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Payback Period and Rate of Return

Season Number of Days in Use Average Daily Rent Total Income Daily Utility Costs Total Annual Utility Costs Rental Mangnt Fee per Days in Use Annual Maintnc Fee Total Expences Net Income Payback Period (years) Rate of Return (Yield)
Target Case Low occupacy rate 130 100 € 13 000 € 4,5 € 585 € 2 700 € 707 € 3 992 € 9 008 € 17 6%
General occupacy rate 180 130 € 23 400 € 4,5 € 810 € 4 260 € 707 € 5 777 € 17 623 € 9 11%
High occupacy rate 220 150 € 33 000 € 4,5 € 990 € 5 700 € 707 € 7 397 € 25 603 € 6 17%














Best Case Scenario Low occupacy rate 150 120 € 18 000 € 4,5 € 675 € 3 450 € 707 € 4 832 € 13 168 € 12 9%
General occupacy rate 200 150 € 30 000 € 4,5 € 900 € 5 250 € 707 € 6 857 € 23 143 € 7 15%
High occupacy rate 250 180 € 45 000 € 4,5 € 1 125 € 7 500 € 707 € 9 332 € 35 668 € 4 23%














Worst Case Scenario Low occupacy rate 110 90 € 9 900 € 4,5 € 495 € 2 235 € 707 € 3 437 € 6 463 € 24 4%
General occupacy rate 150 110 € 16 500 € 4,5 € 675 € 3 225 € 707 € 4 607 € 11 893 € 13 8%
High occupacy rate 180 130 € 23 400 € 4,5 € 810 € 4 260 € 707 € 5 777 € 17 623 € 9 11%














▪ Table shows the worst case scenario, the future expected increases in rents are not considered, the figures show only the values relative to the years 2006/07



▪ All prices are in EURO, VAT is not included in the calculations, nor any other taxes, rates, legal and/or agency fees etc. The assumptions could not be done as each buying process may differ in terms of expenses and buyer's purchase vechicle.



▪ Rental Management Fee is based on projected 15% of the rental income plus fixed charge of 750€ per year



▪ Maintenance Fee is based on projected 7 € per sq.m. per year



▪ Projected Rental Income and Expenses are based on renting two bedrooms apartment at Panorama Villas Residence



▪ Projection is based on the apartment V.B 16 in Musala Villa - two bedrooms apartment - size 101,04 sq.m. - price 153 455 € - price per sq.m. 1 519€



NB: Aplication of VAT is dependent on whether you operate your purchase as a company or as a private person

















Historic and Projected Capital Growth on Average Bansko New Apartment



















Year Average Bansko Price per sq.m. Annual Net Capital Gain %* Potential Annual Net Capital Gain* Cumulative Net Annual Capital Gain %** Cumulative Potential Annual Net Capital Gain** Events in Bansko




Historic data 2003 800 € / / / / ▪ Construction of New state-of-the-art Gondola lift commenced.



2004 1 200 € 50,0% 42 748 € 50,0% 42 748 € ▪ Increased improvements in the infrastructure and ski facilities in Bansko, Gondola opens.



2005 1 500 € 25,0% 32 061 € 87,5% 74 809 € ▪ Two golf courses commenced to capitalise on the superb summer season in Bansko



▪ New border control at Gotse Delchev, increased customer flow to the region.



Predictions 2006 1 700 € 13,3% 21 374 € 112,5% 96 183 € ▪ Executive Jet Airport planned for Bansko



▪ Second Gondola lift to commence construction.



▪ Road rehabilitation program to Bansko to be completed



2007 2 000 € 17,6% 32 061 € 150,0% 128 244 € ▪ Bulgaria enters EU



▪ New ski runs and 2nd Gondola opens.



▪ Traditional Bansko craftsmen's market place opens in the centre of Bansko Old town



2008-2014
Expected 10-15% annual increase


▪ Bansko becomes official 2014 winter Olympic games candidate





▪ The Bania and Dobrishte ski resorts projects with new ski runs and lifts commence construction, to be fully integrated with the Bansko's facilities





▪ The Mark Girardeli's Ski School opens





▪ Continuing redeveloment of Bansko, which is to include a new ice skating rink





▪ Further Development of the new golf courses

















▪ Projection is based on the apartment V.B 16 in Musala Villa - two bedrooms apartment - size 101,04 sq.m.
* The calculations in these columns show the net profit gained if the apartment, size 101,04 sq. m, is bought in any specific year at the average Bansko price and then sold at the avegrage Bansko price (historic and forcasted) in any of the following indicatived years.





** The calculations in these columns are based on the assumption that one has bought the apartment, size 101,04 sq. m, in 2003. Figures show what would be cumulative potential net profit gained if one keeps the apartment for few years and then re-sell it.