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Presents

A Unique Development on the Idyllic Greek Island of Crete CRETE

Rethymno March 07

Real point Property Registered Address: Beverley, East Yorkshire, UK Tel/Fax: 0845 331 2812


Important The information contained in this report is confidential and is set out as a general outline of an investment opportunity. All descriptions, references and other details are given in good faith, as is external market information that has been gathered by Realpoint Property or is believed to have derived from reputable and reliable sources. All opinions, judgments, and all financial forecasts and projections contained in this document are necessarily of a subjective nature and subject to uncertainty. The analysis is based on sources believed to be correct and reliable and represent the opinion of Realpoint Property as at the date of this document. Neither Realpoint Property nor any of the sources quoted or relied upon assume any responsibility for any direct or indirect damage or loss suffered due to reliance on the information contained herein. The information contained in this report, including any part thereof, may not be reproduced or quoted to third parties beyond the intended recipient without the prior written permission of Realpoint Property and/or the sources quoted or expressly relied upon herein. Nothing in this document constitutes an offer or solicitation.

Š Realpoint Property March 2007.

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Contents: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

Introduction...................................................................................... 3 The Region................................................................................…….. 3 Ida Village – Luxury Lifestyle Development……………………….. 6 Getting There ...............................................................................… 7 Activities on the Island................................................................…. 7 The Developer................................................................................... 9 Ida Village……………......................................................................... 9 Specifications ........................................................………………….. 10 Guarantees........................................................................................ 10 Furniture Packages ..................................................................……. 10 Lifestyle Package – An Overview.................................................... 11 Capital Growth…………………………………………….......………… 11 Inspection Visits……………….................................................……… 12 Finance………...........................................................................…….. 12 Payment Schedule and Purchase Procedure…….................……. 12 Currency……….........................................................................…….. 14 14 Tax ..…………………………………………………....................………. 14 Legal …......................................................................................…….. Appendix 1: INFORMATION SUMMARY………………………………. Appendix 2: TOTAL POTENTIAL SAVINGS……………………………. Appendix 3: CLIMATE STATISTICS ..................................................... Appendix 4: EXAMPLES OF FLOOR PLAN........................................ Appendix 5: RUNNING COSTS AND UTILITY PROVISIONS…………. Appendix 6: SAMPLE FURNITURE INVENTORY……………………….. Appendix 7: INTERNAL IMAGES…………………………………..……

15 16 16 17 18 19 20

Here comes the Sun….

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1. Introduction Realpoint Property has secured an outstanding investment opportunity on the beautiful island of Crete exclusively for its investors. Not only does the development have excellent capital growth potential in the short and long term but the purchase price has been negotiated to include all costs associated with the purchase of the property (such as solicitors fees, notary fees, all closing costs and an outstanding furniture package – more details can be found later in this brochure). To complete this outstanding opportunity the development includes a range of maintenance services to enhance the owners quality of life, these include garden and pool maintenance, cleaning, on-site staff, grocery shopping and transport to and from the local shops and airport. For the first 3 years Realpoint Property are offering these facilities FOC (a summary of the exclusive incentives and discounts available to the purchaser can be found in appendix 1 at the back of this brochure). The price of investing in this Mediterranean paradise is incredibly reasonable compared with other European destinations however if required, Realpoint Property have secured excellent levels of financing available (subject to status and bank lending criteria).

2. The Region

Greece Off Plan Investment opportunity Southern Crete Confidential Mar-07 Real point Property

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Greece has long been a popular holiday destination due to its impressive climate, beautiful scenery, fascinating heritage and delicious cuisine. The Greek mainland and its archipelago of 1400 islands (169 of which are inhabited) boast a 5000 year old history and are home to just over 10 million people. The islands are divided into six groups: the Cyclades, the Ionian, the Dodecanese, the islands of the North-Eastern Aegean, the Sporades, and the Saronic Gulf islands. The two largest islands, Crete and Evia, are big enough not to belong to any group.

Some facts at a glance Population: Area: Religion: Currency: Key Industries: Key Trading Partners: President: Prime Minister Ruling Party:

11 Million 131,957 sq km Greek Othordox 98%, Muslim 1.3% Other 0.7% Euro Tourism, Shipping, Food and Tobacco, Textiles, Chemicals, Metal Products,Mining and Petroleum Germany, Italy, France, Great Britain, USA Karolos Papoulias Costas Karamanlis New Democracy Party

Crete Crete is the largest of the Greek islands and located at the southern most part of Europe. The island is rich in natural beauty and has 1000 km of dramatic coastline as well as high mountains and rugged Countryside. Life on Crete is relaxed and informal and the cost of living is affordable. In addition to this the island also has a rich cultural heritage which it’s people are very proud of, hence the Greek building regulations are very strict to protect the island from over development. Crete alone accounts for Ÿ of the entire Greek tourist trade and is the only place on earth that you can visit the reputed birthplace of Zeus the King of the Gods! Crete has undoubtable assets that make the island an increasingly popular tourist destination as well a new home for many foreign house buyers settling on the island on a permanent basis.

