HALCYON HILLS LUXURY RESORT & SPA, SAMOS, GREECE

My Trip to Samos and the 5 Star Halcyon Hills Resort and Spa

by Jean Liggett

When I was first introduced to this 5 star luxury spa and marina resort in Samos, I could not believe the deal on offer: 8% rental guarantee for 2 years with a 180% guaranteed buy-back after 9 years. And you even get 5% per annum on your deposit.

I was so enticed by what I heard, I had to go to Samos to check it out for myself.

I stayed at the Samos Hotel in Vlathy, the island's capital. The Samos Hotel has been trading since the 1870s and has remained in the same family. From my room I had a fabulous view of the port and the ferries, the old style buildings along the sea front and the beautiful azure water.

I enjoyed a lovely swim in the pool on the roof terrace - even though it was October it wasn't at all cold - and then went to explore the island.

Samos is idyllic and peaceful with Greek shops, cafes and restaurants. There are no neon lights or trashy bars. There are many Greeks and a smattering of tourists but no loud or overbearing British or German ones to ruin the atmosphere.

I wandered through the narrow uphill alleyways beneath the impressively carved marble balconies and wooden verandas. I bought a kitchen utensil in an authentic, but smart shop, and picked up Greek pastries and delicacies in a shop full of locals. I then browsed in the clothes shops which were nicely designed yet inexpensive.

On the first night we ate at a traditional taverna overlooking SamosTown, with night views of the sea. Greek hospitality is second to none, and by the time it came to the main course, I was already full!

The next morning we took off to explore the Halcyon Hills land. As you can see from the photos, Halcyon Hills is truly beautiful with exquisite views out across Asia Minor and Turkey is in clear sight.

The resort will be a very special place with a feeling of complete tranquillity and being away from it all.

Getting planning permission in Greece is extremely difficult, and there are usually at least 15 permissions to get before final building permission is granted. In Greece, 4 and 5 star hoteliers can only build on 20% of the land unlike in Spain where they can build on 80%. This really gives you an idea of the care and commitment that is going into making Halcyon Hills such a stunning resort.

That evening I had a drink with work colleagues and the developer which also gave me the opportunity to speak to other tourists and the locals. Everyone loves Samos - as I did. The staff looked after us as we watched the passers by and drank ouzo in the warm evening air.

As a comparison I did a thorough inspection of The Doryssa Bay Hotel which has languished on the island for over 20 years. Whilst it is a 5 star hotel, it has become tired and dated and it is in need of total refurbishment and renewal - peeling paint, fading interiors and dated furnishings. Moreover, it is situated at the end of the airport runway - not a venue for the discerning 21st century traveller!

Background

It has taken the developer several years to get planning permission for the Halcyon Hills Resort. In Greece, there are very strict restrictions against building upon ancient sites. And you don't know until you start digging what is under the ground - literally going back to ancient Greece in 1000 BC.

The developer had a thorough feasibility study carried out by the highly respected leisure agents, Christie & Co; it highlighted the likely success of resort, and established a strong demand for a luxury resort on Samos.

Indeed, back in the 1990s, the visionary and entrepreneurial Richard Branson tried to build a luxury resort in Samos, but it did not go ahead due to local objection.

This resort has all the ingredients to be a smashing success.

The developer has appointed the project management company Mayfair Land and Development to oversee all construction of Halcyon Hills Luxury Resort and Spa.

Mayfair's projects include luxury village developments on island resorts, commercial buildings and a number of prestigious hotels and combined hotel and residences.

The build will start shortly.

Halcyon Hills Luxury Resort and Spa, Samos

Nestling in a sheltered bay on the south-eastern tip of Samos, the location of the hotel resort is without peer. Halcyon Hills has been meticulously designed with its stunning location firmly in mind, with nearly all properties enjoying panoramic sea views from their own terrace.

Halcyon Hills boasts a superb range of facilities, a 1200m² world class spa, two beaches, traditional and family restaurants, speciality deli and two further shops, a piano bar and boutiques, diving and watersports centre, children's club, state-of-the-art 35 berth private marina and fully equipped gym and tennis courts.

Samos is a stunning island, with ancient history and culture merging with idyllic beaches, an azure sea and warm, Mediterranean climate. Halcyon Hills has all the facilities of a modern five star hotel resort, ensuring not only your own enjoyment but also that others will want to rent your property, should you wish to consider it as an investment.

Samos has an international airport and a successful tradition of five star tourism, ensuring a high rental opportunity for those who invest in luxury property on the island.

Prices

Prices and Returns - Fractional Properties

Property	Property Price	Price on 150% Buy-Back	Profit on Buy-Back
Apartment Suite (penthouse)	£23,000	£34,500	£11,500
1 Bed Kampana	£31,500	£47,250	£15,750
1 Bed Luxury Villa	£34,500	£51,750	£17,250
2 Bed Villa	£48,000	£72,000	£24,000
3 Bed Villa	£95,000	£142,500	£47,500

Prices and Returns - Full Ownership Properties

Property	Property Price	Price on 150% Buy-Back	Profit on Buy-Back
Hotel Suite	£126,000	£189,000	£63,000
Hotel suite penthouse	£174,000	£261,000	£87,000
Apt suite penthouse	£205,000	£307,500	£102,500
1 Bed Kampana	£280,000	£420,000	£140,000
1 Bed Villa	£305,000	£457,500	£152,500
2 Bed Villa	£425,000	£637,500	£212,500
3 Bed Villa	£839,950	£1,259,925	£419,975

Your Profit from the 150% Buy-Back

If you purchase a hotel suite priced at £126,000 the developer guarantees you a buy-back price of £189,000

This means that you will make a profit of £63,000!

