The Lighthouse Apartments, Golden Sands

Country

Bulgaria

Area

Varna

Region

Varna

Town

Golden Sands

The apartments are located in the small seaside town of Alen Mak which adjoins the southern end of Golden Sands. Alen Mak is a pretty university town that is fast becoming a centre for exclusive apartments and luxury villas. It has the advantage of being a real town rather than a resort, with a mixture of both local and international residents.

The Lighthouse apartments are a development of 27 superbly designed apartments, tastefully put together for clients who enjoy life and living.

Each apartment has been individually planned and all are either unique or with only one other apartment of the same design. All have fully-fitted kitchens and bathrooms.

Facilities on the site include a large swimming pool (12m x 5m), a jacuzzi, sauna and gym and children's play area.

With only 27 units, it makes for a more relaxed and comfortable place to visit and of course also means less people using the facilities - all adding to the feeling of personal space.

The Lighthouse is a short 10 minutes walk from Alen Mak's beach, which is a long stretch of golden sand lined with restaurants and bars. The beach is a local secret and therefore much less crowded than Golden Sands in the next bay.

When you want to join in the action, the internationally famous resort of Golden Sands is only five-minutes away by car and provides a full range of tourist facilities such as well-known international restaurants, casinos and nightclubs.

The Local Area

The Lighthouse is positioned on higher ground in order to fully enjoy the fantastic unspoilt coastal views and to ensure your peace and quiet.

Not just sunshine and beautiful beaches just a short walk away, but gourmet food and wine, golf, opera, spas and museums are all less than half an hour away.

The local bars and restaurants are two or three minutes away.

A hotel close to the apartments offers massage and a full range of health and relaxation therapies.

Prices and Availability

Note all prices quoted include VAT based on the local tax evaluation at the Notary Act.

Payment Plan

jet2let will update you by emailing photos after each stage is completed.

• £1000 sterling deposit to reserve an apartment
• 25% payment on signing the preliminary contract and within 10 days of the deposit
• 25% on completion of the foundations
• 25% on completion of the roof
• 25% final payment within 15 days of Art 15 (completion)

Completion due March 2007

£750 reservation fee. You then have 10 days to sign the preliminary contract at which time the first deposit payment is due.

Other Costs

Running Costs

The cost for the full property management service costs 6 Euros per square metre. The cost per apartment would therefore be between 324 Euros and 528 Euros per year depending on the exact size of the property.

The service includes the following:

• Exterior inspection and maintenance including garden and yard
• Cleaning staircase and adjacent areas
• Pool maintenance
• Payment of water and electricity bills of common areas
• Arranging repairs of common areas
• Arranging and controlling 24-hour security guards at the complex

Furniture packages

The developer will offer at additional cost three standards of furniture packages:

• Standard
• Luxury
• Delux

The Developer

The developer is a UK based company and the build quality, fittings and service standards are the same as you would expect in the UK. The construction work will be inspected at critical stages by UK qualified construction experts to ensure the highest quality. The construction company, Zoldi bg, has won awards for its design.

Rental Returns

Rental returns are estimated to provide an annual return of 5% to 7% of the value of the apartments over the next 10 years.

Total Security Guaranteed Return Option:

If you want a zero-risk option on your return, we are offering a total security package.

For those taking up this offer, there is guarantee that your rental return will equal 7% of the price of your property for the first two years after the completion of the building. The cost of this guarantee is just an extra 5% on top of the cost of the apartment.

Even with this extra 5% on the price, you're still buying at below the normal market value for the property and this means that the extra cost can be included as part of the purchase price when the property is valued.

If you wanted to arrange a mortgage on the property after the building is complete, the guarantee means that you know most of your costs will be covered by your guaranteed return.

During these first two years, the price of the property is likely to have increased significantly and you may decide to sell before the guarantee runs out.

Otherwise, if you want to keep it, you will find that the rental income you can get for the building will have increased as the price of the property has increased. This means that after the first two years the rental income is likely to be more than the guaranteed 7% and may more than cover your outgoings.

Summary

• Exclusive location near the beach
• Extremely competitive prices compared to similar property in the area
• Large pool, gym, jacuzzi and sauna
• Restaurants and bars two minutes walk away
• nightlife and gourmet food on your doorstep
• Easy access to the UK
• Unbeatable views
• Design - award winning construction company
• Low deposit of 25%

Why the value will increase:

• Low Cost airline likely to fly to Varna soon
• EU membership expected in 2007
• Varna's growth in affluence
  
• Increasing availability of local mortgages
• Bulgaria establishing a successful and growing economy
• Rapidly increasing holiday visitors each year

Why a great investment:

• Buying below market price
• Zero-risk option with a 7% return
• No Capital Gains Tax
• Buying off-plan means buying at better prices than buying a finished building
• Fundamentally low prices for what you get compared to similar properties in Europe