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Rethymno A well-known holiday destination on Crete, Rethymno is an attractive harbour town that manages to cater for tourists and holidaymakers whilst retaining its charm through its delicious Venetian architecture. It has a vibrant nightlife and plenty of activities to keep holidaymakers with all interests occupied.

Visitors to Rethymno can enjoy the hustle and bustle of a pretty Greek town as well as the idyllic solitude of Crete’s beautiful coast or mountains within a short walk or drive.

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3. Ida Village – Luxury Lifestyle Development The villas are located on the North West coast and within a 20-minute drive of Rethymno.

Located with Beautiful Mountain views

This is an idyllic location for this exclusive development. The development will be approx 2km from the beach and has great views of the mountains.

Located close to beautiful secluded beaches and local entertainment

The location gives a feeling of seclusion as well as being ideally located as a base to explore the full beauty of the Island.

The resort is 12km from the famous Arkadi monastery and only 10km from Bali a beautiful village with numerous secluded beaches.

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4. Getting there Crete has two international airports: the bigger and principal one is Heraklion and the other is Chania. Frequent charter flights link both to many European cities during high season. Flights are currently less frequent during winter - However there are plans to introduce direct flights during the off peak season which will greatly increase capital growth potential for property on the island. Both airports have regular flights to/from Athens (about 50 minutes from Heraklion and 40 minutes from Chania) so world-wide connections can easily be made.

5. Activities on the island Historical Attractions - Crete is crammed with ancient archaeological sites and the island is a paradise for history enthusiasts. Some highlights are listed below: •

Knossos - Local attractions include the infamous Palace of Knossos. Home to King Minos this palace dates back to 1900 BC and houses more than 1000 rooms

Nikos Kanzantzakis – Author of Zorba, the Greek is buried just outside Iraklio.

Dikteon Cave – Reputedly the birthplace of Zeus, king of the Gods.

Golf - Crete’s first 18-hole championship golf course was opened in July 2003. Based to the east of Heraklion the 6430 yard 71 par course comes with the full range of practice facilities for novice golfers, tourists and golf club members. This includes a double- ended covered driving range with practice bunkers, short game area and practice putting green. There is also a second putting green adjacent to the first tee. There are plans to construct another course on the island.

Water Sports - Most organised beaches in the Rethymno and surrounding areas offer water skiing, wind surfing, sea parachuting and other water sports. There are also some excellent dive centres around the island.

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Mountaineering/Walking - Crete is home to the famous Samaria Gorge, Europe’s longest ravine which has spectacular walks that last between 5 and 7 hours as well as other breathtaking nature trails through mountains and lush vegetation and historical walks encompassing ancient archaeological and religious sites. Organised tours are available or you can just take a map and explore! Mountain Biking - Organised Mountain bike tours are available as well as the opportunity to explore the Cretan countryside by renting a bike on your own. The countryside is easily accessible from Apollo Village by car or foot.

Shops, Restaurants and Nightlife - Rethymno has an impressive variety of shops selling designer labels, hand made jewellery, fine antiques and high quality leather goods. You can enjoy drinks, music and dancing in the clubs, and folk dances to live music played on the bouzouki. Whether dining at a local taverna or an elegant restaurant, there are a delightful variety of restaurants serving Greek specialities and international cuisine.

The View of the Fortress from Rethymno’s Marina

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6. The Developer The Developer is an end to end property construction, development and sales company who specialise in identifying off-plan opportunities in Crete with above average capital growth potential and ready rental demand. The developer has a strong global presence and a diverse and lucrative international portfolio. Our portfolio is varied and includes projects such as the construction of luxury villas, homes, apartments and also the refurbishment of classic Cretan properties. Through a combination of dedicated research and broad market experience Realpoint Property will compile recommendations to help clients build a successful investment property portfolio on the island of Crete. With several years experience in the Cretan building industry we pride our selves on providing the standard of craftsmanship and service that our investors demand. All of our projects are under taken with the greatest respect to our investors’ interests. This means that the company aims to continuously improve standards and therefore client satisfaction. Realpoint Property expertise bring its investors the unique opportunity of purchasing properties that have been built with a view to combining both aesthetic and structural ideals in areas of Crete that show strong investment potential. The unparalleled respect in the field of construction that Realpoint Property enjoys enables us to have excellent professional relations in the local area and puts us in an ideal position to fulfil all of our commitments to our investors.

