Dubrovnik: Luxury property on the Adriatic
Friday, 9 December 2011 1:53 PM
If you've not been to Dubrovnik yet, you should go.
If you've already been, you should buy a property there. But then if you've been, you probably don't need to be told that.
The Croatian coast is one of the most beautiful stretches of water in the world, but there is not as much premium real estate available for purchase as you'd think.
That is why the five star Dubrovnik Sun Gardens estate stands out.
Changes to Croatia's law of purchase in 2009 have lifted restrictions on non EU citizens (prior to the country joining the EU in 2013), but that doesn't mean that the whole coastline is soon to be developed.
On the contrary, Croatia has passed extensive legislation designed to protect its unblemished rocky bays, blocking development on all but a small proportion of the coast.
To that end, Dubrovnik Sun Gardens is the only such new residential resort scheme to be fulfilled in the Dubrovnik region – placing property there at a real premium, especially considering Dubrovnik is such a small city (it only has a population of just over 40,000).
A one bedroom residence ranges in price from €170,000 for a ground floor with a garden view, up to €336,000 for a larger one.
Two bedrooms are between €308,000 and €608,000.
Residences range in size from 44 square metres to 111 square metres.
Mortgages are on offer, with a 15 year term, 60 per cent loan-to-value ratio and 6.6 per cent fixed rate interest.
It's all about the location though, with its close proximity to Dubrovnik, one of Europe's most beautiful cities, the resort is perfect for city breaks too.
Once known as the Republic of Ragusa, the walled city of Dubrovnik has towered over the Adriatic sea since the 7th century.
An independent city-state, it vied with other maritime republics, such as Venice, for the majority of its history and is now a UNESCO World Heritage site.
Despite being de-militarised in 1970 to protect it from war devastation, it came under heavy siege in 1991 following the breakup of Yugoslavia, enduring seven months of shelling.
The Dubrovnik Sun Gardens site was also badly damaged, burned and looted.But, like an aged phoenix from the ashes, Dubrovnik has retained its beauty and appeal, attracting in excess of two million tourists a year.
By the same token, the Dubrovnik Sun Gardens were rejuvenated in 2008, meaning the apartments are both stylish and modern.
Owners and guests have full access to all resort facilities and services, including the three pools, clay tennis courts, bars and restaurants.
Croatian tourism regulations do state that owners make their apartment available to rent when unoccupied, although this gives a chance to earn revenue from properties when they are not in use.
Owners are entitled to 50 per cent of rental revenue received by the operating company.
If you think Dubrovnik Sun Gardens might be a good option for you, then you can find out some more here.
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