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Parcul Verde A fantastic opportunity to buy a multi-functional investment property in Romania
Outstanding development finished to a high quality
Excellent rental market to locals, tourists and ex-pats
Fantastic prospects for capital appreciation at these low prices Location Brasov is one of the most beautiful cities in Eastern Europe.
Parcul Verde (Green Park) is a fantastic new development of property for sale in the town of Brasov, Romania, which serves more than 5 local up-and-coming ski resorts. The development is located to the north of this rapidly growing town in the Stupini suburb, which is ideally situated to take advantage of the breath-taking mountain views on offer. Stupini is the fastest growing and the most desirable suburb of Brasov and is only 10 minutes away from the main shopping area and 15 minutes from the beautiful historical centre of Brasov. Construction Schedule Construction of Block 1 (R1 to R20) has already commenced and is due to reach roof level in August 2007. Completion of block 1 is expected in March 2008.
Construction of Block 2 (R21 to R40) has already commenced and is due to reach roof level in December 2007. Completion of block 2 is expected in May 2008.
Construction of Block 3 (C1 to C26) will commence during September 2007 and is due to reach roof level in March 2008. Completion of block 3 is expected in August 2008. Facilities And Maintenance There is a host of facilities and services in the immediate area of the development. There are both primary and secondary schools, a gymnasium / fitness centre, a variety of shops from large shopping malls to local market stalls, Kinder-land - a children's theme park, and excellent transport links.
Maintenance and property management of this development will be the responsibility of the developer who has his own property management and maintenance company. Maintenance will be charged at €6 per square meter per year and will include insurance of the building. 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. 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.
1st instalment: 50% of the purchase price paid upon signing the Preliminary Sales Contract (less your reservation fee)
2nd instalment: 10% upon completion of the roof level of your apartment building.
3rd instalment: 40% upon Notary transfer.
info update: 14/12/07....
Change in Romanian fiscal law January 2008.
In December 2007 The Right Move Abroad received confirmation of the Romanian government’s intentions in relation to VAT when purchasing a property.
For anyone who has purchased property, or is about to purchase property in Romania, queries in relation to this information should be addressed to your Accountant & Solicitor for confirmation & clarification.
The Romanian government have altered the tax system in relation to Government Ordinance no. 10/6/2007 from the 1st of January 2008.
This law relates to the inverse taxation system concerning apartment and land purchases for Romanian companies, under the current legal system VAT is not payable on these purchases and this system will be revised as of January 2008.
What does this mean for buyers?
On any sales purchase agreement signed after the 1st of January 2008 19.5% VAT will be payable on top of the purchase price for all apartment or land purchases.
Buyers who have already signed sales purchase agreements and made payments to the developer will pay VAT on any remaining payments.
It is important to note that every buyer will be able to claim back any VAT paid from the Romanian Government at the end of the fiscal year so this change will not actually increase the prices of the apartments.
Please contact your lawyer or accountants for further details. About the Immediate Vicinity Brasov is one of the most beautiful towns in Eastern Europe, and is a true oasis for skiing, fishing, gliding, cultural tourism and alpine climbing. It has also been host to many American movies including, recently, "Cold Mountain". Its scenery is breath-taking and the people are warm and friendly. The area has many attractions to offer tourists....Dracula's Castle in Bran, the Rasnov Fortress and the Dambovicioara cave are just a few examples. The ski resorts of Poiana Brasov, Predeal, Busteni, Azuga, Sinaia are all easily accessible in any season by car or train.
Brasov is also an important business centre from Romania due to the local universities. This has led to many western companies realising its potential and investing heavily in the area.
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