7. Ida Village Carefully designed to work with the contours and slopes of the existing hillside, the village will be built to a high standard in a traditional low-rise architectural style. All Villas will be built with spectacular views of Ida Mountain.

The Village complex will be fully managed by an onsite manager and team, and facilities will include: • • • • • • •

A communal pool A shop for food and conveniences Restaurant/ bar / taverna with garden terrace and poolside snack bar House cleaning Garden and pool maintenance Grocery shopping Transport to and from the airport and main towns

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8. Specifications Villa Specifications • • • • • • • • • • • • •

All Units will be purchased as Freehold 130m2 Villas, on a plot of land at approx 500m2 3 bedrooms, 2 bathrooms (includes on-suite bathroom in master bedroom) 50m2 heated swimming pools 120m2 terraced area and 70m2 of lush gardens Separate utility / storage room Wooden doors throughout and wood styled double glazed windows Central Heating and Air Conditioning Solar heating (Green energy) – reducing the use of standard electricity Greek style fireplace Private brick barbecues All Villas come with a luxury furniture package, including all fixtures and fittings, white goods and flat screen TV (Satellite packages available at extra cost) Each Villa will have a roof terrace as well as a pergola for shade

Overall Resort Specifications The overall land is approximately 18,000m2. Villas will be built 130m2 every 500m2 this gives a building density of 7,200m2. 27 Villas @ 120m2, plus 10m2 utility room, 50m2 pool, 120m2 terraced area and 70m2 of Lush Gardens 1 Tavern/Bar

2,700m2 50m2 inside, 100m2 outside

1 Social Room/ Café/T.V

100m2

1 Grocery Shop

25m2

1 Communal Pool 1 On-site Staff Accommodation including social area, 4 bedrooms and kitchen

80m2 260m2

9. Guarantees All legal fees and Construction Guarantees, and Property Management documents will be available to view on request. 10. Furniture packages Furniture and Multi Media Packages are included in the purchase price of all properties. A complete inventory is shown in Appendix 6.

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11. Lifestyle Package Realpoint Property has created an exclusive Luxury Lifestyle Package for owners of all Ida Village Properties. We believe this allows for a better quality of life ensuring our residents can spend quality time doing the things they like most. For the first 3 years we are offering this FREE OF CHARGE to all residents. Life Style Package includes: • • • •

House cleaning twice a week Garden maintenance once a week Pool maintenance once a week Annual Care Management including problem solving, post collection and delivery, social club membership (bar, café, events) airport pickups, transport to and from main towns and full service and guarantee on the house and garden.

12. Capital growth We are confident that property prices on the island of Crete are set to rise steadily over the next few years due to the strong tourist trade and potential for development on the island. There are plans to introduce direct flights to the island throughout the winter season which will greatly increase the number of visitors to the island during the off peak season; as well as plans for new golf courses to be built which is always a sign of affluence in any area. !"

#$%$$&

Therefore assuming capital growth in the area over the next 2 years of 5% pa, 10% pa or 15% pa the value of the property would grow to the following amounts: Original Property Value =

378,500 euros

Plus 5% p/a =

397,425 euros

Plus 10% p/a =

416,350 euros

Plus 15% p/a =

435,275 euros

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13. Inspection visits Inspection visits to Crete are available to all potential purchasers, Realpoint Property will arrange the flight, airport collection and up to 7 night’s hotel accommodation. The itinerary will include a project briefing at our offices, site visit, lunch/dinner and a visit to an English-speaking lawyer and notary if required, this will take approx 2 days the rest of the time is left for you to enjoy the island of Crete. 14. Finance Arranging a mortgage is a simple process and involves completing a 2-page Bank of Greece application, attaching the appropriate ID (a colour copy of your passport) and 3 years tax returns. In conjunction with the National Bank of Greece Realpoint Property has secured loans of up to 80% of purchase price on properties at this new development*. Interest rates are from 3.72% during the first year and rise to between 3.92% and 4.42% depending on the size of the loan. Mortgages are available for 15, 20 and 25 year terms. *Please note that all rates are quoted directly from Bank of Greece, are subject to change and market conditions. Realpoint Property makes no representations or warranties about the rates available and or the mortgage products offered now or in the future by any institution.

