FYI Mara. I double checked and they still accept installments in USD and they have another project with the same extended financing planned for next year!
Jul 21, 2023·edited Jul 21, 2023Liked by BowTiedMara
In Croatia (beachfront) most you can get is like 33-40% discount if you pay up 90% up front as an investor in the project and take on the construction company risk that they will finish (normally in 3 years) and you pay the last 10% when it's done. So you can pay 2100 EUR/m2 for something that you can sell for 3350 EUR/m2 in 3 years for example (actual project I know). Altho in those 3 years 2019-2021 prices appreciated to 4000 EUR/m2 so the owner sold it for double. And project was completed in 2.5 years actually before the schedule. But I wouldn't do this now as you'd need to pay 3000 EUR/m2 and take on the company risk and hope prices stay at 4000 EUR/m2 in 3 years, actually they are even higher now at like 4500 (inflated, but imo buyers are exhausted). With recession coming up and saturated market and int. rates rising ... Just so much value elsewhere
Altho funny thing is if you told me in 2019 that Covid is coming for sure I'd tell you not to invest in this but as life goes you can be wrong even if you knew the future. Construction workers wanted jobs (no shortage), credit was cheap and outdoor workers were allowed to work during C19 so they built things even faster than now and every company got bailed out with revolving credit, etc.
FYI Mara. I double checked and they still accept installments in USD and they have another project with the same extended financing planned for next year!
when you say 'pay in USD cash' do you mean physical cash or are you including a USD bank transfer?
if physical, how does one get enough physical cash into the country to pay for an entire apartment?
nearly every country has limits of $10k USD or equivalent on physical cash per month.
Hey Mara! I spoke to a salesperson from the OM Project in Palermo and the 80 installments is only in pesos. The 36 installments is in usd.
In Croatia (beachfront) most you can get is like 33-40% discount if you pay up 90% up front as an investor in the project and take on the construction company risk that they will finish (normally in 3 years) and you pay the last 10% when it's done. So you can pay 2100 EUR/m2 for something that you can sell for 3350 EUR/m2 in 3 years for example (actual project I know). Altho in those 3 years 2019-2021 prices appreciated to 4000 EUR/m2 so the owner sold it for double. And project was completed in 2.5 years actually before the schedule. But I wouldn't do this now as you'd need to pay 3000 EUR/m2 and take on the company risk and hope prices stay at 4000 EUR/m2 in 3 years, actually they are even higher now at like 4500 (inflated, but imo buyers are exhausted). With recession coming up and saturated market and int. rates rising ... Just so much value elsewhere
Altho funny thing is if you told me in 2019 that Covid is coming for sure I'd tell you not to invest in this but as life goes you can be wrong even if you knew the future. Construction workers wanted jobs (no shortage), credit was cheap and outdoor workers were allowed to work during C19 so they built things even faster than now and every company got bailed out with revolving credit, etc.