Embark on a real-life journey into the realm of real estate investment opportunities in Chania, Crete, as we delve into the experiences of an actual investor. This article offers an authentic narrative, providing insights and perspectives straight from the firsthand encounters of a real investor navigating the dynamic landscape of Chania’s real estate market.
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While Real Estate is not my primary focus, I found it compelling to share with ARENCOS and friends the investment prospects that Crete, particularly in the realm of tourism, has to offer. In recent discussions with associates, notable projects in renowned areas such as Chania, Rethymnon, Heraklion, Lassithi, and others were highlighted. These projects include operational units and undeveloped land, including renovation projects.
During my two visits to Chania and Agios Nikolaos for Real Estate business this summer, I explored approximately 30 properties, ranging from hotels and projects to unique land pieces and villas. Prices varied widely, spanning from 4,000,000 to 80,000,000 euros. Despite the ongoing challenges posed by the recent Building Code, the tourism scene in Crete remains vibrant, with construction flourishing and numerous yachts gracing the marinas and bays of the island.
The unique appeal of Crete makes it an exceptional investment opportunity, offering profits to investors almost immediately after signing contracts. While it’s worth noting that no hotels with good ROI potential are currently listed for sale on the market, serious investors may still find opportunities.
Allow me to share a couple of examples from my visits:
A 5 Star Hotel in Chania
A 5-star hotel with 30 suites, 15 villas with a pool, and a seaside restaurant, priced at 45,000,000 euros. Before visiting the hotel (I’m unable to disclose the name yet), I was wondering about the very high asking price. However, upon witnessing this 5-star hotel perched on a rock with panoramic views of the sea and sunset, reminiscent of a meticulously preserved traditional village, I was captivated.
It dawned on me that the cost was justified by the property’s unique charm. The hotel boasts 30 suites, each with private balconies, and 15 quaint villas, most featuring private pools. Additionally, there is a communal pool with a restaurant. The balconies extending over the sea provide a truly unparalleled experience. The second restaurant, situated by the seaside, is breathtaking.
The enchanting location justified the seemingly high price, with rooms priced at 1,200 euros per day in September.
An Amazing Plot in Almirida, Apokoronas
A plot of 150,000 sq.m. in the unique area of Apokoronas with two Blue Flag beaches. The property, featuring 15 small houses, has archaeological significance and potential for substantial development, offering a profitable return on investment. For the past two decades, ownership of the property has been held by three partners who have faced challenges in both utilizing and selling the asset.
The price could get better! The opportunity is good, the investment is big, but the profit is bigger. Except for the already standing 15 houses, which can be renovated, we can build 14.000 sqm. almost on the beach which means that we can have at least 200 suites 40 sqm. each.
200 suites X 1.000 euro per day = 200.000 per day
200.000 per day X 150 days = 30.000.000 euro. The return of the investment will be eternal.
Take under consideration:
- * the price to build / to construct in Chania, Apokoronas is approximately 2.500 euro per sqm.
- * they can build very quickly.
- *the Season in Chania is 6 months
Villas in Apokoronas and Akrotiri Area
I visited at least 10 off-market villas with ARENCORES. The more affordable option is priced at 4,000,000 euros, offering a good view, but accessibility to the beach requires a car. Villas range from 4,000,000 to 16,000,000 euros, with varying views and amenities. A notable example is a villa in Almirida, Apokoronas, offering a stunning view of the Aegean Sea and a sunset over the sea, priced at 5,500,000 euros.
On the other end of the spectrum, the pricier option, rare to come by, commands a sum of 15,000,000 euros and enjoys a beachfront location (a particularly uncommon feature in Akrotiri). In my perspective, a highly attractive proposition is a villa situated in Almirida.
Positioned in an elite area, it boasts unparalleled views of a small island and a sunset descending into the sea. Despite being under construction with unique architecture, this villa, located on the outskirts of the settlement (ensuring exclusivity), is the second property from the beach.
It’s a piece you can use for yourself but you can also rent it for at least 12.000 euros per week.
Please take into consideration that all those properties are not Off the Market.
The potential for renting these villas could result in a significant yearly profit.
It’s essential to emphasize that these properties are not currently on the market, and further details about these investment opportunities in Greece will be shared in person.
Off-Market Properties in Chania, Crete, Greece.
When do you want to stay in Chania? Our off-market database exclusively includes fair-price and hassle-free properties in Chania City, Apokoronas, Agia Marina, Platanias, Akrotiri, and Kissamos.
Our exclusively listed properties are “sales-ready” properties, so no surprises await you. Each property of ARENCORES is presented most professionally and reliably with an accompanied report to check its legal and technical readiness.
