Hi All,

I'm thinking of flipping a unit in the Three Towers if possible, through Visium.

Can anyone advise if:

1. The developer has allowed this in their case?

2. How capital gains tax is treated if a property is sold before actually owned?

Many thanks for all replies...

N

I've done a little digging and it seems to confirm that the flat tax rate of 19% applies to both personal income and CGT, so it seems there is no negative implication in a flip as there might be in e.g. Poland.

Would be interested in others' thoughts on the developer's attitude, market and any other tax info?

Thanks again...

Neil

I also have a unit in 3 Towers and may be interested in doing the same, keep us posted if you find anything out please.

Rob

Hi Rob,

So far I have confirmation from Dedak (solicitors) that I have the right to reassign, but they will check with the developer for me if they will formally agree to it, part of their email below:

'However, in the mean time, we must inform you, that you can only do so with the prior consent of the Future Seller (the developer company) and, which matters most, only until the Occupancy Permit to the building has come into force, which shall take place in the coming weeks ( December 2008 ).'

So in theory it looks doable.

Also tax, if it is considered to be added to income and taxed under personal income tax, should be a flat 19% which is also good news.

Will keep you posted if I find out more...what's your unit by the way if you don't mind telling me?

I'd be interested in your reasons for flipping? Who do you expect will be interested in buying and at what price relative to what you paid?
Huw

Hi Huw,

Reasons include trimming the 'portfolio', releasing some cash, ongoing costs of furnishing and renting.

On the pricing side I'm still trying to figure out a realistic SKK/sqm for an 8th floor flat, I also hear the market is slow at the moment - any thoughts on this?

N

I'm just back from a trip to snag my apartment in III Towers.

Whilst in Bratislava, I picked up a local property sales magazine. Now I'm not great with the Slovakian language, but it appears to be offering 1 bedroom apartments in III Towers at a price of SK 2,515,000 or Euros 83,482. At that price, it's similar to what I paid 2 years ago.

I'd be interested to hear from any of you if any profit is eventually made from flipping, providing it is permissable.

Neil

My apartment is 1/8 i believe on the 6th floor, having done to much about it as yet but now looking at mortgages etc.
Like you if i can get a mortgage all very well but then i need to furnish etc and so it goes on, if i could get out now and turn a profit then would certainly consider it.

Rob

Hi Shadwell,

Can you advise what tower, floor, sqm, this apartment was on?
Was it definitely a 1 bedder as I think the studios are quite a bit cheaper per sqm.

Seems odd compared to units still on sale on triveze.sk going for around 70-80K SKK per sqm...interested to know your thoughts...

Thanks, N

Hi Neil

You might be correct. As I said my Slovakian is non-existent so the article may well have referred to the price of a studio. To be honest I wasn't aware that there were studios within the development so the price quoted was presumably the 'from' price.