Mike Saunders, Marketing Director of Snobby Homes is dismissive of fractional share ownership. He says, “Buying property abroad is a huge investment in trust and in today’s market buyers need to feel secure. I understand some developers have to re-market themselves with new ideas in order to survive, but I question whether fractional ownership is the way forward, and does it really benefit the buyer?
While we are doing nicely, I accept there is a market for those wishing to buy a property abroad, but they just don’t have the wherewithal to proceed at the moment. To those people we would say forget fractional ownership – there is an alternative. Buy a property in Crete.
A two bedroom detached Snobby for £25,000?
In Greek law houses are not owned jointly and severally, as they are in the UK. We have had several instances where friends and family have bought a Snobby together. If four couples agree to buy a Snobby, each couple would pay only 25%. Typically that means a couple can own a Snobby with their friends for just £25,000 and the title deed would legally show the freehold property as being equally owned by eight named owners.
Thus the Greek legal system already allows several parties to own a property without setting up a complicated system of fractional ownership with company involvement, hefty management fees, or having to buy with strangers.
We have been building Snobbys for five years now and it’s a concept which is proving extremely successful, despite today’s market. Our success means we are probably the only developer in Crete which does not have any financial borrowing, and we are the only company to legally secure every buyer’s deposit. In today’s economic environment these are huge benefits because they provide purchasers with an unbeatable level of trust and security they’ll not find anywhere else.”
Certainly it’s easy to see how Snobby Homes are still successful, despite the recession. They build Snobbys in western Crete, in the region around the picturesque fishing village of Kolimbari and within 40 minutes of Chania Airport, which receives direct flights from the UK. Crete is the largest and most southerly of the Greek islands, benefitting from 320 days of glorious sunshine every year, it has the lowest crime rate in Europe and being a member country of the EU since 1981 you can be confident that Greece is a safe and secure place in which to buy property.
Snobby Homes build only a handful of houses on each development, set quietly away, but within a stroll of everyday amenities. Snobbys have beamed ceilings, arches, pantiled roofs and stone features, set within fantastic individual private walled courtyard gardens, plenty big enough for a swimming pool and patios.
And the specification is amazing. You get a solar electric system generating FREE electricity, construction is with thermal bricks providing superb insulation, double glazing, a wood burner, solar water heating and a host of features, including a comprehensive white goods package, furniture and a range of kitchen equipment. And what’s more, there are no hidden extras. The sale price INCLUDES all taxes, VAT, legal fees, purchase costs, build license and utility connections – which most builders charge extra for.
Realise your dream of buying in Crete for thousands less!
“While we see the majority of Snobbys being purchased mostly by couples or individuals” says Mike Saunders, “Being aware of this joint ownership facility within the Greek legal system means friends, work colleagues, or family members could club together and buy a home for just a few thousand each. They all benefit as the house value increases, running costs per individual is less and if someone wishes to sell their percentage to the rest, or someone new, the Greek legal system allows you to do this quite simply.”
So, if your dream is to own a property in Crete, and you know of other kindred spirits, get in touch with Snobby Homes.
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