28 November 2011 15:48
Croatian luxury resort Dubrovnik Sun Gardens has seen a surge in agent interest since adding freehold ownership and ready-made mortgage packages to its offering ... the 5-star resort has seen 12 brokers sign up in the last three weeks.
The mortgage product is done in conjunction with Vienna-based Erste bank. It’s fully furnished and offers a 15-year term mortgage, with 60% LTV and a fixed interest rate of 6.6%.
Julian Houchin, commercial director for iO Adria, the owners of Dubrovnik Sun Gardens, told OPP: “Since we’ve got the free hold and mortgage package, interest from agents has gone through the roof, and we’ve signed 12 brokers in the last three weeks.”
“The managing director of Engel & Volkers even came here himself from Germany to sign the product.”
Houchin added that free hold is proving a major selling-point for Dubrovnik, given that the usual practice in the country is for long-term leaseholds. “It’s a unique-selling point,” he told OPP.
“Freehold is hard to get in a Croatian resort context, it is particularly key with the UK market.”
“Post-fees, we are confident we can generate yields of 4%,” added Houchin.
Owners can use their property for five weeks during peak season and on an unlimited basis in the off season.
Dubrovnik Sun Gardens is a 22-hectare resort based on the Adriatic Coast. Facilities include a spa, sports centre, restaurants, bars and shopping markets.
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