Eagle Valley FAQ

1. Are apartments freehold or leasehold?

Eagle Valley apartments are being sold with endless lease. There are no ground rents to pay and no expiry on the lease. You rights are exactly the same as with freehold property ownership.

2. What are the extra buying costs for an Eagle Valley apartment?

Buying costs for off plan Ukrainian property amount to 3% in total. This includes 1% pension tax and other 2% includes the solicitor fee, Preliminary Contract fee and registration of the property.

There is also an After Sales and Management fee of 1.5% and clients will have the full time support of an English speaking Project Manager who regularly sends photos, liaises with builders for any alterations to apartment, dealing with all questions etc.

3. Can I resell my apartment before completion?

This is not a problem and when a new buyer is found, the current owner must sign a declaration relinquishing ownership of apartment. Once done, Preliminary Contract is transferred to new buyer.

4. What are the Capital Gains Taxes for Ukraine when I sell on?

Capital Gains Taxes in Ukraine are very low and should you wish to resell your apartments, you can expect to pay the following:

- Flat: owning apartment up to 100m2 in size and under condition that owner is selling flat first time in the year - 1% government tax plus 1% pension fund.

- If the flat is for sale second subsequent time in a year - 1% government tax, 1% pension fund plus 5% gain tax.

- If a flat is for sale first time but its size is more than 100m2 so 5% gain tax is to be paid from the area more than 100m2.

5. Do prices include VAT?

All prices include VAT and there are no other charges except conveyance costs mentioned in point 2.

VAT in Ukraine is 20%.

6. What are the maintenance charges and what do they cover?

Maintenance charges are 8 Euros per m2/VAT not included/ and include the cost of security, cleaning of common areas both within the building and the garden areas.

7. How much does it cost to use facilities?

If owners place property in rental pool (Standard option), use of facilities are on a ‘Pay as You Go’ basis at a preferential rate of 7 Euros per day.

For those who do not wish to place apartment in rental pool, charges for facilities are as follows:

Option 1: Annual charge of 450 Euros per annum with unlimited access to facilities.
Option 2: ‘Pay as You Go’ which is 7 Euros per day.

8. How far from the airport is Eagle Valley and Slavsk Ski resort?

Slavsk is 120kms from Lviv and its international airport. You can fly to Lviv from Gatwick (one stop) or direct to Kiev and then take an internal flight to Lviv.

To Slavsk from Lviv, there are regular buses which are 5 Dollars one way, regular train (3 Dollars) or you can hire a taxi for 45 Dollars.

To Slavsk from Kiev, there is a train /one night trip which lasts a coupe of hours and costs 35 Dollars.

9. How far from the ski facilities is it?

Ski facilities; lifts, runs, ski hire etc are just 350m away.

10. Do all apartments have good views and balconies? Will views be spoilt later by development?

All apartments have excellent and unobstructed views towards the Carpathians Mountains and each comes with a good sized balcony. The developers have leased 2 acres of parkland around the development for 49 years which will further ensure no properties are built close by.

11. What is a common area?

A common area is your share of the apartment building; 10% of apartment size. All apartment blocks have common areas.

12. What is the reservation fee and is it refundable?

The reservation fee is 800 GBP (1000 Euros) and it holds the apartment until Preliminary Contract is sent out (4 weeks). In the event of non-fulfilment of the Preliminary Contract, it is non-refundable but when first instalment is paid, it is deducted from the amount. Therefore please ensure that you have completed due diligence and are happy to proceed with a sale before paying a reservation fee.

13. When will Eagle Valley be completed?

Completion is scheduled for beginning of 2010.

14. I’m thinking of renting my apartment out in future, who can help with this?

A rental pool will be available in which owners can participate in. There will be an onsite rental management company that will deal with all aspects on renting the development; advertising, cleaning etc.

Rental income will be distributed owners on a per m2 basis (after costs)

To qualify for the rental pool, the owners agree to the following criteria:

- Owners are permitted to use apartment for 2 weeks during the peak season and two weeks during summer. Dates for use must be given to rental management company 6 months in advance.

- Furniture must meet 4 star standards and include everything required by rental Management Company. The developers will offer a furniture pack (see point 16) which will fit this criteria.

15. As I don’t live in the Ukraine, how can I furnish my apartment?

Furniture packs that meet the rental requirements of the management company will be available and are priced as follows:

- Studio: 4000 Euros
- One bed: 5000 Euros
- Two bed: 6000 Euros
- Three bed: 6500 Euros
- Four bed: 7000 Euros
- Five bed: 7500 Euros

*Furniture pack prices can change any time before completion.

16. Do I have to pay Council Tax?

There is no Council Tax applicable in Slavsk at present although this could change in the next year or so, it should not exceed more than 100 USD per annum for the largest apartment.

17. Can I insure my apartment and how much does this cost.

Standard insurance which covers earthquakes, theft costs 0.5% of apartment value per annum. More comprehensive insurance can be bought for 1% of apartment per annum.

18. What sort of profits can I expect on my investment in Eagle Valley?

General comment : With off-plan properties, the earlier you invest the less money you pay. You receive ownership rights after the signature of the preliminary contract and you may sell your property during the construction to a buyer benefiting from any price increased by the developer and additional market growth. If you prefer to resell your property after the construction, then price will most likely be higher still. Of course, the rental potential is still huge opportunity in Ukraine: this will allow you to watch your investment continue to grow for years to come.

Factors behind Eagle Valley price growth:

1. The very first offplan ski apartment offer in Ukraine
2. Very strong rental demand in the resort
3. Prime location in central Slavsk ski resort
4. Investment inflows into this key location
5. Access to highest ski slopes in Ukraine
6. Appeal of Leisure Centre in resort for all year round holidays
7. General strong market growth in Ukraine

Take across market price increase of 20% pa, add pre-release price discount, add the 7 factors above and the anticipated increase is very high. 100% in three years is not unreasonable.

Disclaimer: The Government charges are subject to the Ukrainian law and could change during build time of Eagle Valley.

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