Crete – Location of our latest luxury Apart-hotel investment set to launch imminently - Prices expected to start from just £78,500

A great opportunity to invest in a leading 4 star hotel brand ideally located in a well known and well liked touristic hotspot.

Prices are expected to start from just £78,500 with 10 - 20% return on investment expected. Investors receive generous personal use at no extra cost and the mortgage can be deferred for up to 2 years. This exciting buy to let product is set to launch imminently and, as usual, first come first served.

Crete, Greece

Crete is the largest of the Greek islands and the fifth largest in the Mediterranean with a total area of 8,336 km2 equating to approx. 6.3% of the total territory of Greece. Each year it attracts about 4 million tourists out of a total 15 million who visit Greece and can be reached via two international airports located in Heraklion and Chania, or via boat and the main ports of Heraklion, Chania, Rethimno, and Agios Nikolaos.

Tourism is one of the main sources of income and employment in Crete.  According to National Tourist Organization (NTO) data, Crete has 1,523 resorts and hotels with 145,139 beds, approximately 5,300 beds belong to five-star hotels with about a 75 percent annual occupancy rate which makes it an ideal location for our latest buy to let apart-hotel and an investment opportunity with huge potential for our clients.

The economy of Crete

Over three-quarters of Crete’s gross domestic product come from service based industries with tourism contributing approx. 13 percent.  The island is host to 11,200 retail businesses with a combined turnover of approx $2.2 billion and there are 8,700 companies actively working within tourism with a combined turnover of approx. $1 billion.

The tourism sector employs approximately 18,000 people, compared to 4,000 people in 1971.  Of the 4 million tourists visiting Crete each year, 23% are Germans, 19% are English, followed by Scandinavians and French.  Greeks represent approx.10 percent of all tourists who visit Crete and their visits are predominantly around August. It is also worth mentioning that the island is starting to attract strong interest from Russia and other East European countries.

The island has a per capita income close to 100% of the Greek average, while unemployment is approximately 4% - half of that of the national average.

Why do holiday makers like Crete?

Crete has a total 1,046 kilometres of Coast Line and almost all of it is suitable for swimming; a large majority of the beaches have been awarded the International Blue Flag for high standards and cleanliness.

At over 260 kilometres long, the amount of sunshine the Crete enjoys all year round varies from the North to the South.  The average in the North can be anything up to 2700 hours while the Southern Coast enjoys some 300 or so more providing up to 3000 hours per annum. Summer temperatures average between 29 - 30°C and in winter usually drop to a more than comfortable 15 - 20°C.

Crete is a location of significant historical interest and was the centre of the Minoan civilization (ca. 2600–1400 BC); the oldest recognised Greek and hence European civilization.  For centuries the island was known by its Italian name Candia, from the medieval name of its capital Heraklion. Visitor attractions include the Minoan sites of Knossos and Phaistos. Some parts of the palace at Knossos have been reconstructed by archaeologists to give an impression of the grandeur and scale 4000 years previous. To see and experience the genuine thing you should visit Festos, Malia or Zakros.

The main cities of Crete

The biggest cities in Crete are Chania, Rethymnon, Heraklion (or Iraklion)  and Agios Nikolaos.  Heraklion is the business and social center of Crete and the fifth biggest city in Greece.  Heraklion was the ancient port of Knossos, the prominent city of the Minoan era.  Chania is the second largest town in Crete and its ancient character is felt more preserved here than in any other town on the island.  Rethymnon feels charming and traditional with echos of the past clearly felt.  Agios Nikolaos is the Eastern tourist center of Crete and combines modern facilities with the past.  On the southern end of the island sits Hersonisos (location of our Apart-hotel) which attracts the majority of tourists.  From a historical perspective, Hersonisos is also the most significant of the Prince of the Lilies Greek islands, since culture developed there with the Minoan civilization over 4000 years ago.

The future of tourism in Crete

Investment potential for Crete lies in biological agriculture, the industrial food sector and in tourism, which offers great investment potential for the development of alternative tourism.

Efforts to increase tourism to the island are focused on improving the tourist product currently offered. This includes renewing current facilities, upgrading services, and developing alternative tourism; such as convention, health, agrotourism and cultural tourism.  Both will contribute financially in the development of the island’s product and thus extend the season even further.  Convention and health tourism, including “thalasso”, result in a guest per capita accommodation which is much higher than regular summer guest accommodation.  In Crete there are approximately 78 conventional centers, which is about 35 percent of the country’s total available convention centers. 

Crete’s natural beauty and its cities throbbing with life, elegant shops, traditional restaurants, local cuisine, accompanied by genuine Cretan wine and the characteristic local drink “raki”, a strong alcoholic drink made of choice mulberries, ensure Crete will remain a strong player in the world’s tourism.

Click here to register your interest in our latest buy to let apart-hotel in Crete, Greece