Action Constructing is pleased to announce the pre launch of its latest venture Loutra Haven, its 2nd exclusive off plan development in the village of Loutra on the Greek island of Crete. Occupying a location 2km from the beach and within close proximity to the commercial centre of Rethymnon, Loutra Haven is an ideal investment property. In addition to high capital growth, projected at 15% per annum, Loutra Haven offers superb rental potential as it appeals to both residents and holiday makers. Its convenient location in a tranquil area close to the traditional village of Loutra set in extensive olive groves and overlooking the sea, while still enjoying easy access to the cosmopolitan town of Rethymnon makes the accommodation incredibly marketable - helping to sustain high rental yields and growing capital appreciation. In order to facilitate the commercial value of property in Loutra Haven each unit has been designed to conform with the Greek National Tourist Organisation criteria making it possible to apply for the appropriate licence known as the EOT licence. Even during the generally gloomy economic atmosphere on a worldwide level Greece has seen a 3% increase in the number of tourists for the first six months of the year largely due to the Greek government’s extensive efforts to promote Greece’s many attributes to a wider market as well as the traditional tourist markets of countries like Britain, Germany and Scandinavia. Increases in other nationalities visiting Greece have been noted especially French and Russian tourists. Loutra Haven brings together the traditional charm, luxury and comfort that are synonymous with Crete.
Purchasers can choose from luxury two bedroom apartments, two storey maisonettes and 2 or 3 bedroom villas with prices starting from £112,000. Facilities include swimming pools, extensive garden and paved areas as well as private parking spaces.
About Action Constructing: Action Constructing specialises in creating luxury property in Crete for discerning clients. The company has been operating since 1998 and has to date successfully built and sold many beautiful properties in Crete to satisfied clients looking for a secure investment and a quality guaranteed product. Action Constructing continues to offer something unique to its customers through its strategy of identifying desirable locations, using attractive architecture and some of the finest quality finishes, delivering idyllic buildings which are clearly distinguishable from their contemporaries. All of Action Constructing’s developments are located in the provinces of Chania and Rethymnon on the island of Crete which is recognised as one of the worlds foremost tourist destinations as well as an excellent choice for retirement and year round living. To date Action Constructing has successfully designed and built many luxury bespoke villas in these areas as well as an exclusive off-plan project in Agia Triada, Rethymnon now 80% sold out. The company’s commitment to its customer-driven strategy is nowhere more evident than in its latest project Loutra Haven. Satisfying the demand for proximity to the beach in a rural setting typical to Crete while at the same time affording easy access to traditional local shops and amenities.

Rethymnon Summer Arts Festival

The Rethymnon Rennaissance Festival 2008 has now come to an end but there is still much to do and see in Rethymnon as part of the Summer Arts Festival.

Exhibitions, theatre performances and concerts are taking place at several locations around Rethymnon but are centred specifically in the Venetian Fortress. Printed copies of the program are available from the kiosk outside the Rethymnon Town Hall.
ADVANCE BOOKING AND INFORMATION - Town Hall From Monday to Saturday 09:00 -13:30 and at the Erofili Theatre in the Venetian Fortress one hour prior to each performance. Tel. 28310 28101


08.08
Theatre - Theatre Group VIVI performs "The Bee" by Nikos Kazantzakis.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €15 - €8 for students


09.08
Concert - Michalis Tzouganakis.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €17


10.08
Theatre - Coronet Theatre performs "Caveman" by Rob Becker.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €22 - €18 for students


11.08
Theatre - Theatre Roumelis performs "Prometheus Captivated" by Aeschylus.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €20 - €15 for students


12.08
Concert - Michalis Chatzigiannis.Municipal Stadium Sochoras (football ground near bus station) - Starts 21.30hrsTickets: €20


13.08
Concert - Stelios Bikakis.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €15 - €10 for students


14.08
Theatre - Idaioi Daktyloi Theatre Group performs "Women in the Town Church"Erofili Theatre, Fortezza - Starts 21.30hrsFree Entry


17.08
Musical Performance - "Adam's Song"Erofili Theatre, Fortezza - Starts 21.30hrsFree Entrance


18.08
Theatre - Cultural Association Adele-Agia Paraskevi performs "The Great Nobleman"Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €12


