FAQ

These are the most usual questions asked by our clients:

1. Where is the five-star apartment hotel “Palazzo Reale” situated?
Ultra-modern and fabulously glamorous, this unique complex is set in immediate proximity to the town of Tsarevo. Located between two inlets, with its small calm gulf and beautiful secluded beach, this “fairy-tale palace” stands on the very beach and nothing can hide the grandiose view it reveals.

2. When will the construction of the five-star apartment hotel “Palazzo Reale” commence?
The construction of “Palazzo Reale” complex will start in 05.2010.

3. How will the construction of the five-star apartment hotel “Palazzo Reale” progress?
The construction works shall be developing according to the set schedule, terms and plans contemplated and endorsed by the investor and the respective competent authorities.

4. When will the five-star apartment hotel “Palazzo Reale” be completed?
Time fixed for finalizing construction: 12.2012.

5. Does the developer give any construction guarantee for the newly constructed building and if yes, for what period?
The developing company gives a guarantee for construction and grants all warranty cards of the appliances in the property, which, after the ownership transfer, are transferred automatically to the name of the new owner. The manner of construction and the invested materials are listed in a special report, and information about the actual construction work may be obtained both by the agents and the potential owners. They have free access to the development at any time and can be updated about the current construction stage. The property guarantee itself is bound with the Contracts for maintenance of the common parts. According to these Contracts the investor and a third person, appointed by them, is obliged to take care of the building maintenance. This contract is not subject to suspension hence the guarantee is in force until the building exists.

6. Which company has designed the five-star apartment hotel “Palazzo Reale”?
There is no simple and unambiguous answer to this question. The investors of “Palazzo Reale” have consulted with some of the most prominent design companies in the world and have filtered out the best ideas which could be successfully implemented in a country like Bulgaria. Chief executive of the project is one of the most successful and world renowned Bulgarian construction and designing company working in this field.

7. Which company will take up the construction of the five-star apartment hotel “Palazzo Reale”?
It is only natural and logical to engage more than one building company in the construction of such a grand project. Several companies will take up the construction of the complex, as the most popular and important one of them is a Spanish company that will be engaged with the most difficult part of the building construction, namely the sharks aquarium and Cleopatra dining hall, located entirely under water.

8. Which is the company to be in charge of the interior design in “Palazzo Reale”?
The design and furniture of each single part of the five-star apartment hotel “Palazzo Reale” are assigned to different, world famous companies from Italy, Spain, France and Russia. These are all companies which have already proved their high quality of work and genuine ideas. Their names speak for themselves and serve as a perfect guarantee for the future success of the complex in terms of sales and letting.

9. Which company will furnish the five-star apartment hotel “Palazzo Reale”?
The complex will be furnished as per a special furniture project including the products of over 20 different companies from Italy, Spain and other leading countries, world famous for their quality materials and established brands. The investors stake on the idea of boutique apartments, with the purpose of making every single apartment of different and unique interior. The only thing in common will be the infinite luxury and the fact that each apartment shall be a piece of art in itself.

10. Is furniture included in the price?
Furniture is not included in the apartment price.

11. Are the gold ornaments in the complex made of pure gold?
Yes, the gold glitter in “Palazzo Reale” is absolutely genuine. Some furniture details, the sparkling elements of the impressive dome in the lobby, the ornaments on the splendid statues and the frescoes in the enormous corridors, as well as the elements in the unique restaurants “Almas” и “Michelin” and those in the refined “Golden winery” – all these are covered with 22 and 23 carats gold.

12. Is Cleopatra hall really under water?
Cleopatra hall is designed to be the most extreme dining hall in the world. Your experience while dining here can be only compared with a participation in a science-fiction movie. This is a hall all sunk under water and set in the middle of a huge aquarium, full of enormous live sharks and decorated with coral reefs brought all the way from the Red Sea. Here you will feel emotions never to forget from this moment on.

13. Does the builder have full ownership on the apartments offered for sale?
The above mentioned entrepreneurs have full ownership on the apartments offered for sale in the complex.

