12 Villas complex in Chania

This exclusive touristic complex is only 15 minutes drive away from the cosmopolitan city of Chania in West Crete and it is ideal to locate your permanent or holiday residence as well as to invest in a property with rentable villas close to the seaside.

The area provides easy access to a grocery and clothes market (5 minutes by car), the Chania Airport (3 kms), and the sandy beach of the picturesque village Kalathas (3 kms). For a taste of the local cuisine, there are several traditional taverns with live local music within walking distance from the complex (7-10 minutes).

The property is comprised of 12 self contained bungalows that were built in 1980 and renovated in 1996. In specific, there are 4 one-bedroom villas and 8 two-bedroom maisonettes that feature the traditional stone architecture beautifully nesting in a 2,200 square meters land that is full of rich gardens and lines of trees.

The one-bedroom villas can accommodate up to 3 persons (about 60 sqms) while the two-bedroom villas can accommodate up to 5 persons (about 105 sqms). The complex is licensed by the Greek National Tourism Organisation (E.O.T).

Inside the villas, you can find comfortable double rooms, family rooms with balconies, spacious lounges and bath (or shower) rooms. Around the bungalows there are stone-built pathways, all decorated with flower beds and planted trees and a parking lot is available with space for 12 cars.

A typical maisonette of the property is a two level family house with a flower garden. On the ground floor, there is a dining/living room with a stone corner fireplace, a kitchen equipped with an oven, a rest room and a small veranda. On the 1st floor, there are 2 bedrooms (1 double bed and 1 twin bed room), a bathroom and a large veranda. On the front and rear side of the maisonette there is a 2.2 sqm garden surface where palm trees are already planted and that has ample room for small olive trees and any kind of flowers.

Given that the complex has not been used for several years, various restorations and improvements need to be done, before it becomes available for accommodation with the following being the main ones:

Painting interior and exterior surfaces of the bungalows.
Replacement of all interior furniture.
Installation of heat and noise insulated windows, as well as interior and exterior wooden doors in traditional design.
Renovation of all electrical network and appliances.
Installation of air condition devices.
Installation of a manufactured water pool, provided that a designated area is available according to an engineer’s report.

The total cost of the aforementioned restorations is estimated not to exceed the amount of 150.000 Euros.

Although the renovation of the property that is required is significant, its development and commercial use will certainly accrue multiple amounts of revenue. The complex is considered to be an excellent investment opportunity given that real estates of equal size and potential are simply not available any more in such a highly valued location.

This period they are making a partial renovavion in order to rent them.