South Pearl Residence is an ultra modern complex consisting of luxury apartments, with exceptional up-to-date architecture and captivating design. The complex enjoys excellent location – both in terms of communications and position – situated on the first line of the beach. „South Pearl Residence” , apart from the luxury homes with marvelous sea views, offers the potential investors a wide variety of specialist services and facilities, that turn a purchase in the complex into an investment of a lifetime. The complex will provide you with everything you have ever dreamt of during your summer vacation – luxury surroundings, clear sea waters, golden sands, quiet private beach, special attitude in every single corner of the complex, beautiful cars to rent, a yacht charter, beach entertainment, summer night romance – at „South Pearl Residence” you will find everything you have dreamt of – don’t miss out on this great opportunity!
With a total area of 4691.34 sq. m exclusive of the terraces the building offers a rich variety of apartment sizes and floor plans to satisfy the wishes and tastes of the most sophisticated clients.
Bulgaria, Region Burgas, Near Sozopol
Burgas Airport, 45 km
Burgas 35 km
50 m The Beach
Services and amenities
The complex also offers a great variety of facilities and entertainment opportunities:
- Panoramic restaurant with summer garden
- Lobby bar
- Reception desk – 24 hours
- Swimming pool with water cascade and pool bar
- Children’s pool for the youngest guests of the complex
- Spa centre
- Fitness centre with up-to-date fitness equipment from renowned manufacturers and the best instructors will help you keep fit during your holiday
- Table-tennis also available
- Game area - billiards, arcade games, Internet café
- Children’s playground with attractions and child minders
- Parking with 24-hour security
- Outside security – cameras and security guards
- Around the clock medical care
- The building is provided with appropriate chambermaid rooms
1 – Luxury car club – access to private luxury marks to suit!
2 – Yacht charter entertainment – nothing can make you feel so happy and free as the open spaces of the sea and the fresh breeze.
3 - Private beach – fantastic offer, an exclusive advantage that only a few complexes can offer!
4 – Sports coaching with personal trainers.
5 – Events organiser - the service is designed to fulfill residents’ every need or desire, big or small.
6 – Private motor-cycle racing track.
7 – Private sightseeing and adventure tours.
8 – Private cuisine – a team of culinary experts entirely at hand.
9 - Children’s playground with animators.
Main advantages of the property
• GUARANTEED RENTAL!
Every client who has bought an apartment from „South Pearl Residence”, receives 5 % and 6 % annual GUARANTEED RENTAL for two years after acquisition of the property, as well as a management agreement
• Completely finished parts include:
- Residential complex
- Hot mineral water swimming pool
- Landscaped yard
- Parking places
insulation blocks; entrance hall, living room and bedroom - latex plaster; Bathrooms and toilets - sanitary faience
entrance hall, living room, bedroom and terrace – granitogres; Bathrooms and toilets - terracotta tiles
Floor – granitogres
Ceiling – latex paint
Walls – latex paint
Interior MDF door
Bathroom and toilets
Sanitary faience and terracotta tiles
Bath tub/ shower cubicle
Hot and cold water tabs
Individual water heater
entrance hall, living room and bedroom - latex plaster
Built-in ceramic plate
Hot and cold water taps
At the time of the Preliminary Contract for purchase and sale of the apartment signing, clients also sign a Contract for the Maintenance of the common areas in the complex. This contract is a compulsory element of the seller and buyer’s documentation and the annual maintenance fee is 9 EUR per square metre. Fees may change to adjust the annual inflation rate in this country. The maintenance includes the following:
- Maintenance of the garden and the parking places
- Cleaning and maintenance of the communal areas (staircases, corridors, landings and underground parking lot)
- Cleaning and maintenance of the reception and the swimming pools
- Electricity and water supply bills for the common parts, the green areas and the alleys
- 24-hour security and a janitor
- Standard repairs occurring from normal use
- Notifying the owners at some possible occurring damage in their apartments
Every client who has bought an apartment from „South Pearl Residence”, receives 5 % and 6 % annual GUARANTEED RENTAL for two years after acquisition of the property, as well as a management agreement with Property Management Ltd. – the biggest company in Bulgaria, dealing with management of big apartment complexes. Our company has a large-scale activity in selling excursions and holidays all over the world and partners with world famous touroperators, thus ensuring maximum availability of the managed properties. Even if they are not suitable for letting, Property Management Ltd. furnishes, categorizes, maintain and let them, enabling the property owners in these complexes to have quick and non-risked return on their investment.
