Where do you get the figure of 750 euros per square metre? The price of units in Residenz Constanta are around 1500 euros per square metre. Surely this makes them very expensive by Constanta standards.

Am I being stupid or should you really be saying "a hoilday investment for locals not foreigners"? Your point is important as it means there is local demand and an exit route and the investment looks a good one. But short term rentals are difficult to manage and that does have to be taken into account.