|
|
Post by Rejeka on Jun 8, 2004 23:39:23 GMT 1
Agree! I'm afraid some of you could be making a dreadfull mistake?!  |
|
|
|
Post by Graham - Bosmere on Jun 9, 2004 12:32:17 GMT 1
and there was me thinking that purchasing property in Croatia was a sure fire way of making thousands of pounds from a small investment  |
|
|
|
Post by Bob on Jun 9, 2004 13:08:09 GMT 1
The Lina apartments are 20 yrs old and set in a mature forest setting and in keeping with its natural surroundings.!
Not everyone buying an apartment in this area are thinking of making a profit , believe it or not some people actually like the Island and area and beautiful clear sea.
If we all wanted to make hugh profits we would buy off plan in Spain or Portugal wouldn't we?.
|
|
|
|
Post by PeterE on Jun 9, 2004 15:45:51 GMT 1
Has anyone here who has purchased an apartment on the Lina development used an independant lawyer, or have they used the lawyer provided by the developer?
On the strength of the documentation we have seen so far, we doubt that anyone buying up until now can secure MFA approval without further documentation that was still not apparently available 2 weeks ago. Any purchase can only be completed when the buyer's name is entered in to the Land Registry and for foreigners buying in their own name this is conditional upon the MFA.
It is this sort of situation that gives rise to the scare stories of MFA approval taking ages. Just signing a contract is not sufficient to guarantee an entry in to the Land Registry. Other documentation like, for example, a recent Certificate of Title issued by the local Land Registry must be produced to the MFA, defining the precise apartment, not just the building. If these are not available, the registration process cannot begin.
|
|
|
|
Post by dalma on Jun 9, 2004 17:05:23 GMT 1
Well, I love Korcula... I have been going there for the past 20 years. I think it is the best place to be. But i think the island had two options... Being an exclusive resort with limited accomodations and so keeping its historic value and nature... or becoming a public bathroom for thousands of cheap turists... I think it is being overdeveloped, and so true turists will pull off for more underdeveloped Hvar in this sense... and Korcula will be stuck with elementary school excursions. It is not about loving the sea, it is about selling it too cheap...
|
|
|
|
Post by Graham - Bosmere on Jun 9, 2004 17:23:37 GMT 1
Well said Dalma, it would break my heart to see Costa Korcula with golf courses, tat shops and people who have no regard for the people of Korcula with their thousands of years of culture.
|
|
|
|
Post by alsdoubles on Jun 9, 2004 23:45:18 GMT 1
You really do need to be there to handle things. Trust no-one, just as in the UK. Furniture...All new. In the UK you can nip down to the nearest auction room. Croatia, forget it. They appear to be averse to second-hand. And then added costs to the islands.
Investment? How long do you plan to live?
There is investment potential. Always as the world turns there are rises in values, of things. Usually. Thank you Tony Blair for enabling me to 'do it.'
Sitting out on my roof terrace tonight, sipping Guinness (makes a change from vino) well it's sure a whole world different to my UK last address. Be prepared for some culture shock. Culture shock is good. I've done things here I wouldn't dream of in the UK. Be careful. Trust no-one. In the UK and here and anywhere. Otherwise, chances are you could well become a victim. And that could happen anywhere. Absolutely anywhere! Don't be an easy target.
|
|
|
|
Post by Bob on Jun 9, 2004 23:48:46 GMT 1
Hi Dalma/Graham
I couldnt agree more,the last thing I want to see is beer swilling,fish and chip eating Costa tourists, this type of tourism has a long term burn out effect in any country.
But I think we have lost the thread from the first question asked.(Is Korcula a good investment, started by Cass).
I think that if people are only investing in Korcula purely for financial gain and think they will make their fortune, forget it and go to Spain.
If they want to invest in a beautiful island and cultural history, then it is an excellent lifetime investment.
Dalma are you against people buying the Lina Apartments in Lumbarda or buying on the island in general,the reason I ask this is because the thread has changed from "investing in Korcula"to investing specifically in the Lina complex which has been there for the last 20 years in a very mature natural setting, which I don't think is going to change the amount of tourists coming to the Island.
If its new developments you are against,that are going to destroy the culture and heritage of the Island then I stand beside you 100%.