The amount of 5% guaranteed rental for calendar year 2009 is payable to the owners of new bought properties in ”South Pearl Residence”, as the last payment is deducted when ending the payments and transferring the apartment to the buyers.
In the end of tourist season 2010, the amount of 6% guaranteed rental is paid by agreement, as the payments are made by bank transfer and the company issues an invoice for the transferred amount.
Letting management (Compulsory - 5% guaranteed rental income)
Owners who wish to get a return of the investment they have made by letting their property for rent have come across the right company. We at Property Management Ltd are the leaders in this field in Bulgaria.
What does the Letting Management service include?
- “Property Management” Ltd. as your tour-operator accommodates tenants for a short term as well for longer one.
- Through our marketing department we run different advertising campaigns on local as well as international level through the press, the internet web, brochures, presentations in international show programs, etc. We keep in contact with famous international tour-operators such as Balkan Holidays, TUI, Solvex, Heckerman, Neilson, First Choice and others which will direct their tourists to the South Pearl Residence .
- Cooperating the tenants which includes meeting them at the airport / the train-station, incoming and out-going key services.
- “Property Management” Ltd is in constant contact with the property owner by keeping him/her informed for present, past and future reservations, as well as the rent sums.
- Fixed tariffs per night for short-term tenants. All current expenses at the short-term rent (electricity, water, cable TV, Internet) are at the expense of the owner.
- Long-term rents are agreed upon additionally by the tenant and Property Management Ltd. as a representative of the property owner. Usually, when letting a property for a long period, the current expenses are paid by the tenant.
- Practically, experience so far shows that short-term rents provide higher income and the team of “Property Management” Ltd. expects that the South Pearl Residence will give a minimum of 5 % return of the investment made during the 1st year and about 6 – 7 % during the 2nd and the 3rd one.
Property management package
Complete Maintenance and Property Management (Compulsory at 5% Guaranteed Rental)
First class property management service is provided by our partners www.propertymanagementbulgaria.com who are the leading Bulgarian company in the sphere. Moreover, the concluding of a Contract for complete maintenance and management guarantees you 5 % of guaranteed rental for the 2009 season.
This management fee includes the following services:
- Qualified personnel of electricians, cleaning staff, gardeners and security companies which provide the maintenance of the property. The maintenance consists of: partial repairs, regular cleaning, refreshment, making of beds, airing of the rooms, linen and towel laundry, bathroom tile cleaning, window washing, carpet and furniture cleaning.
- Organization of different marketing campaigns, on local, as well as on international level; keeping contacts with well known tour operators and travel agencies, with the purpose of the renting out of the property.
Co-operation to the clients, which includes meeting at the airport / railway station, giving and taking keys
- Registration of the tenants as foreign citizens in the local police station, as required by the law.
- Co-operation and making of an insurance of a real estate against any possible risks, such as burglaries, earthquakes, floods and fires – a necessary requirement of the local administration.
- Cooperation and issuing of health insurance or life insurance of the tenants.
- Organisation of the issuing of any categorization papers and all the documents required by the law for having a license for short-term or long-term rent of the property, receiving the license from the municipality.
- Constant communication with the owner of the property through weekly or monthly reports to keep him/her informed of future, past or present reservations, made expenditures, received incomes, as well as of any other important circumstances regarding the property.
- Payment of all bills for power and water supply, phone bills, cable TV, Internet subscription, payments to cleaning, maintenance and security companies.
- Organisation and book-keeping of all documents
- Issuing and receiving of invoices, drafts and receipts, bank documents for and from third-party providers, agencies, local authorities, state and public institutions.
- Annual financial completion of the company as well as submitting the annual tax statement at the local tax office.
- Organisation and payment of the all local taxes and fees, as well as property rent taxes and other income.
- Web access to the bookings made for your apartment by the tour operator so that you can check the availability for yourself, friends and family. You can also check your rental income.
- Representation of the property owner, protection of his/her rights and execution of his/her will before any and all third-party state or public institutions and service providers.