14. What is the deposit, the payment procedure, and to whom should potential clients pay?
If you want to reserve an apartment you need to lay down a deposit of 10% of the property price, which is transferred to our company’s bank account. This deposit secures the apartment for a period of 30 days from the moment we received cleared funds in our account. By the end of this period the buyer must transfer a minimum of 30% of the apartment price to the investor’s bank account. If no payment is made within the above mentioned deadline, the deposited sum is not refunded. A buyer may pay a reservation fee of to 2000 Euros instead, but in this case the buyer is not entitled to use any of the discounts offered by the investor. The payments which follow depend on the payment plan selected and you can rely on the full assistance of our company sales agents to guide you in the purchasing procedure.

15. How long does the purchasing process take?
It depends on the payment plan – it can take a minimum of 15 and up to 30 days or it can last for the whole construction period if you decide to choose stage payments. So, it is all on an individual basis.

16. How long does the notary transfer take when finalizing the deal?
Time for preparing the sales documents and property transfer in front of a Notary – 2 days.

17. What are the costs for finalizing the deal – stamp duty, local and state taxes and lawyer’s fees?
The costs for property transfer differ depending on the way of acquisition and the stage of the building completion at the time the property is transferred, but as a whole all transfer fees do not exceed 5% of the property price. Lawyer’s fees vary between 1% and 2% of the property price. For further details you can contact our sales agents.

18. Do you have a trustworthy lawyer to represent clients during purchase?
We have a specialized legal department which deals with the whole flow of documents related to ownership transfer. These experts consult and advise all our clients and their fee is 1% of the property price.

19. Can you arrange a mortgage credit and if so, whom do you work with? Are bank loans granted to non-Bulgarian citizens or Limited Companies? What are the limits in granting a mortgage credit?
There are many possibilities for granting loans both to Bulgarian and non-Bulgarian citizens no matter whether they are physical or legal persons. The maximum amount of such loans is defined in accordance with the type and the area of the mortgaged property. Some banks also have certain requirements regarding the stage of completion of the respective property, as well as the way apartments are turned over, and the management contracts. We work with most Bulgarian banks through our professional team of consultants who are ready to answer all your questions concerning mortgage possibilities.

20. Do you charge any fee for arranging a mortgage loan?
Yes, if you use the services of our credit department, we charge a single initial fee of 800 EUR.

21. Are the properties licensed for renting out on a local level?
All apartments to be rented out to tourists shall be licensed and categorized by an experienced and trustworthy Property Management company, carefully selected by the investors of “Palazzo Reale”.

22. Do you have a property management program and if so, what are the fees?
Owners who wish to get a return on their investment by renting their property out can use our “Rental management” service. The company that will deal with the management of “Palazzo Reale”, will be a carefully selected and established tour operator company which will accommodate tourists for a short or a long term and will provide a 10% guaranteed rental income for the first year of renting and 7% for the following one. This is a compulsory provision, and an integral part of the contract that we are to sign with the property management company we select.

We shall signing a Contract for property management with the company which is able to ensure the following for our clients:

- 10 % guaranteed rental income for the first year of renting
- 7 % guaranteed rental income for the following years
- Providing of all free and paid services offered by our company in “Palazzo Reale”
- Individual services of highest quality designated for owners and guests of the complex

23. Are there any monthly fees for the maintenance of green areas, swimming pools and common parts?
There is an annual maintenance fee of 20 EUR per sq. m (exclusive of VAT), and the maintenance contract is to be signed with the investor.
Тhis fee covers the following:
- Technical maintenance of all installations, equipment and other common parts in the complex – green areas, yard, garden, swimming pools, etc.
- Organization of cleaning of the common parts and all servicing areas in the complex, such as green areas, gardens, swimming pools, etc.
- Organization of payment of all bills for common parts
- Organization of security in the complex
- Standard repairs occurring as a result of normal use
- Owners notification about damages in their apartments.

24. What is the insurance fee for an apartment in the building?
Owners are to insure their property on themselves choosing a good bank and considering all possible risks it will cover. In order to be able to rent their apartments out, owners must provide it with an insurance policy or authorize the management company take care of it covering all costs. Only insured apartment can be rented.

25. What is the average rental income?
Apartment owners in the five-star apart hotel “Palazzo Reale” are offered 10% guaranteed rental income for the first year of renting and 7% for the following years, and these percentages will be paid to owners no matter what is the actual income from renting out. For those future owners who do not wish to receive guaranteed rental income but want to sign a Contract for temporary tourist accommodation, we can offer sample price lists with apartment rates per night for the different types of apartments which will be built in our complex. Rates are conformed to tour operator companies to match the category and facilities offered in “Palazzo Reale”.