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Apartment/Flat Description
DUBROVNIK RESIDENCES
Dubrovnik Residences was opened in July 2009. It is an integrated 5-star resort set on the Adriatic Sea in Croatia, close to the historic city of Dubrovnik - one of the most famous UNESCO World Heritage Cities. The owners and guests of Dubrovnik Residences value the perfect blend of past and present - the Adriatic lifestyle with modern facilities and amenities together with the rich history and culture of the nearby Dubrovnik.
The resort is managed and operated by Radisson Blu Hotels and Resorts. Radisson is one of Europe's leading hotel and resort operators, and a company whose reputation was founded on their recognition of each guest and owner as an individual with individual needs.
The resort is set on the coast within mature gardens above the level of the beach and offers panoramic views across the water to the Dubrovnik peninsula to the east and the Elafiti Islands stretching to the west. A summary of the resort is as follows:
- A 201 room 5-star hotel and 207 fully-appointed 5-star residences- A conference and meeting centre equipped with the latest technology and with one of the largest conference halls on the Adriatic- Extensive restaurants and bars featuring local and international cuisine, a supermarket and retail shopping, all designed to appeal to families, couples, and independent travellers alike- A Spa and Wellness Centre operated by award winning Anne Semonin of Paris- A Sports Centre offering squash, table tennis, wall climbing, a muliti-use hall, outdoor facilities comprising of three tennis courts, a volleyball court, and a five-a-side football pitch- Three freshwater pools, each with a bar and one with a restaurant- A Kids Club, playground and pool
In the short time since it's opening, The Dubrovnik Resort has received overwhelmingly favourable reviews from guests, from representatives of the tourist industry, and from local and international press, and has established itself as one of the premier destinations on the Adriatic coast. The Dubrovnik Residences consists of 207 apartments with one, two and three-bedrooms and range in size from 44 square meters to 138 square meters. Nestling into the coastal hillside, with pan tiled roofs, pastel coloured painted walls and interspersed with many tall cypress trees, The Residences authentically recreates a traditional Adriatic coastal village.
Internally however, The Residences have a contemporary style that offers modern amenities including fully-fitted open-plan kitchens and dining areas with modern appliances, spacious en suite bathrooms with heated floors, drencher showers and full-length baths, living areas with solid oak flooring, comfortable furnishings and a 32'' LCD television, and bedrooms with generous wardrobe space and the superb Simpson bed that Radisson specifies for all its managed properties. Each residence has its own sun-facing balcony or terrace offering views of the resort and the Elafiti Islands across the Adriatic Sea.
Dubrovnik Residences features a fully equipped Kids Club catering to young children. The club offers nursery facilities, play equipment, and a mini climbing wall. Supervision is given by fully qualified childcare staff. The Sunset and Lemonia outdoor pools are dedicated to family use, with the Lemonia having a separate toddlers' play pool with waterslide. An outdoor children's playground is located next to the Lemonia pool.
PURCHASE SUMMARY
The process of buying real estate in Croatia is similar to other European countries. There are two ways that it can be done: either as a private individual or by a Special Purpose Vehicle (SPV) which means setting up a company that will own and operate the real estate. There are advantages and disadvantages of each method depending on the buyer's tax situation and the use of the property. Generally, an SPV is more suitable for buying property that will be included in a rental programme. The use of an SPV also provides several benefits in terms of tax shielding: for example it allows the owner to reclaim Value Added Tax (VAT) on the purchase of the property and later enables the owner to potentially deduct relevant ownership expenses.
Having identified the property that best suits your needs, and decided on whether to purchase as a private individual or through an SPV, the process thereafter is relatively straightforward. In the case on a real estate purchase at The Dubrovnik Residences, the steps are as follows:
- Select the residences suiting your needs- Review purchasing documents and loan application, if applicable- Set up Special Purpose Vehicle (SPV) company - Croatian company for property ownership - establish agreement with administration company for company record keeping- Open company bank account and provide start-up capital- Execute purchase documents and provide deposit funds - documents to be notarized by Croatian notary; Set date for remaining funds disbursement and property acquisition -generally 30 days from contracting date- Transfer remaining funds into bank account or obtain loan proceeds from bank to gain possession of residence- Register owner's name submit unit sale and purchase contract to tax office for Property Tax Assessment
RESIDENCE FINANCING PROGRAMME
Erste Bank has created a special mortgage financing package for qualified buyers of The Dubrovnik Residences.
General Terms: one bedroom - up to EURO 700,000; down payment - 30% of purchase price; loan term - 20 years; interest rate - 6.5% of outstanding loan
Loan application documentation: Executed Loan Application, Income Verification, Asset and Cash Verification
TAX INFO
The Republic of Croatia has a unified Real Estate Transfer Tax rate of 5% for all types of real estate and the tax is levied on the value of the property as of 1997. If the property is purchased through SPV, which is registered at the address of the residence, then the 5% Real Estate Transfer Tax is waived.
VAT is levied at 23% on the increased value of the property since 1997. This tax is payable on closing but can be recaptured by purchasing the Residence through SPV.
PRICES
Prices for one bedroom residences range from EURO 170,000 for a ground floor residence with a courtyard view to EURO 369,000 for a larger one bedroom with premium panoramic views of the Adriatic Sea. Two bedroom residences range from EURO 241,000 for one with a garden view and up to EURO 608,000 for a larger two bedroom residence with premium panoramic sea views.
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Approximate price of this 1-Bed Flat/Apartment
€170,000 EUR |
£136,162 GBP |
US$213,469 USD |
(Currency and Foreign Exchange services supplied by  )
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| Type |
Flat/Apartment |
| Bedrooms |
1 |
| Category |
New Build |
| Listed |
over 6 months ago |
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Map of Dubrovnik, Dubrovacko-Neretvanska Zupanija, Croatia
Real Estate Agent Listing this Property
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Price: €170,000
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