Investing in property on Korcula

[Anja]

Graham said:

Sharks in Croatia Anja, you have shocked me

SHarks are everywhere...
Do you think they would avoid Adriatic?

[Graham - Bosmere]

The way some people go about buying property you would think the sharks were not present.

[Fiona]

There are other developments on Korcula, for instance -
www.marinamarco.com

Marina Marco is a Luxury Waterfront Apartment Development, in Korcula, Croatia with 192 private and self contained fully furnished holiday apartments, all with terrace gardens, 180 degree ocean views, and a guaranteed 3 year 6% return.

The resort is being built and is due for completion in 2006.

A 5 star International Crowne Plaza Hotel and Resort is being built as part of this development along with a World Class 149 berth Marina, restaurants, bars, a nightclub and specialty boutiques.

Apartment owners will have access to all the resort facilities at the hotel including a Health Spa and Fitness Club, and a Private offshore wooded Leisure Island - accessed by a boardwalk.

Each apartment is sold with the benefit of a resort management and rental agreement providing an attractive income stream, whenever you're not in residence.

This is a golden opportunity to purchase at pre-construction prices, and the fully refundable deposit, is only 1000 Euros.

If anyone is interested you can find out more here - www.marinamarco.com/index.htm

Included on the site are all the steps for non-Croatians wishing to purchase property in Croatia.

[architect]

Had a look at Marinamarco development and have to say it looks it looks like a pretty poor 'cram um in' maximum density deveopment.

They are also suggesting i think that apartments will let at 150 quid per night for the full season nets 6% return...does any one pay 150 quid on Korcula?

I guess at 6% the apartments must cost about 240,000 euros - quite a lot i think but then there is plenty of margin in there to 'guarantee' ur rental return...Am i being unfair...discuss?

[architect]

Had a look at Marinamarco development and have to say it looks it looks like a pretty poor 'cram um in' maximum density deveopment.

They are also suggesting i think that apartments will let at 150 quid per night for the full season nets 6% return...does any one pay 150 quid on Korcula?

I guess at 6% the apartments must cost about 240,000 euros - quite a lot i think but then there is plenty of margin in there to 'guarantee' ur rental return...Am i being unfair...discuss?

[Trevor]

Bloody hell! It looks like Korcula's going to be turned into a "Theme park"

I have travelled extensively around Croatia in the mid to late 90's whith few tourists. I know the Croatian economy relies a lot on Tourism - But please - I beg you don't spoil the place with over development!

[Bob]

Hi ,this seems like an ever lasting thread, so lets make it a little bit longer.
The Marina marco development is on the south coast near Brna.
There is no new development in Lumbarda on the east coast , it was suggested at one stage to build a new development in the old ship building yard but due to local objections the development was scrapped. Lumbarda is a beautiful quiet unspoilt village with wonderful people with great strong community spirit where everybody knows each other and hopefully it will always stay this way and never become spoilt .
The Lina apartments have been there for 20 yrs, the only development being carried out here is to the existing apartments purly cosmetic with the addition of a new swimming pool ,the apartments will be fitted out with air conditioning and internal work e.g electrical,plumbing,painting after all they are 20yrs old. No tennis courts as somebody suggested in an earlier thread.
The Marinamarco development looks like a great investment on paper, but beware of guaranteed rental income ,it is always built into the price. What happens after the three years guaranteed income are up? What are the management fees for the upkeep of the development after the 3 yrs are up? Always remember that the season is still fairly short on Korcula ,July-August being the busiest so be very aware of your investment as it seems very expensive. They also make referance to a new airport on the Island (this may never happen) Talk to the local people of the Island they will be more than happy to let you know about any plans for an airport and how long the season lasts.

[Graham - Bosmere]

Well according to the Croatian Tourist Office PR company there is a big development planned for Lombarda which includes appartments and hotels.

'Pelgrin will see 220000square metres developed with 160 villas with swimming pools' The area will be surounded by forests, gardens, swimming pools and a golf course, with a dock for yachts planned. Opening 2008.

Can anyone confirm if this is still going ahead. I know Peter Ellis from Croatia Property Services was looking into some of the Korcula developments a while back.

[AngeloZ Webmaster]

Graham, I would appreciate If you would not mention Peter Ellis of Croatia Property Service on this forum. We had some bad experiance with him!

[tunbridge]

to AngeloZ Webmaster

What "problems" have you had with Peter Ellis?

[Peter]

Angelo

Remove the comment about me, which is highly misleading, or face an injunction and possible damages for libel.

[Tess]

"Remove the comment about me, which is highly misleading, or face an injunction and possible damages for libel"

You obviously don't understand the laws of libel? Saying you've had a bad experience of someone does not constitute libel.

[Sasha]

Peter should have more respect for the people who run this website, and not be so big headed. They are Croats, but they are not stupid.

[PeterE]

I despise a coward! Angelo left his comment and removed my robust rebuttal of it. That makes him less than respectable in my eyes. Big head has nothing to do with it. Don't comment on something you know nothing about.
There was another post there until it was removed.

Someone reading Angelo's comment could infer from it that I was professionally at fault whereas his beef is that he couldn't shake me down for a grand for advertising.

[Karl1]

Angelo

Remove the comment about me, which is highly misleading, or face an injunction and possible damages for libel.

Lieber Gott, is this man sane?