixty year lease with unrestricted use. Current Greek contract legislation states that after five years the properties can be offered on a full freehold basis and the contract with the developer states that at this time, the properties will be transferred at no extra cost to the owner. The contracts also state that should for any reason a property not be transferred to full freehold ownership, then the leasehold agreement will be extended in perpetuity, with no cost to the owner.

 

Greece

 

Following the success of Athens 2004 Olympic Games, which brought major infrastructural improvements, Greece is now entering a new economic era. Greece has become increasingly more popular with not only traditional tourism, but is fast establishing itself with foreign investors as a country with enormous possibilities. Greece is now a popular destination for conventions, international exhibitions and major investments within the framework of the tourist industry.

 

Planning legislation has recently changed as the Greek government pursues its initiative of increasing tourism on the islands by over 50% by 2013. The Government are investing £650 million to increase tourist numbers focusing on 4 and 5 star accommodations. They are doing this by easing planning laws and making ownership easier for foreign buyers. The tax system has also been simplified with fewer taxes for investors. This will inevitably open up the Greek property market to investment from the second home investor market. For many years, Spain has been the primary destination for the UK second home investor due to the lax Spanish building regulations and excellent weather. However, Greece is fast becoming the destination of choice.

 

Greece is an established holiday destination and one of the most sought after second home locations besides Spain and Portugal. It boasts the same stunning weather and azure coastlines, but also benefits from stringent planning controls, preventing overdevelopment on the coast, as can be witnessed in parts of Spain.

Greek tourism is world renowned. 17 million tourists visited Greece in 2007, with tourism in the 1st quarter of 2008 increasing by 4.8% (Source: Greece National Statistics Service). The country boasts a wealth of history, character and breathtaking scenery, ensuring that tourism will always be popular. The popularity of tourism and the envious way of life ensure a strong and stable resales market, vital for when you wish to sell your property and realise your investment.

Samos - The Island

Samos is an Island steeped in history, culture and some of the most beautiful scenery Greece has to offer. Being the 8th largest Greek Isle, Samos has an area of 477km², boasts two cities and a variety of boutique tourist destinations from the delightful marina resort of Pythagorio to the picturesque Kokkari. With flights available direct from the UK, getting there has never been easier.

 

Not only is there an international airport on the island which receives flights from all over Europe, there are also two ferry terminals. Tourism on the island increased by 21% in 2006 and 40% of all tourism is from Greek Nationals, ensuring a strong local demand.

 

At present, there is one five star resort on the Island: http://www.doryssa-bay.gr. The developer's have commissioned Christie & Co. to produce a feasibility study into five star tourism on the island. The report that was produced strongly indicates that there is a need for further upmarket tourism on the island. Tour operators offering package holidays to Samos include Thomson, Tui, First Choice and Cosmos.

 

Located on the south coast of the island, Samos International Airport currently handles over 250,000 travellers per annum. This figure is expected to rise by 20% per year.

 

There is an abundance of reasonably priced local car hire firms on the island as well as numerous organised excursions.

Caring for the Environment and Samos

The resort has been conceived and implemented by architects and developers that treasure Samos and its charms. While the finish of the resort will be in keeping with the traditional architecture of the island, the construction process is also designed to limit the environmental impact on the island.

The development is not only designed to be the very pinnacle of luxury accommodation on the island of Samos, the resort is also at the forefront of eco-technology.

All of the construction materials for the resort will be produced or sourced locally, reducing the carbon footprint of the build.

The use of electricity on the resort will be significantly boosted by the careful placement of solar panels, meeting the needs of the resort and its guests.

Water on the resort will be recycled to keep the grounds lush and green throughout the year. The resort will process its own freshwater requirements, reducing the environmental impact on the island. Furthermore the resort facilities will be heated via a geothermal system.

These are just a few of the initiatives implemented to lower the impact of the building works and will help in maintaining the resort, years on from completion.

Download the brochure for full details.

We have a huge amount of information on this resort, including: Due diligence documents, images, comparables and much more. Please contact us for further details.