15. Payment schedule and purchase procedure Villas on the Ida Village Luxury Lifestyle Development can be purchased in two ways – either a cash purchase (which will entitle the purchaser to a discount) or via an agreed mortgage. Via a Cash Purchase 1. Reservation • A reservation form needs to be completed and sent to Realpoint Property. • A reservation fee of €5000 (£3000 approx.) is payable directly by bank transfer to Realpoint Property solicitor's ESCROW account in Greece (this includes 2 free inspection trips) (none refundable after 28 days). 2. Exchange of Contracts • • • • •

Realpoint Property has allocated a solicitors firm to work on contracts on your behalf Exchange of contracts will take place 28 days after reservation. A 35% deposit is payable via Realpoint Property solicitor's ESCROW account in Greece The land and building permits are transferred into the purchasers name on exchange and upon receipt of the first 35% deposit. The first deposit is followed by 3 further payments (schedule to be arranged on an individual basis): o 35% o 25% o 5% on completion of the build

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3. Completion • • •

Completion of the build, furniture package installed Contracts are completed and legal title transferred Please note that solicitor’s and notary fees are included in the purchase price of the villas.

Via a Mortgage purchase 1. Reservation • A reservation form needs to be completed and sent to Realpoint Property A reservation fee of €5000 (£3000 approx.) is payable directly by bank transfer (includes 2 free inspection trips) (none refundable after 28 days) • If finance is required, a mortgage application needs to be completed and sent back to Realpoint Property with supporting documents: Proof of identity (colour copy of passport) Proof of income (3 years tax returns – P60) Please note that all reservations are considered provisional until the reservation deposit is received in cleared funds to the nominated account 2. Exchange of Contracts • • • •

Realpoint Property has allocated a solicitors firm to work on contracts on your behalf Exchange of contracts will take place 28 days after reservation A 20% deposit is payable via Realpoint Property solicitor's ESCROW account in Greece The land and building permits are transferred into the purchasers name on exchange and upon receipt of the 20% deposit

3. Completion • • • •

Completion of the build, furniture package installed Contracts are completed and legal title transferred Balance of 80% payable on completion (via mortgage) Please note that solicitor’s and notary fees are included in the purchase price of the villas.

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16. Currency All transactions will take place in Euros. 17. Tax Purchase Tax is between 7% - 13% (on the first ₏15,000 tax is 7% and on the remainder tax is 11%- 17%). Please note that purchase tax is included in the purchase price of all the units in this development. Capital Gains Tax – there is no capital gains tax Greece. Please take independent professional advice with regards to taxation planning. 18. Legal Please note that all legal costs associated with the purchase of units on this development are included in the purchase price. Therefore the purchaser will be entitled to the following approx savings: Land registration Fee @ 0.45% = 1,712.29 euros Lawyers fee 0.5%= 1,902.55 euros Notary's Fees 1.2% = 4,566.11 euros There are no restrictions on the purchase of property in Greece by European citizens. The property transaction is executed before the notary and in the presence of lawyers representing the seller and purchaser. Legal procedures in Greece are fairly simple and if all the papers are ready and in order a sale can be completed with relative ease by signing the official contract prepared by the Notary. Purchase Process for Non EU Citizens Whilst EU citizens can freely buy properties in Crete; there are certain restrictions for those people outside of the European Union. However it is possible for non EU citizens to purchase in Crete. It will in general take about 3 months longer. It is necessary for your lawyer and notary public to apply to the Minister for the Interior in Greece and the office there will investigate your position in the community and ensure that you do not have a history of any kind which might be detrimental to the security of the island, this is because Crete is considered to be a border territory. Please bear this in mind if you wish to purchase a unit.

Appendix 1: SUMMARY

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'

Realpoint Property Associates are pleased to present you with the opportunity to purchase a Luxury Lifestyle Villa on the beautiful island of Crete. The exclusive development consists of 25 villas due for completion in May 2009. The Village has exclusive views of Ida mountain, facing south catching the Greek sun all day, away from the sea breezes but only 10mins drive to some of the best beaches in Crete and only 20 minutes to Rethymno – a popular tourist harbour town. Development Overview: o o o o o o o o o o o o o o

130m2 villa, on a plot of land approx 500m2 costing 378,500 euros each 3 bedroom, 2 bathrooms includes on-suite bathroom in master bedroom 50m2 heated Swimming Pools 120m2 terraced area and 70m2 of lush gardens Separate utility / storage room Wooden doors throughout an wood styled double glazed windows Central heating and air conditioning Solar heating (Green energy) – reducing the use of standard electricity Greek style fireplace Private brick barbecues All Villas come with a luxury furniture package, including all fixtures and fittings, white goods and flat screen TV (Satellite packages available at extra cost ) Each Villa will have a roof terrace as well as a pergola for shade Special Lifestyle Package to enhance quality of life including; house cleaning, garden and pool maintenance, grocery shopping, transport to and from the airport and main towns Communal area including taverna, pool, bar and shop with 24/7 on-site staff