 

And this does not include the 5% return you have made during the build period, the 8% guaranteed return for the first 2 years, and your 10%/14% return from year 3 onwards.

Not to mention, that you are also getting 4 weeks per annum free usage of your property!

And for a fractional property, you get 2 weeks per annum free usage.

It can't get any better!

Comparable Properties

The closest comparable properties are Elounda Diamond in Crete and Aphrodite Hills in Cyprus. Below is a price comparison:

Samos Resort - €4,070/m²

Porto Elounda - €13,498/m²

Aphrodite Hills - €8,228/m²

You can see that our 5 star resort on Samos is three times less expensive per square metre than Elounda Diamond

For a much more competitive price, you can enjoy the high annual returns, interest paid on deposit and the security of a 180% developer buy-back guarantee.

Rental Comparables

This compares the cost to rent a one bedroom apartment for one night:

Doryssa Bay Hotel, Samos €330

Porto Elounda Crete €677

Hotel Cavo Tagoo, Mykonos €427

You can see that a rent of €330 per night is easily achievable for a one bedroom at Halcyon Hills!

Here is How You Invest

• £1,000 Reservation Fee full ownership and £500 for fractionals, which is fully refundable if you change your mind within 30 days
• 30% due upon signing the contract. You start receiving 5% interest on your deposit straight away
• 70% due upon completion of property
• Non-status finance is available

What the Media is Saying

This 5 star luxury spa and resort and Samos have continued to get excellent coverage. The latest article was in Autumn 2011:

The Italian broadcasting channel RAI3 completed its shootings for a new documentary film about Greece, especially the islands of the Northern Aegean Sea, Samos, Lesbos and Chios.

The documentary was screened during the television programme Alle Falde Del Kilimangiaro, which is one of the most popular travel shows broadcasted by the Italian State Television every Sunday evening, appealing to an audience of about 10% of viewers on Sunday evening (1.0 million to 1.5 million viewers).

The Italian TV crew shot all over the island of Samos, emphasising on displaying the island's historic-cultural legacy, its customs, and the internationally famous local products and local cuisine.

Daily Express, 25th July 2011: 'The luxury beachfront resort on the Greek island of Samos provides an opportunity for self-invested personal pension (SIPP) investors.

They can acquire a property with a guaranteed income of 5% for nine years after which the developer is offering to buy back customers' properties at 180% of the price they paid.

The development is in a sheltered bay and nearly all properties enjoy panoramic sea views from their own terraces.

Centred around a vast spa, the resort offers all the facilities of a top hotel. Samos itself is steeped in history and culture and has an international airport.'

The New York Post recommends Samos as a holiday destination, saying it has not been invaded by mass tourism, and the consequential negative effects thereof. Here's an extract from the New York Post's article:

'MYKONOS? Maybe if you dig dudes in Armani sweatshirts and Gucci sunglasses hovering over your Greek coffee at sunrise. Santorini? If you like Vegas in a volcanic crater, it's the spot for you. Prefer your Greek islands with more whitewash, less acid wash, and a whole lot less tourists? Lucky for you, there are more than 6,000 islands and islets belonging to Greece. A mere 78 of them have more than 100 inhabitants, according to the latest figures.

In other words, there's a whole lot of Greece surrounded by water. So why on earth does everyone seem to congregate in two places so completely overrun by tourism, to the point where there's but a smidgeon of authenticity left on their shores at all?

Granted, Santorini and Mykonos cannot be denied. To do so would be to deny, say, the Eiffel Tower, or Times Square. There is a valid reason for them being so heavily visited. Both are gorgeous and nearly otherworldly in their postcard-perfect landscapes.

Here's the thing, though - neither quality could be considered unique here in Greece. So why not branch out a bit? On the following three islands, you'll still be chasing moussaka prepared by a surly chef in a funny little Greek fisherman hat with shot after shot of backyard-distilled ouzo - it will just a hell of a lot easier to get a table.

From its local sweet wine (similar to sauternes for a fraction of the price) to its rather unique (for Greece) forested inland mountains to its three idyllic waterfront towns (Vathy, Pythagorio and the cream of the crop, Kokkari), Samos has it all - except massive cruise ships and traffic-jamming coaches. Greek life continues on here more or less unchanged by tourism with a eye on the pulse: It's a modern northeastern Aegean island (you can nearly skip a rock to Turkey) that hasn't turned its back on tradition in the meantime.

Both Pythagoras and Epicurus were born here, so everyone is a geometry whiz unafraid to indulge in a little food and drink. Hera, whose ancient sanctuary, the Ireon, is a UNESCO World Heritage site, also hails from here.

Each of the island's main waterfronts are chalk full of lovely restaurants and bars, full with locals downing frappés - Greece's addictive mix of milk and instant coffee - during the day, and Samos Vin Doux, the local desert wine, at night. It all culminates at Elia in Pythagorio, one of the best tavernas in all of the Greek isles.?

Feedback from one of our buyers

One of our buyers has bought a hotel suite via his SIPP and is extremely happy with his investment. Before he bought he said 'I am getting peanuts from my investment. Now I am getting 5% return on my deposit during the build. And by the time I take advantage of the guaranteed buy-back. I will more than double my return.'