1 Bed Apartment for sale in Dobrogea (Black Sea Coast), Romania

WE ARE NOW OFFERING A 20% SAVING ON OUR LIST PRICE AND THE OPTION TO PAY OVER 36 MONTHS FOR A LIMITEDNUMBER OF UNITS.
ACT NOW TO TAKE ADVANTAGE OF THIS FANTASTIC OFFER

The Development

We are proud to announce the release of Oasis Residence in the Black Sea resort of Vama Veche, Romania. Oasis is an outstanding high-quality development comprising 60 apartments set around private gardens with swimming pools, reception, gymnasium and underground parking, just 200 meters from a natural white sandy beach.

This fully managed, modern architecturally designed complex comprising studios, one and two bedroom apartments, and penthouses with the option of luxurious Jacuzzis spas, boasting fantastic sea views. Exclusivity and privacy have played an important role in planning Oasis Residence with access only permitted to residents and their guests via secure entrances.

Each apartment is stylishly designed and has all the conveniences of modern
living including under floor heating, a contemporary kitchen, fitted wardrobes and good sized terraces and balconies.

With low entry prices, attractive payment terms, fantastic capital growth and
Guaranteed 20% rental yields over 3 years, Oasis Residence offers an unique investment opportunity.

The Location

The Romanian Black Sea Coast is one of Europe’s fastest growing tourism destinations, enjoying summer Mediterranean temperatures along the coast. Figures from the World Travel and Tourism Council show Romania as seventh out of 176 countries for forecast growth of its tourism industry and it is referred to as a “very large, least intensive and fast-growing travel and tourist economy”.

Located on the southern Romanian Black Sea Coast, Vama Veche is the most
renowned beach destination in Romania, it has been the fastest growing tourist destination on the Romanian Black Sea Riviera, with an increase in visitors, both domestic and international, of 20% in the last year alone.

Due to the extremely high demand for quality accommodation and such a short supply, annual rental returns currently exceed 10%, Vama Veche offers some of the highest rental yields on the Romanian Black Sea coast.

The popularity of Vama Veche as a tourist destination means there is huge potential for real estate development to meet the demand for second homes and investment property in this beautiful area, from which buyers will see great returns on their investment by way of high rental returns and rising property values. A wide, natural and gently sloping beach with fine sand and minimal tides makes Vama Veche an ideal beach holiday location for all ages.

At present the local town council is in the process of implementing a comprehensive improvement plan (using EU funding) for the infrastructure in the coastal area of Vama Veche, which will result in a high standard of amenities and services for tourism and real estate development. This will also have a decisive impact on local property values over the coming years as will the arrival of low costs airlines such as Ryan Air.

The Investment

Rental Returns The background to the market and this particular location are important to understanding the potential rental yields. Vama Veche is an extremely popular holiday destination with Romanians, providing an already established domestic tourism base and huge potential for the international market. Visitors to the resort have increased by 20% in the last year alone with hotels enjoying full booking over the summer months, this has increased the demand for quality accommodation.

Expected rental returns forecast by the developer are around 10-12% of the purchase per annum based on current figures for the area. Such is the confidence in the existing and future demand an optional rental guarantee is in place. A superb 20% Net return over 3 years gives you the confidence to let your investment grow; to date this is the only guarantee of its kind on the Romanian Black Sea Coast.

Capital Growth Property prices in the Vama Veche area are expected to increase by between 20 and 30% over the next 12 months, mainly because of the improved infrastructures and planning laws, making it the perfect investment opportunity for investors and second-home buyers. The pre-release prices in themselves are at least 10% below market value. Prices will increase once the building licence has been issued and again when construction starts so further capital appreciation can be enjoyed by reserving at these early, pre-release prices.

Resale Vama Veche is a popular resort for Romanians from the larger cities such as Bucharest (Only 2.5 hrs drive) and Brasov to own a second home. At least a half of the sales within Oasis Residence are expected to be to the affluent domestic market.

Payment Plans & Dates
Two payment plans are available to suit the individual investor, the first instalment is not required until signing of contracts in summer of 2008 and, if paying the balance on completion, the final instalment is due in 2010. An attractive build time ensures that you benefit from substantial capital growth with minimum outlay.

Reservation Deposit
A reservation fee of €3,570 secures your chosen property and removes it from the market. This reservation fee is fully refundable upon exchange of contracts.

Payment Option 1
Terms:
30% Deposit on signing of contract
45% On completion structure due in June 2009 (finance available)
25% On completion

Payment Option 2
Terms:
80% Deposit on signing of contract
20% On completion

Mortgages Subject to status, mortgages of up to 75% are now available via Volksbank.

The Apartments


The integrated leisure facilities will ensure that Oasis Residence is the most modern apartment complex in Vama Veche and one of the best on the Romanian Black Sea coast. Only high quality materials will be used in the construction, with special care and attention given to the finish of the properties, both internally and externally.
.
• Under floor heating in living areas, bedroom and bathrooms.
• Well proportioned terraces and balconies
• Contemporary kitchens
• fully fitted bathrooms
• Bedrooms with fully with fitted wardrobes
• Penthouse apartments have BBQ’s and extensive terraces with provision
• for a Jacuzzi Spa to enjoy the ultimate in outdoor living and the panoramic
• sea views.
• Air Conditioning (optional)


Oasis Features
• Communal roof-top sun terrace with sea views
• Two outdoor swimming pools for adults and children
• Modern gymnasium
• Landscaped gardens and green areas within the complex
• Full Management and Rental service
• Reception and Guest Services
• Elevator with automatic doors
• Underground parking with automated entrance gates
• Fully decorated and finished communal areas

Construction
• Solid reinforced concrete construction with thermal insulation
• Acoustic insulation to floors
• High quality double glazing with sealed glass units

A variety of unit layout and sizes are available arranged to optimize open aspects and sea views wherever possible.

Romanian Legal Procedure

1. Reservation – Reservation contract signed and reservation deposit of
€3,570 paid to allocate the property and remove it from the market. Properties can be held verbally for 48hours.


2. Instruction of Lawyers – Within 5 working days of reservation a ‘Legal Assistance Contract’ will need to be signed with an independent law firm along with a power of attorney. This is a legal requirement in Romania for a lawyer to act on your behalf. We can recommend one to you, their fees are normally up to €1,500 +VAT.


3. Company Formation – Once the POA has been signed the lawyers can register your company in Romania, should you choose to use one, including the set up of bank accounts.


4. Signing of Contracts – A contract of sale is prepared for signing which can either be done in person in Romania or in the presence of a Notary in London or Dublin to have th