Realpoint Property Associates has compiled an excellent package of discounts and incentives for purchasers: o o o o o o o

5% discount for early purchasers Or ALL utility bills paid for 3 years 3% discount for cash buyers ALL purchase costs covered in the overall price ( including all legal fees, purchase taxes etc) Furniture Package included in overall price 2 free inspection trips to view your property Luxury Lifestyle Package

Please make reservation enquiries as soon as possible to avoid disappointment. Please contact Realpoint PropertyAssociates on 0845 331 2812 with any queries or to make a reservation. Email: info@realpointproperty.com or Register on our Website www.realpointgreece.com

APPENDIX 2: TOTAL POTENTIAL SAVINGS Off Plan Investment opportunity Southern Crete Confidential Mar-07 Real point Property

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Luxury Lifestyle Package

20,000 euros ( per year )

Inspection Visits

3,700 euros (Including accommodation)

Purchase Tax

26,000 euros

Legal

8,000 euros

Furniture Package

37,000 euros

Central Heating

11,000euros

Air-conditioning Units

7,000 euros

Brick Barbeque

1,800 euros

Swimming Pool

22,000 euros

APPENDIX 3: CLIMATE STATISTICS

MONTH

Max. Temp°C

Max. Temp°F

Average daytime Water temperature Temp°C

Water Temp°F

Days rain

January

16

61

12°C

52°F

16

61

14

February March

16 17

61 62

13°C 14°C

54°F 57°F

15 16

59 61

11 8

April

20

68

17°C

62°F

17

62

6

May

24

75

24°C

75°F

19

66

3

June

28

82

24°C

75°F

22

72

1

July

29

84

26°C

79°F

24

75

0

August

29

84

26°C

79°F

25

77

0

September

27

81

24°C

75°F

24

75

2

October

24

75

20°C

68°F

23

74

6

November

21

70

17°C

62°F

20

68

8

December

17

62

14°C

57°F

17

62

9

APPENDIX 4: EXAMPLES OF FLOOR PLANS Off Plan Investment opportunity Southern Crete Confidential Mar-07 Real point Property

of

16


Š Crete 6 Sample Villa Floor plan 130m2



Update Picture

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APPENDIX 5: RUNNING COSTS AND UTILITY PROVISIONS All cost detailed below are approximations. Heating: 0 – 800 euros Per Annum depending on usage Water & sewage: 100 euros per annum Electricity: 300 – 800 euros per annum Security: 200 euros per annum Telephone 350 euros per annum depending on usage Satellite TV 660 euros per annum for package with UK live sports including premier league football and films Internet 500 euros for ADSL line Building Insurance 610 euros per annum on a mortgage of 100,000€. Fire and earthquake cover is compulsory.

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APPENDIX 6: SAMPLE FURNITURE INVENTORY FOR ALL VILLAS Kitchen Chairs/Stools, Table, Ceramic Hob, Oven Extractor Fan, Fridge Freezer, Lights, Cooking Pots, Drainer, Spatulas, Cutlery, Cutlery, Tray, Kitchen Knives, Bread Knife, Chopping Board, Salad Bowl, Egg Cups, 24cm Dining Plates, 21cm Deep Plate, 18cm Breakfast Plate, Tea Cups & Saucer, Water Glasses, Wine Glasses, Can Opener, Pepper & Salt, Plate Rack, Kettle, Toaster, Curtains, Towel Hangers, Ash Tray, Dustbin, Bucket, Mop, Wringer, Broom

Living Room Lights, 3 Seater Sofa bed, 2 Seater Sofa bed, Coffee Table, Chairs, TV, TV Stand, Paintings, Curtains, Aircon Unit, Artificial Plants

Bedrooms Lights, Single Bed, Double Bed, Mattresses, Night Stands, Aircon Unit, Built in Wardrobe, Clothes Hangers, Blankets, Pillows, Curtains, Mosquito Plugs, Hair Dryer, Iron, Ironing Board

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APPENDIX7: EXTERNAL IMAGES

Sample External View of Villas Detached Villas built on 450500m2 of fenced surrounding land. 32m2 Private Swimming Pools Private Barbeques Large patios Shower

Sample External View of Villas

Large Private Pool Large Patio Finished to high standards With Beautiful Views

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Crete Property Greece  

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