Apartments are offered with furniture not included in the prices announced, but we can offer you the opportunity to furnish your apartment through us and we are able to offer two main furnishing packages – standard and de luxe. The standard package’s price is between 5990 and 8990 EUR depending on the size of the apartment, and the de luxe furniture price is between 7990 and 13 990 EUR, again depending on the size of the apartment.
All apartments are connected to the 220 V central electrical supply networks, with electricity metre, safety devices and fuses, sockets, switches, lighting fixtures in the balcony and bathroom, as well as fire-fighting installation, and smoke detectors.
• To buy an apartment in the complex you do not need to set up a Bulgarian limited company. The property could be purchased by a person.
• According to the Bulgarian law, to own the relevant ideal shares of the land, which are transferred together with the apartment, a foreigner needs to set up a Bulgarian limited company.
The fee for company registration is 600 euro and it is paid in advance together with the first payment for the property. The annual company accountancy fee is 200 euro.
• You do not need to come to Bulgaria to reserve the apartment and sign the preliminary contract or the company registration documents. If you prefer, you can use the services of BGP lawyers to represent you in Bulgaria.
• Additional expenses related to the purchase:
- Notary fees, with VAT included – they are determined as a percentage of the selling price of the rate for notary fees;
- Registration fee for registering of the title deed at the Registry agency – amounts to one thousandth of the selling price of the property;
- Local tax depending on the location of the property as it differs in the different municipalities but it is about 2-4 % from the selling price of the property;
- Bank charges;
These expenses are usually paid by the buyer.
• 200 euro is BGP’s remuneration for the technical service for the completion of the deal and it is described in the contract of mediation signed between the agency and the buyer. You will be issued an invoice for this amount. No additional fee for preparation of documents and lawyer’s fee is due in case the buyer decides to use BGP Services lawyer’s services to represent it in front of the different institutions, notary publics regarding the purchase of the selected real estate.
• The full selling price is described in the title deed for the purchase of the property. The buyer receives an invoice for every payment he transfers into the seller’s bank account.
• Each buyer must be aware that after acquiring the ownership of the property, in two months’ period after the date of the signing of the title deed, the property should be declared in the local municipality. In case the client requests, BGP can perform this service free of charge.
• Each buyer must be aware that after acquiring ownership of the property he/she owes annual property tax and waste collection fee for the newly acquired property. The amount of the tax due is determined by the municipal council of every municipality and represents thousandth of the tax evaluation of the property. The tax evaluation is determined based on many factors such as size, location, year of building, improvements of the property, etc. Thus, the amount of the tax for 2008 in the city of Varna for property which is declared as “main” residence is 2, 1 per thousand calculated on the tax evaluation of the property.
The amount of the tax for waste collection fee is also determined for one year and differs in every location based on the decision of the municipal council. The fee for the city of Varna for 2008 is 1, 80 per thousand based on the tax evaluation of the property.
• Each buyer must ne aware that renting out the property, providing it for use or selling it, as well as other activities related to the management of the property should be declared and taxed according to the approved order in the Bulgarian legislation. The profit gained by a judicial body after the sale of an own real estate is taxed according to the Law for corporate taxation with 10%.
Income gained from the sale or barter and other free of charge transfer of ownership of a real estate by a source from Bulgaria are taxed with final tax generated/ paid in favor of foreign physical persons, as well as other income, strictly described in the law and the tax rate is 10%, for physical person – 15%.
• There are no hidden costs related to the purchase of the real estate.
Depending on whether you are buying a completed apartment, one in rough construction or off-plan, we offer different payment plans. In each case, the client makes a deposit in BG levs equal to the amount of 2000 euros (according to the current exchange rate).
Plan A - Buying an apartment off-plan
30 % within 30 days after reservation
60 % within 5 days after notifying about roof completion
10 % at transfer of the property and issue of the title deed
Plan B - Buying an apartment off-plan
70 % within 30 days after reservation
20 % within 5 days after notifying about roof completion
10 % at transfer of the property and issue of the title deed
Plan C - Buying an apartment in rough construction
70 % within 30 days after reservation
30 % at transfer of the property and issue of the title deed
Plan D - Buying a completed apartment
100 % when buying a completed apartment , clients pay in full at one installment
Irrespective of the stage of construction at the time of purchase, the client is to pay all due state fees and taxes.