SAMOS, GREECE: SEA VISTA

Brief Summary: What has Sea Vista To Offer?

 • 8% Guaranteed Rental Income for 3 Years
• Up to 162% Projected return on investment in 2 years
• 5 Star Spa Resort
• Facilities include tennis courts, dive centre, gym etc.
• Just 3.5 hours flight time from the UK
• Up to 70% LTV guaranteed finance
• Beach front location, sea views from all units
• Unlimited potential for capital growth
• Only £1,000 reservation fee
• Save at least 43% on full valuation
• Purchase direct from the developer
• AIPP Registered company
• Secure payments to designated holding account
• Lifetime Aftercare
• Fully furnished

Greece Vs. Spain:
Greece has similar weather to Spain but boasts a stunning depth of history and culture that Spain will never be able to compete with. Greece also now has a far more sympathetic planning system that has been designed to encourage environmentally conscious resorts without allowing the over development, as witnessed in many of the Spanish Costas.

Greece also benefits from already being a popular tourist destination for many nations, (17 millions tourists in 2007) giving the initial investor an all-important exit strategy.

Why Greece?
Greece has been a traditional holiday destination for many years. It has countless miles of gorgeous coastline, dotted with bustling resorts and quaint fishing villages. Not to mention the breathtaking, rugged mountainous regions. The way of life is often leisurely and meals can take many hours as the meal itself becomes a social event.

With over 6000 islands, yachting is almost a national past-time as tourists and Greeks explore the crystal clear calm waters of myth.

The historic significance of the mainland and its plethora of islands, have captured imaginations young and old from across the world.

The mild climate provides the best setting in which to enjoy the beautiful scenery. The crystal clear seas, the dramatic rich green landscapes, combined with the traditional Greek hospitality and unique cultural heritage, it is easy to see why Greece is currently one of the most popular tourist destinations in the world.

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. In a recent announcement, the Greek government underlined the importance of tourism for the economic development for the country. They also outlined the framework for a new strategy creating a more ‘investor friendly’ climate.

This strategy comprises the gradual simplification of procedures involving new investments in order to reduce the levels of bureaucracy and red tape, as well as reaching out to new developing global markets.

Passports / Visas
British and all other EU passport holders travelling to Greece do not require a visa provided that the passport is valid for the intended period of stay in Greece.

British Passport holders are permitted to stay in Greece up to the last day of the validity of their passports. There is no requirement for the passport to be valid longer than the period of stay in Greece.

Children up to the age of 16 are permitted to travel to Greece on their parents’ passport.

Money:
The currency of Greece is the Euro. There are numerous ATM’s on the island and most hotels will also change Sterling to Euros at the reception.

Greek History:
From Jason and the Argonauts, to the battles with Troy and the ancient Olympic games. Few countries in the world can boast the culture, history and myth, which are inherent in almost every facet of Greek history.

Often described as the cradle of modern civilisation, such intellectual luminaries as Pythagoras, Aristotle, Socrates, Hippocrates and Plato walked this ancient land.

Samos:
Samos is part of the East Aegean islands of Greece, located south of Chios, East of Ikaria and at its closest point only 2 miles west of Turkey. 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 476Km², boasts two cities and a variety of boutique tourist destinations from the delightful marina resort of Pythagorio to the picturesque Kokkari. With flights to Samos available direct from around the UK, getting there has never been easier.

Samos Tourism:
Not only is there an international airport on the island which takes 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.

Tour operators offering package holidays to Samos include Tui, Thomson, Going Places and Cosmos.

Travel:
With a total of 66 Airports, Greece has never been more accessible. Greece is well served by charter and scheduled airlines.

Many airlines fly direct to airports on the islands, but it is always possible to fly in to Athens and either take a connecting flight or ferry. Major airlines serving Greece include: Air Scotland, British Airways, Excel Airways, easyJet, flyglobespan, KLM, My Travel Airways, Olympic Airlines, Thomsonfly and Thomas Cook Airlines.

Flights are easy to catch between islands or from Athens to the islands. Olympic Airlines and Aegean Airlines fly domestically.
 
Located on the south coast of the island, Samos International Airport currently handles over 500,000 travellers per year. 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.

Climate:
Samos benefits from the typical Greek climate, consisting of an abundance of sunshine offset by minimal rainfall.

Location:
Samos island is in the Eastern part of the Aegean Sea. It’s geographically located between the parallels 37.49° and 37.37° to the North and the meridians 26.33° and 27.04° to the East. Samos is under a mile (1500 metres) from the coast of Asia Minor at its closest point.

The nearest islands include Ikaria, Chios, Fourni and Patmos.

The Capital:
The capital, Vathy (or Vathi), is built on the lush slopes that surround the island’s deepest bay. Vathy has retained its individual appearance, with its attractive neoclassical houses and old mansions with colourfully painted facades.

Although Samos has several fine archaeological sites, the island is most notable for its excellent beaches and plentiful opportunities for hiking, cycling, and windsurfing.

Samos Geography:
The landscape of Samos is breathtaking. There are two major mountains on the island, Kerkis standing at 1443 metres (taller than Ben Nevis!) and Ambelos measuring 1160 metres.

The Development's Aim:
The concept behind the overall construction is to emulate a village traditional 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. The concept behind the overall construction is to emulate the village tradition of the island

The resort is being carefully designed to comprise more than one style and size of property, clustered together in organic ‘hubs’.

