Three (3) fully furnished studios for sale in a very central and upcoming area of Chania. These are horizontal properties located in a three-storey apartment building, built on a plot of 720sqm.
The apartments for sale are located on the 2nd floor of the building. Every year they are diligently maintained and remain in perfect condition. The size, the year of construction, the year of last renovation and their energy efficiency are shown in the table below:
All apartments are fully furnished and feature:
- electrical appliances
- aluminum doors and windows
- balcony with sea and city views
- air-condition units (12,000 btu)
- solar water heater
- autonomous heating with convectors
The apartment building also features:
- thermal insulation
- waterproofing insulation
- connection to the central sewerage network
Location
The complex is located in a privileged area of Chania, just:
- 8 km from the city center (Municipal Market)
- 2 km from the Venetian Port
- 700m (10 minutes walk) from the beach of Kum Kapi
- 2 km from the Courts Square (Dikastiria)
The new Archaeological Museum of the city is only 100m away, while nearby are other attractions such as the house and the Museum of Memory of El. Venizelos. Transportation is regular and the bus stop is a few meters from the property. In addition, nearby there are :
- schools
- super markets
- pharmacies
- restaurants
- boutique hotels
Investment Character
For the last 20 years in Chania the demand for studios is steadily increased. The presence of the Technical University of Crete (Kounoupidiana, Akrotiri) and the Hellenic Mediterranean University (Halepa) as well, have contributed a lot to this. These are two large institutions that are constantly expanding and steadily increasing the demand for student housing. Especially in Chania the demand is consistently higher than the supply. This is proved by the fact that the city of Chania has one of the highest - nationwide - rents per sqm in student houses (average 8.5 € / sqm for unfurnished).
The short-term lease through AIR BNB is also an option that in recent years "flourishes" in Chania. The reason is that through the short-term lease, a significantly higher income is achieved (it can even reach twice as much depending on the characteristics of the property and its management) than what the long-term lease provides. This is also evidenced by the fact that more and more urban property owners prefer this model over long-term urban leasing.
The apartments are currently rented to students and provide a rather satisfactory rate of return in excess of 4.5%.
Right to built
The sale price includes the right to build for an additional 95sqm, which makes the property even more attractive from an investment point of view.
