Perched on a cliff and enjoying breathtaking views of the world-famous Caldera, this rare property exudes an understated luxury. Eight independent bedroom suites are carved into the rock in the island's traditional cave house style, each offering a living-dining area, kitchenette, bedroom and ensuite bathroom. The suites open onto terraces with uninterrupted views to the vibrant blue sea, the Caldera and the horizon which on clear days can extend all the way to Crete. A beautiful swimming pool and a pool house with a kitchen and bar are used as the main gathering points, ideal for al fresco relaxing and entertaining. Other features include three open-air Jacuzzis, a fireplace in the master bedroom, and auxiliary areas for storage. With 370 m2 of interior spaces set on land of 475 m2, the property is being operated today as an exclusive boutique hotel but may also be used as a truly unique private home. It is offered fully furnished and ready to move in. The beach of Armenis is 250 steps below and there is no other structure between this residence and the sea. This is an exceptional opportunity to acquire a property which offers great privacy, access to the sea, and views to the Caldera, while being just a short walk from the lively main street of Oia with its abundance of well-known shops and restaurants.