One of the last land plots for residential construction in Opatija

One of the last available land plots in the centre of Opatija for residential construction!
Distance to the seashore and to wonderful beaches of Volosko is 265 meters!
One of the most exclusive and highly demanded areas in Opatija!
Sea view is opening from the site!
One or two residential building with 58 apartments are possible to construct!

Total surface of land is 1616 m2.
KIS is 0,3, so the outprint of the building can be 434 m2.
KIG is 1,8.
Max height - 5 levels or15 meters max (+ underground level)
Max brutto surface is 2 908 m2 ( + 1292 m2 for underground level).

2908 m2 of brutto surface - 20% = 2326 m2 of netto surface
2326 м2/40 м2 = 58 apartments, each with parking space underground (58 parking spaces x 22 meters for each = 1276 m2).
22 m2 of parking space = 18 m2 for the car and 4 m2 for the approaching space
The apartments can be larger, of course.

The following norms are appllied in Opatija:
40 m2 - 1 parking space
41-100 m2 - 2 parking spaces
101-200 m2 - 3 parking spaces
Over 200 m2 - 4 parking spaces


General calculations:

Purchasing expenses:
Price - 580 000 eur
Agency fee - 3% + VAT - 21 750 eur
Property transfer tax 3% = 17 400 eur

Project and construction expenses:
Project expenses including the receipt of all permits and coordination with all official bodies - 50 eur per m2/2908 m2 = 145 400 eur
Communal fee for obtaining of building permit - 162960 eur
Water tax - 13923 eur
Electricity connection fee- 76013 eur
Construction of residential space "turn-key" - 2908 m2 x 1000 eur per m2 = 2 908 000 eur
Construction of underground garages  - 1292 m2 x 500 eur per m2 =  646 000 eur
Technical survey over construction (obligatory per law) - 180 000 eur
Delivery to commission, legal registrations, marketing, ads, management, etc - 170 000 eur
TOTAL expenses = 4 921 000 eur or 5 mln euro
Price per m2 = 4 921 000 eur/2326 m2 netto = 2115 eur per m2
Overall budget is 5 mln euro for 18 months

Sales calculations:
2326 m2 x min 3500 eur per m2 = 8 141 000 eur
2326 m2 x average 4000 eur per m2 = 9 304 000 eur
2326 m2 x max 5000 eur per m2 = 11 630 000 eur

Income calculations:
Potential medium expectations - 969166 eur, of which VAT is 193833 eur and NET sales - 7 753 332 eur
INCOME before tax = 7 753 332 - 5 mln euro = 2 753 332 eur or 55% for overall 24 months (i.e. 27,5% per year).

Tax rate of 20% will be applied. 

There can also be various types of tax minimization.
For example, if you rent apartments for 2 years, VAT will be minimized. However, it means additional expenses for furniture and rent management.
Average renting period in Opatija is 120 days. 7-8% earning are possible.

We offer full project support and control till the end of construction process.