Unfinished 3-Star Holiday Apartment Complex with Expansion Potential - East of Rethymno

This unfinished holiday apartment building of 540 m² enjoys sea views and a prime location just 2.3 km from the north coast of Crete, near the traditional village of Angeliana and the seaside resort of Panormos.
Positioned in a sought-after area east of Rethymno, it presents both lifestyle appeal and strong investment potential.

The property stands on a generous plot of 16,598 m², with a total permitted building capacity of 3,320 m² plus basement (subject to a tourist development license). This allows for the construction of an additional 2,780 m² of hotel facilities or holiday apartments and suites, making the site ideal for expanding into a full-scale tourist development.

The existing ground-floor building includes:

• Two apartments with 4 bedrooms each, all bedrooms with en-suite WC, plus a master bathroom, corridor, and open-plan kitchen, dining, and living area.
• One apartment similar in layout, but with 3 bedrooms instead of 4.
• A 44.15 m² reception area.
• Three common WCs, one designed for accessibility.
• A 30.25 m² common breakfast room.

The design also provides for three private swimming pools of approximately 42 m² each, one serving every apartment.

The property is partly walled, connected to both electricity (3-phase) and water, and already fitted with internal wiring and plumbing installations (1st stage).

Beyond existing and additional construction, the large landholding offers plenty of space for beautifully landscaped gardens, lawn areas, extra (common) swimming pools, a children’s playground, tennis courts, and other leisure facilities that would significantly increase its value and attractiveness.

Distances:

• Nearest organized sandy beach ("Geropotamos"): 3.7 km / ~7 minutes by car.
• Rethymno town center: 20 km / ~25 minutes.
• Heraklion International Airport: 71 km / <1 hour.
• Chania International Airport: 87 km.

The coastal area around Panormos, Rethymno, within approximately 3 km from the shoreline, has become one of Crete's most attractive investment zones. Several prestigious 5-star resorts operate here, drawing international tourism and ensuring strong infrastructure. At the same time, the surrounding hills and olive groves are dotted with stylish boutique villas, many of which function as successful holiday rentals. This combination of luxury hospitality and private villa tourism creates a vibrant market with excellent potential for both personal enjoyment and high-yield investment opportunities.

Rethymno is one of Crete's most enchanting towns, where Venetian architecture, Ottoman influences, and lively Cretan culture meet the beauty of the Mediterranean.
Its atmospheric old town with narrow alleys, elegant mansions, and a picturesque harbor contrasts beautifully with the endless sandy beach stretching along the coast. The town offers a vibrant year-round lifestyle with excellent restaurants, cafés, cultural events, and a welcoming community.
With excellent infrastructure, universities, and easy access to both Heraklion and Chania airports, Rethymno is not only a premier holiday destination but also a place of strong lifestyle appeal and long-term investment value.