Buy Property for Sale in Plakias, Rethymno, Crete

Plakias Cretan Resort, Rethymno, Crete

This stunning luxury complex will quite literally take your breath away. It has been ecologically designed with luxury coastal villas and apartments. Built within a state of the art health and fitness club, your new home has been designed by a leading architect and it embraces the magnificent natural environment. Each home has been designed and built with the end user in mind and the fantastic facilities include a spa with indoor swimming pool, gym, steam bath, sauna, supermarket, cafe, restaurant, tennis court, mini golf, medical centre, children’s playground, internet cafe, bowling green, games room, library and entertainment area.
Located on the south coast of Crete and just 35km from the charming city of Rethymno, Plakias huddles around a small and scenic port. Plakias is all about the simplicity of life. Fragrant coffee in a local taverna, sunsets over iridescent seas and healthy local cuisine. With spectacular beaches, a sublime coastline surrounded by azure waters and a stunning mountain backdrop, it’s hard to imagine a more idyllic spot for your holiday home.
The breathtaking mountain range surrounding Plakias is carved open by the Kourtaliotis and Kotsyfos Gorges which carries the Kotsyfos River through Plakias to the sea. The blue flag award makes the area ideal for wind-surfing, diving and swimming. Or of course, you can simply enjoy a relaxing stroll admiring the splendid local architecture or soak up the cosmopolitan lifestyle. And for the ultimate in affordable decadence, indulge yourself at Plakias Cretan Resorts Health & Spa Club.

Each property offers:
• Shared swimming pools.
• Stunning and panoramic sea views.
• A breathtaking mountain landscape.
• A beautiful long sandy beach on your doorstep.
• A cosmopolitan atmosphere of a traditional and welcoming Cretan village.
• Easy access to the centre of Plakias on foot or by bicycle. 2 complementary mountain bikes will be offered to each apartment to promote a low-impact and carbon neutral way of getting around.
• Set in Health & Spa Club complex with access to indoor swimming pool, sports and spa facilities
• Superb range of comprehensive first-class services and luxury.

Our exclusive coastal 1 or 2 bedroom apartments range in size from 28m²-77m², making them the ideal choice for friends, families or couples.
These modern and high quality apartments feature a high specification kitchen and bathroom, air-conditioning and internet access. Each one features elegantly finished living spaces leading out onto enchanting verandas that enjoy panoramic views. Whether you are looking for a holiday home or a valuable property investment, these incredible properties tick all the boxes.

Our beautifully presented 2 bedroom townhouses range in size from 110m² to 112m². These very special properties have the option of an outdoor jacuzzi, fireplace and barbeque. Situated in fabulous coastal locations, each one benefits from outstanding architectural design features offering tremendous investment potential.
Each stunning property includes air-conditioning, a statement fireplace, satellite TV, internet access, massage chairs, luxurious furniture, high-tech kitchens and bathrooms, elegant decorations and incredible rooftop open living areas and verandas designed to take advantage of the awe inspiring sea and mountain vistas.

For the ultimate in luxurious living there really is nothing more perfect than one of our magnificent coastal 3 bedroom villas. Designed for discerning clients who demand the very best, each spacious coastal property is finished to the highest specifications and represents the pinnacle of good taste. Our portfolio of coastal villas range in size from 126m²-137m² with a private swimming pool, fireplace and barbeque (included in the cost). Situated in fabulous coastal locations, each one benefits from outstanding architectural design features offering tremendous investment potential.
Each awe inspiring villa includes air-conditioning, a statement fireplace, satellite TV, internet access, massage chairs, luxurious furniture, high-tech kitchens and bathrooms, elegant decorations and incredible rooftop open living areas and verandas designed to take advantage of the breathtaking sea and mountain vistas.

FULL TECHNICAL SPECIFICATIONS OF THESE PROPERTIES ARE AVAILABLE UPON REQUEST.

MORE DEVELOPMENT IMAGES CAN BE FOUND UNDER THE CONSTRUCTION PICTURES LINK ABOVE.

Location

Plakias, Crete, Greece

Construction Schedule

Building is well underway and this phase of the development will be completed by May 2010. Please see our construction images by clicking the blue button at the top of this page.

