Traditional Stone Property with Two Independent Resididences & Sea View in Panormos, Rethymno A unique property with character, space and excellent renovation and investment potential, located in the heart of Panormos, one of the most charming seaside villages on the north coast of Crete. The property is set on a private plot of approximately 303 sq.m. and offers a total built area of approximately 234 sq.m., arranged over two levels and currently functioning as two independent residences. The ground-floor residence, measuring approximately 124 sq.m., is part of the original traditional stone-built property dating back to 1925. This level requires full renovation, including flooring, kitchen, bathrooms, finishes and general refurbishment. It offers an excellent opportunity to restore the character of the original stone building while creating a modern and attractive living space. The first-floor residence, measuring approximately 110 sq.m., was built in 1974. It is currently occupied and can be lived in as it stands, although it would also benefit from renovation and modernization. The upper floor offers generous interior spaces and access to a long veranda, from which there is a sea view as well as views towards the village. The property should therefore be considered primarily as a renovation project with strong potential, rather than a turnkey home. Current Condition The upper floor is currently habitable and occupied, while the ground floor requires complete refurbishment. Electricity and water are understood to be connected to the property, although buyers are advised to confirm the condition of all installations and utilities as part of their technical inspection. The property has no existing private parking space, however the private garden offers possibilities for future reconfiguration. Subject to the necessary technical and planning approvals, the outdoor area may potentially be adapted to create vehicle access and private parking. The garden is private and offers further possibilities for landscaping, outdoor seating, dining areas or potentially the addition of a swimming pool, subject to confirmation by a civil engineer and the relevant authorities. According to information provided by the owner, there may also be approximately 60 sq.m. of remaining building capacity. This could offer additional possibilities for expanding the existing property or creating further accommodation. Any additional construction rights, swimming pool, parking access or alterations must be independently verified by a qualified civil engineer and confirmed according to current planning regulations. Property Details Approx. 234 sq.m. total built area Approx. 303 sq.m. private plot Ground floor: approx. 124 sq.m. First floor: approx. 110 sq.m. Two independent living areas 4 bedrooms 2 bathrooms 2 kitchens Private courtyard / garden Sea view from the upper-floor veranda No existing private parking Potential to create parking within the plot, subject to approval Potential for a swimming pool, subject to technical and planning approval Possible additional building capacity of approx. 60 sq.m., according to the owner and subject to civil engineer confirmation Electricity and water understood to be connected Walking distance to the sea and village amenities Renovation & Investment Potential The property's main attraction lies in its flexibility and the opportunity to create something truly individual. The traditional stone-built ground floor could be carefully restored into a beautiful Cretan-style residence combining original architectural character with contemporary interiors. The first floor could be renovated into a bright and comfortable modern home, making full use of the spacious veranda and its sea view. Depending on the buyer's plans and subject to the relevant approvals, the property could potentially be developed as: A large private family residence Two independent homes A private residence with a separate rental unit Holiday accommodation A boutique guesthouse Guest suites A character holiday rental property A combination of private living space and income-producing accommodation The private garden also provides the opportunity to create an attractive Mediterranean outdoor environment with landscaping, shaded seating, outdoor dining and relaxation areas. For a buyer willing to undertake renovation, this property offers considerable scope to add value and create either a distinctive private home or an income-producing property in one of Crete's established coastal villages. About Panormos, Rethymno Panormos is one of the most charming seaside villages on the north coast of Crete, located approximately 22 km east of Rethymno. Once a traditional fishing village, Panormos has managed to preserve much of its authentic Cretan character while developing into a popular and well-established holiday destination. The village is known for its picturesque harbour, narrow streets, traditional houses, colourful bougainvillea, local shops, cafés, tavernas and restaurants, creating a relaxed and welcoming Mediterranean atmosphere. One of the great advantages of Panormos is its walkable village lifestyle. Beaches, the harbour, restaurants, cafés, shops and everyday amenities are all close together, making it an ideal location for both permanent living and holidays. The village has several beautiful small beaches and sheltered bays with clear waters, while the surrounding area offers a strong tourism infrastructure with holiday villas, boutique accommodation and high-quality hotels and resorts. Despite its popularity with visitors, Panormos still feels like a genuine Cretan village rather than a large tourist resort. It offers the perfect balance between traditional island life, seaside living and modern convenience. Rethymno city centre is approximately 20–25 minutes by car, offering easy access to the Old Town, Venetian harbour, shopping, restaurants and all major services. Panormos is also conveniently positioned for travelling towards Heraklion and the eastern side of Crete. With its combination of authentic village charm, beautiful beaches, strong tourism activity, excellent accessibility and relaxed coastal lifestyle, Panormos is an especially attractive location for a holiday home, permanent residence or investment property. NOVESTA CRETE – REAL ESTATE • INVESTMENTS • CONSTRUCTION** 📞 **+30 694 731 2713 | +30 2825 181231** 🌐 **http://www.novesta-crete.com ✉️ **info@novesta-crete.com