It is always important to control tourism so beautiful Countries don't get destroyed where the Travel Agents would get rich in the short term and the Country would die in the long term.
but we also have to remember that without tourism many small villages would just disappear as I'm sure you would agree it is an important income for many households and small business.
držati Korcula lijep
Bob
|
|
|
|
Post by dalma on Jun 10, 2004 3:08:18 GMT 1
I am not against investing in Korcula at all. I am looking to invest there myself. Honestly, I am not doing it for any monetary gain either. I really love the place, and dont mind keeping any piece of property for personal use. I am mostly concerned with style of developments being offered in the area. The old lina development is ok in that it did preserve some nature, but I feel that it is too crowded... Not enough privacy. Any way i look at it, it is a low-budget type of a place. And thats ok if that is what you are into but I would never own property i would mind staying in *every summer* myself. Old develompment doesnt disrupt the mood of the place too much and i am not against it. I am mostly concerned about the new development due 2006. They are planning it as an exclusive 5-star resort. Something of the sort has been long overdue... But from looking at their plans, I am less than impressed. I think they are squishing in too many units on too small a strip of land. People will be on display and I am not sure about how much nature they are preserving knowing the local obsession with cutting down the pine when trying to create anything over 3-stars. Additionally all of the units and a hotel are facing one huge loud beach with no shade. They are making a shopping center in the background... The only thing missing is a highway...  Lumbarda resort... I will just say this... Tennis courts?! What were they thinking... Although the idea of making villas could be great if done right. I am not even going to go into lack of architectural integration of the developments or the interior design I've been witnessing over the years, so I suggest to all just trashing their furniture and getting your own. I still dont know how 2006 resort will turn out, and i am praying for the best..., but i am skeptical.  |
|
|
|
Post by Graham - Bosmere on Jun 10, 2004 15:11:03 GMT 1
Being nosey I just wonder who is putting the money in to backing the Lina development and what the liquidity of the company is like. Is it a shell company controlled by overseas holding company or is it a local Croatian company.
|
|
Edita
Full Member
Posts: 96
|
Post by Edita on Jun 10, 2004 15:21:20 GMT 1
Local company.
|
|
|
|
Post by Graham - Bosmere on Jun 10, 2004 16:08:28 GMT 1
Anyone seen the accounts to assess the liquidity and business plans?
|
|
|
|
Post by Anja on Jun 10, 2004 16:19:54 GMT 1
Has anyone here who has purchased an apartment on the Lina development used an independant lawyer, or have they used the lawyer provided by the developer? On the strength of the documentation we have seen so far, we doubt that anyone buying up until now can secure MFA approval without further documentation that was still not apparently available 2 weeks ago. Any purchase can only be completed when the buyer's name is entered in to the Land Registry and for foreigners buying in their own name this is conditional upon the MFA. It is this sort of situation that gives rise to the scare stories of MFA approval taking ages. Just signing a contract is not sufficient to guarantee an entry in to the Land Registry. Other documentation like, for example, a recent Certificate of Title issued by the local Land Registry must be produced to the MFA, defining the precise apartment, not just the building. If these are not available, the registration process cannot begin. Peter is 100% right. When buying apartments you have to make sure that all individual apartments are entered into Land registry otherwise you would not get the permission from the Ministry. This process is called ETAZIRANJE in Croatia. I understand "etaziranje" is not expensive, it is about 1000 EURO per apartment but it can take long time for the process to be finished, I know of a German guy who couldn't put a property in his name for three years because of this issue. BTW Korcula is beautiful but I hate waiting for ferries in the summer.. 35% for management is too much, 85 E as well.. Good luck to all.. |
|
|
|
Post by Anja on Jun 11, 2004 12:49:07 GMT 1
Few more things and tips to check on when buying an apartment:
Your solicitor has to check on:
whether the building itself has any council, electricity etc
debts.
Sometimes this fee even reaches the price of one of the apartments so one of the apartments would have a debt MARK on them.. you have to be very careful with those.. it happened to some of my customers that their solicitor made a mistake and did not NOTICE?? it..
Another thing: if you are paying for the apartment in instalments, then if it happens you miss a date, you can easily lose everything you paid up to date..
Some of the developers are like sharks, they just wait for this moment ..so be careful and read your pre-contracts.. and be careful with the instalment dates..
|
|
|
|
Post by Graham - Bosmere on Jun 11, 2004 16:43:29 GMT 1
Sharks in Croatia Anja, you have shocked me Seriously, why is it some people purchase property abroad without taking the same care as they do at home. There was a program about this on TV a while back and what some people were doing was beyond understanding. Only yesterday there was a program about a couple who had purchased a barn in France and were shocked to find it did not have proper foundations. |
|