19.08
Theatre - Attiki Scene performs "Nepheles"Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €20 - €17 for students


20.08
Music and Dance - Meeting in the Castle - with Association Megalakai and George Manolioudis & Giorgis ChalkiadakisErofili Theatre, Fortezza - Starts 21.30hrsTickets: €12


22.08
Theatre - Theatre Group Cultural Expression performs "The Doctor in Spite of Himself" by MoliereErofili Theatre, Fortezza - Starts 21.30hrsTickets: €20 - €15 for students


23.08
Musical - Thespis and Theatre of Volos perform "Blood Brothers" by Willy RussellErofili Theatre, Fortezza - Starts 21.30hrsTickets: €24 - €17 for students


24.08
Concert - Giorgis Xylouris.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €20


25.08
Theatre - Magikes Svoures Theatre Company performs "The Wooden Doll" - a children's theatre performance.Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €13


27.08
Revue - Theatrical Workshop Avlaia performs "Cabaret 'The World'"Erofili Theatre, Fortezza - Starts 21.30hrsTickets: €15 - €10 for students


29.08
Theatre - Theatre Athinaion performs "Tartuffe" by MoliereErofili Theatre, Fortezza - Starts 21.30hrsTickets: €22 - €17 for students


01.09
Theatre - Theatre Scene Heraklio performs "Vrontakides & Fourtounakides" by Lakis MichailidisErofili Theatre, Fortezza - Starts 21.30hrsTickets: €12






Exhibitions
25.07-02.08 - Stelios Baklavas presents "Body Talk", a photographic exhibition.
05.08-18.08 - Konstantinos Polioudakis presents "Pictures of Words and Silence", paintings and audio-visual exhibits.
11.09-11.10 - Artists of the Ukraine present "Colour & Movement"

The exhibitions take place in the Artillery Hall and the Ibrahim Han Mosque; both are in the grounds of the Fortezza.
Entrance to the exhibitions is free.

Are house prices going down in Crete?

Financial experts claim Crete still offers one of the best investment opportunities for house buyers during the credit crunch. The situation in the Greek Islands and especially Crete is ideal for those looking for a secure investment in increasingly turbulent times.The downturn in the UK housing market does not seem to have dampened appetites as people are keener than ever to buy property abroad and are looking for ways to tame the highly volatile currency markets to ensure they get the best deal when they invest. While the UK and other countries appear to be in the grip of a market slowdown, Crete property continues to increase its value.

Without doubt experts involved in the Cretan construction business know that they will be affected by the current crisis, but not as deeply as some other locations. Most experts predict that, although the extraordinarily healthy capital appreciation seen in the past few years of 15% or more in some cases will slow down, the prices of houses on Crete will continue to see growth. This is due to several factors including the strict building regulations causing the scarcity of attractive, buildable land and consequently its continual rise in value.

It has also been suggested that property prices in Crete and Greece generally continue to rise due to a wiser approach by mortgage banks in the country. Traditionally lending in Crete has been tighter than in the UK. Until relatively recently it was almost impossible for prospective house buyers in Crete to secure a mortgage which means a property bubble fuelled by extensive lending was not created in Crete as opposed to some other countries. In the last quarter of 2007, the average Greek household debt was 45.3% of the GDP, compared to 97% in the UK. Now of course thankfully mortgages are accessible to residents and non-residents alike, but Greek banks have never been drawn into the somewhat irresponsible lending seen in other countries. While mortgages in the UK are becoming scarcer Greek banks are still offering non-resident purchasers interested in buying a home in Crete attractive mortgage packages. Greek banks continue to help a lot of house buyers realise the dream of owning a property in Crete despite the weaker pound. Subject to status and the type of real estate to be purchased some Greek banks can offer rates as low as 4.20% fixed rate for 3 years.

Overall, it seems that Crete property provides an enduring investment for those wishing to survive the credit crunch and now that mortgages in Crete have become more readily available this can only increase the demand by people looking to buy a house on Crete. Add to that the wonderful Cretan cuisine, enviable climate, friendly local people and awe-inspiring natural beauty and surely Crete will remain a major property investor magnet for many years to come!