Property Investment in Slovakia

I am interested in purchasing a investment property in Bratislavia, Slovakia. The details posted by the vendors are as follows:

Description:

• Yields of up to 10%
• Superb new developemnt located in the capitals City centre.
• Capital Appreciation average 9%
• Very modern Apartments
• Location/ Location/ Location;
  The apartment complex is situated in an attractive part of Bratislava – Nové Mesto( New City in English ). Thanks to its location it is easily accessible from the nearby city centre, and yet it offers all of the advantages of a quiet neighbourhood.

The price is in the order of 80,000+- Euro (rental income of 800 Euro per month???)

Has anyone any experience of Slovakia or this area of Bratislavia. In particular is this rental level unreasonable and what is the more reasonable figure. Also is letting a problem in Bratislavia.

Hi Keaney1,
just back from Bratislava, nice city.
Firstly I have to ask, have you ever been there?

Any harm asking who the vendors are and where exactly is the development located?
How many square metres?
What is included in build (bathrooms, kitchens- they are often not included in eatern europe)?

I reckon Bratislava will be good for appreciation but beware not rental returns, there is high owner occupier levels in Bratislava and Slovakia, due to sell off of former cummunist blocks ta very cheap rates.
I doubt very much you will get €800 in Nove Mesto, it's not Ireland

For instance two bedroom flats in Ruzinov appear to be getting 15000 SKK to 20000 SKK (about €400 to €530).
I think Nove Mesto are something similar.

What I was told by somebody out there, was that don't bank on rental returns covering all your costs (looking at getting Slovakia mortgage), and budget for some months no rental income. Could say they were being pessimistic but more like realistic I would say.

You might get rents upto that figure if you buy in Stare Mesto, but then some people do not want to rent there since parking and access is an issue.
Also more expensive property.

J
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