The reasoning for this design is to make the resort as attractive as possible to the owners whilst ensuring that the resort is flexible enough to accommodate the needs of the clients who will be staying within the resort as tourists.

Facilities:
The resort is going to have a stunning array of facilities. The ‘pièce de résistance’ will be the 600 Sqm.

Spa, which is being designed by the internationally renowned Spa design company Blue Spa, who designed and operated the exclusive Mayfair Spa in the Radisson Edwardian, Mayfair hotel amongst others.

It is envisaged that the Spa will use the temple of Hera, which used to grace the island, as the inspiration for its look, feel and atmosphere.

The Spa will have numerous treatment rooms and a pool which merges both internal and outdoor use.

In addition to the Spa, there will be a comprehensive array of other facilities. There will be a selection of bars and restaurants within the resort, coupled with shops, water sport facilities and tennis courts.

The bay of Klima already has two restaurants languishing on its waters edge, which will of course be within easy reach. The tourist resorts of Pythagorio and Psilli Amos are 10 and 2km away respectively.

The Capital city of Samos 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.

Resort Features:
• World Class Spa
• Two tennis courts
• Gymnasium
• Dive Centre/Water Sports Centre
• Outdoor Pool
• Indoor Pool
• Two Restaurants
• Reception
• Children's Club
• Pool/Snack Bar
• Boutique
• Mini Market

The properties within the Sea Vista resort have to be fully furnished if they are ever to be entered into the rental pool. The Sea Vista Resort is offering a furniture package should clients wish to take advantage of the rental guarantee.

Please contact us for information on furniture packages.

Rentals:
All properties within The Sea Vista Resort can enter the rental scheme which guarantees a rental return of 8% per annum for five years, whilst allowing the owner fourteen days free usage per year!

All holiday resorts around the world have several quiet years when they first open whilst their customer base and reputation is being developed.

Usually, the property investor has to accept that for the first few years they will achieve little or no rental whilst this reputation is being created. This can obviously cause a problem if the property is bought with finance.

The Sea Vista Resort offers the rental guarantee from the first day that the resort opens to ensure that clients are not left with a cash-flow problem whilst the Resort is establishing itself.

Some rental guarantees are created simply by inflating the prices of the property, not so with Sea Vista. We offer a true rental guarantee based on the developer backing the return from their own funds and profit from construction of the resort.

Clients can elect not to enter into the five year contract and either let it themselves or keep it purely for their own personal use.

Pre-release Prices:
• Studio: From £115,000 - Deposit of just £31,500 required
• 1 Bed Kampana: From £159,000 - Deposit of just £43,200 required
• 2 Bed Townhouse: From £239,000 - Deposit of just £62,400 required
• 3 Bed Villa: From £440,000 - Deposit of just £123,000 required

Maintenance:
The maintenance charge is 19 euros 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:
The purchase procedure is split into three phases, pre-contract reservation, post-contract and completion.

Pre-contract:
The first step once having decided upon a property within the resort is to place a reservation deposit. This sum is a non-refundable deposit of £1000 which takes the property off of the market for 30 days.

This deposit is returned when you complete on your property. You will be expected to fill in a reservation form and the personalised contract will then be sent to you using these details. Once you have received this contract, you will be expected to make your first payment within 14 days.

Post-contract:
Upon signing the contract, you will be expected to make six payments on the property as detailed in the table to the left. When a payment is dependant upon a build stage, proof will be proved by the developer supplying digital photographs of the completed build stage 14 days before payment is due. Of course, owners can visit the construction site at any time to check progress for themselves.

Completion:
Upon completion, the owner will be given a snagging list which usually encompasses around 300 points. Both the owner and a representative of the developer will check the property and agree on any areas which need to be rectified. Taxes on completion are expected to be 9.2% of the purchase price.

Payment Stage Amount:
• Within 14 days of receiving contract 10%
• Within 60 days of receiving contract 20%
• Completion of the foundations 20%
• Completion of the raw construction 20%
• Completion of the finishing works 25%
• Resort completion 5%

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.

Finance:
There are various finance options available to owners with The Sea Vista Resort. The cheapest and quickest method is usually by raising finance in the UK but owners can also obtain finance from Greek banks or take advantage of the developer loan.

Greek Bank Finance:
There are numerous banks who offer mortgages on Greek properties. Customers are free to make enquiries with any Greek lender if they so desire.

UK Finance:
In almost all circumstances, it is quicker, easier and more cost-effective to raise finance within the UK than obtain overseas mortgages.

UK finance can be achieved through a variety of means from unsecured loans to raising finance by releasing equity from a UK property.

We are not qualified to give advice on this subject and recommend that anyone considering raising finance obtains advice from a registered independent financial advisor.

Developer Finance:
When applying for finance, it is possible to be refused lending for a variety of reasons, many of which may not be your fault, such as faulty reporting to credit agencies.

People who are self-employed or live in foreign countries can also experience problems when applying for credit.

To try and avoid these problems, the developer is offering guaranteed finance, with no credit checks, for the payments which fall due after the initial 10% and 20% payments.

This finance can be paid on the stage payments as they become due during the construction. In essence, the owner will only need to pay off the interest every month on the amount they have had to borrow at that time.