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Medokys This fantastic new residential property development in Slovakia is a complex of 54 high-end luxury apartments located in one of the most affluent areas of Banska Bystrica, Slovakia's third city.
The developers are joint Irish and Slovakian. The apartments are specifically targeted at the local middle to upper-class market. Most apartments are expected to be sold on the local market as there is a huge demand, and each apartments will be tailored to the owners specific requirements. All apartments will be finished with a fitted bathroom, radiators and gas boilers. Bathrooms and kitchens will be fully tiled and finished to a high standard. There are retail units on the ground floor which will include a cafe and convenience store. There is a lift in each block which leads to all floors including the underground parking. Location The Medokys development is located in the heart of one of Slovakia's most attractive tourist regions. It currently boasts 6 ski resorts, 2 large spa and leisure centres and a number of golf courses are planned to be built. This therefore offers the perfect work-life balance in this up-and-coming commercial hub.
Amazingly, this central city is only 2-3 hours away from Bratislava, Vienna, Budapest, Krakow, Brno and Kosice. Banska Bystrica is thought by many to be the future central commercial hub for Eastern Europe. It has everything going for it in terms of accessibility, local infrastructure, the people and for a short time only.....the prices. Construction Schedule Construction is due to commence on 1st June 2006 .
The general frame structure will be complete by December 2006.
The Interiors will be completed by June 2007.
The entire development including common areas will be complete by June 2008. Facilities And Maintenance The maintenance charge for the resort has been set at €10 per sqm of total apartment size, per year. This charge will cover the cost of the 24 hour security, common area maintenance and cleaning, gardening and other on-site staffing. Payment Terms The Right Move Abroad have a refundable reservation fee policy which enables you to hold an apartment for up to 30 days without actually committing to the purchase. This enables you to view the development and do further due diligence prior to signing your contract and paying your first instalment. The reservation fee is only refundable if the client views the property / development within the 30 day period. Only 10% of your reservation fee is retained by The Right Move Abroad as an administration charge. We will accept verbal reservations which are valid for 72 hours. The refundable reservation fee is €3,000 and should accompany a signed reservation form which is available upon request. This reservation fee is deducted from your first instalment. After 30 days of receipt of your reservation form and cheque, the reservation fee becomes non-refundable.
FIRST INSTALMENT - 25% upon signing the Preliminary Contract of Sale within 30 days of making your reservation (minus your €3,000 reservation fee).
SECOND INSTALMENT - 25% upon completion of the rough construction of your apartment building (approximately December 2006).
THIRD INSTALMENT - 25% upon completion of raw internal installations (approximately April 2007).
FOURTH INSTALMENT - 20% upon completion of the interior of your apartment (approximately June 2007).
FINAL INSTALMENT - 5% upon issue of the operation permit and hand-over. Property Management There are a number of local property management companies who can rent your apartment out. The conservative estimated return is 5-7% with capital appreciation at 15-20% currently. How (and whether or not) you rent your apartment is your choice, as too is the type of offers you wish to invite (long term versus short term). We will assist you in sourcing a suitable property management company, who will also advise an estimated rental income for both short and long term lets, and estimated occupancy figures. They will also advise what proportion of this rent will be retained by them, as this varies from company to company. Their fee will normally cover the following (but again this varies):
• Apartment Contents Insurance
• Heating Costs
• Electricity Costs
• Water Costs
• Key Management and Check-up Visits
• Cleaning of the apartment
• Laundry (sheets, towels etc) About the Immediate Vicinity Banska Bystrica is the administrative, cultural and economic centre of Central Slovakia. A medieval mining town, steeped in culture, it boasts several art galleries and museums, including the SNP museum which commemorates the resistance during the second world war. The Chamber of Commerce is very receptive to foreign investment in their thriving city and has targeted many areas for growth and development. Judicious zoning is in place to ensure that the city can move forward in planned prosperity, without losing its character and charm. As a centre of tourism, much of the regions surrounding natural beauty is protected in national parks, including the Low Tatras National Park.
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