Facilities And Maintenance

Plakias Cretan Resort has the following facilities on-site:

• Reception Area
• Spa (including Indoor Swimming Pool, Fitness Centre, Sauna, Steam Bath)
• Cafe
• Restaurant
• Supermarket
• Medical Centre
• Tennis Court
• Children's Playground
• Mini Golf
• Bowling Green
• Library
• Meeting and Conference Facilities
• Internet Cafe
• Games Room
• Entertainment Area

Payment Terms

Property Prophets Limited have a refundable reservation fee policy which enables you to hold an apartment for up to 28 days without actually committing to the purchase. This enables you to view the development and do further due diligence prior to signing your contract and paying your first installment. The reservation fee is only refundable if the client views the property for sale in the development within the 28 day period. Only 10% of your reservation fee is retained by Property Prophets as an administration charge. We will accept verbal reservations which are valid for 48 hours. The refundable reservation fee is €3,000 and should accompany a signed reservation form which is available upon request. This reservation fee is deducted from your first installment. After 28 days of receipt of your reservation form and cheque, the reservation fee becomes non-refundable.
Payment plan:
€3,000 reservation fee.
20% deposit upon signing the contract (less €3,000 reservation fee)
20% upon commencement of construction
20% upon completion of the concrete walls
20% upon completion of the flooring
10% upon completion of the doors and windows
10% upon delivery of the property (estimated May 2010).

If the buyer finances their purchase with a bank mortgage, the payments will be scaled according to the bank's payment schedule based on the progress of the construction work.

Financing this Development

There are valuation reports available, which have been prepared by 2 banks: a) Alpha Bank and b) Eurobank.

The mortgage percentage for the clients of Plakias Resorts depends on the borrowing ability of the buyer and can currently reach up to 75% of the property price, for the banks we work with. Nevertheless, mortgage terms in Greece are improving month by month and we believe that the mortgage percentage will improve in the near future and prior to completion.
The supporting documents which a bank requires for an individual, EU national for a mortgage preapproval are the following:

• Copy of passport
• Financial statements of last 3 years (e.g. P60)
• Copy of last salary pay slip (for employed clients)
• Reference letter by the employer (for employed clients)
• Income statement certified by an official authority (for self-employed clients)
• A copy of an electricity or gas bill

The supporting documents must be original (or copies ratified by a lawyer), bear a consular stamp or the APOSTILLE stamp and be accompanied by an official translation into Greek language. In addition, the applicant and guarantor must ask the Experian of UK (Tel. 08702416212) for a Credit Check (Credit Score).

Legal Information

We have pre-selected a lawyer to deal with our clients contracts. You are free to use any lawyer you wish, but if you would like to use the lawyer we recommend, or to discuss terms with her, please contact us for her details.
The properties of Plakias Resorts are sold through a notary contract as freehold. The developer has bought this property as a plot of land and fully owns all the land and buildings on it.
All properties are being built by legal permits and there are title deeds (Public Notarial Contracts) registered at the Land Registry of the district.
Firstly, a Private Preliminary Sale Agreement is signed in order to officially confirm the agreement and purchase. This includes the terms of the transaction, the liabilities and rights of the sellers and buyers, the terms of payment etc.
Afterwards, before delivery of the property, the final contract of exchange is written and signed, based on which the ownership of the property is fully transferred to the buyer. The procedure of writing and signing the final contract last 2 months at most.
The buyer of a property can be an individual, group or a company. However, in the event that the property is bought with a bank mortgage, then the mortgage finance terms for a company are different from those valid for individuals; usually they are more medium-term and with a higher interest rate, based on the regulations of the Greek Bank System.
As you will see, upon signing the preliminary agreement, the buyer pays the vendor-company a deposit and the rest of the price is paid in accordance with the progress of the construction work. The last payment of the sale price is done on the day the final contract is signed and the property is delivered.
If the client wishes to pay the sale price using their own funds, then the total amount is transferred to an escrow account and is released progressively in accordance with the progress of the construction work, either by order of the buyer to the Bank or through power of attorney.
However, if the client wishes to receive a mortgage, then the money is released from their mortgage account in accordance with the progress of the construction work after the bank verifies this progress.
The closing costs of a property for sale are 20% of the value (price) of the property. The sale costs, besides the agreed sale price, include:

• Value Added Tax (VAT): 19% of the sale price.
• Notary's fee: 3.5% of the price in the final contract
• Lawyer's fee to the buyer's attorney: it is negotiated between the two parties depending on the authorizations provided in the power of attorney (partial or full power of attorney). En estimated fee for a partial power of attorney is 2,000 euro and for a full power of attorney 3,000 euro.
• Property registration fee to the Land Registry: approximately 0.5% of the price in the final contract.
• Mortgage fees, if part of the price is paid with a mortgage

The buyer need not be present in person at the signing of either the preliminary agreement or the final contract. He can be represented by a lawyer through power of attorney, as mentioned above. Our company can recommend lawyers who are experienced in this procedure.
The buyer can assign this agreement to a third party, as long as they notify the vendor-company in time and provide the required information (personal and financial data) of the person/legal entity to whom the agreement is assigned. On assigning the agreement, the buyer transfers all their rights and liabilities included in the agreement to the other party and from that moment on, the vendor-company recognises that party as the contracted party.
Regarding bank transfers and their fees, it depends on if the client is a European Union national or not. In the first case, the procedure is very easy. In the second case, it depends on the economic conventions between the said countries and the relevant procedures are followed. In any case, the buyer must obtain a fiscal identity in Greece and a Tax Registration Number (T.R.N.).
Besides European Union nationals, acquiring a property in Greece does not under any circumstances qualify the owners for residency in the country. Obtaining residency depends on the conventions between the said countries and the buyer's country of origin.
In the event that a property is acquired by more than one parties, individuals or company, each party becomes a joint owner of the property, which cannot under any circumstances be divided into more parts, it always retains its joint freehold rights.

Property Management

The developer has made an official request to the Greek National Tourism Organization (E.O.T.) to obtain a license in order to manage the project for tourist use. After completion of Phase I, the request will be reviewed by an EOT committee in order to obtain the official license by EOT (EOT sign).
This means that the project will deemed to be tourist accommodation by the Greek state. Obtaining the license by the EOT will give the opportunity to a management company to manage the project for tourist use and provide a yield to each owner.
The developer has planned the establishment of a management company which will be ready in early 2010. The aim of this company will be, inter alia:

• the upkeep and management of the common-use areas of the project
• the upkeep and maintenance of individual properties, i.e. private gardens, private swimming pools
• the upkeep and maintenance of interior areas of individual properties, by owner's request
• the tourist operation of individual properties in the project

The estimated maintenance cost of the properties in the development are:

• Ground Floor One Bedroom Apartments - €60 per month
• First Floor One Bedroom Apartments - €45 per month
• Standard Ground Floor Two Bedroom Apartments - €100 per month
• Standard First Floor Two Bedroom Apartments - €75 per month
• Corner Ground Floor Two Bedroom Apartments - €115 per month
• Corner First Floor Two Bedroom Apartments - €80 per month
• Two Bedroom Townhouses without Swimming Pool - €150 per month
• Three Bedroom Villas with Private Swimming Pool - €180 per month

The clients who wish their property to be managed for tourist purposes by the management company of the project, and until the final license is obtained by the EOT as tourist accommodation, will receive for the first 2 years of its operation a yield of 3% every year (6% in total for the two years) as a rental guarantee, i.e. 3% of the property's price in May 2011 and 3% in May 2012.
Those who do not wish their property to be managed and receive a rental yield, by declaring so before the final contract is signed they will receive a complete furniture pack worth up to 6% of their property price chosen from the furniture options offered by the developer.

About the Immediate Vicinity

Plakias is situated on the south coast of Crete, Approximatly 35km from Rethymno. It is built around a small harbour on a picturesque crescent-shaped bay where the development is located and it overlooks the Libyan Sea.

Crete is the bridge between Europe, Africa and Asia, a land of ancient civilisations and myths, unique natural beauty and exquisite archaeological sites. With a length of 260km and a width of 60km, Crete is the largest island of Greece and the fifth largest in the Mediterranean, having the Cretan Sea to the north coast and the Libyan Sea to the south. The island has approximately 630,000 inhabitants (2005) and is divided into four prefectures (councils) – Chania, Rethymno, Heraklio and Lassithi. Each of them is different with its own charm.