Bulgaria-Sunny Beach & Pomorie

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Claragh

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I'm looking at rental apartments in Sunny Beach & Pomorie areas. Any advice would be appriciated.
 
Sunny Beach and Pomorie are bad places for investment.

Why not Sunny Beach ? Sunny beach is suffering badly from over construction with far too many complexes being built. Prices are not going up in Sunny Beach any more. I've heard of one developer selling for 600 euro per square metre, there's a lot of competition. From an infrastructure point of view it's also a nightmare because they can't keep up with the rate of building. Finally it is flat with lots of room for further development. Not a good place.

Pomorie - I drove in to Pomorie and drove out of it just as quick. It's a horrible industrial town with very little to it except a beach. The development that Platinum are selling is way over priced.

Your best bet is from Varna up as far as Shabla. Anywhere along here is ripe for development. There are already 3 international golf courses under construction in this area.

If you need info PM me and we can talk on the phone or more over e-mail.

Good luck (and yes, I've been to bulgaria many times!)
 
I'm getting 10% yield on my apartment with 25% annual growth rates so it's not all doom and gloom! There's far too many 1 and 2 bed apartments in large complexes in resorts such as sunny beach. If you go to sunny beach and look in the window of many apartments you will see a very high percentage are not even furnished i.e. there's far too many of them. There are great opportunities in other areas of the coast.
 
doberden it is very easy to put a negative slant on anything (as it is to put a positive slant).


Anyway I could easily say Pomorie offers an alternative to the typical Package resort offering a more realistic taste of Bulgarian Life. It is 15 minutes from the 2nd largest city on the Black Sea and its Airport. Pomorie is one of the most famous wine region is Bulgaria and is famous for its Spa Treatment salt lakes.

The resort itself is 5* luxury hotel right on the beach with a casino et cetera. It comes fully furnished to hotel standards. The fact remains there is a lack of real quality resorts and hotels on the Black sea. Resorts like this will be snapped up by major travel agencies.

First post long time reader not involved in selling property.
 
Bulgaria is apparently the new hot destination for 2006. I presume the Travel Agencies here are referring to Sunny Beach and Golden Sands in particular.

While many of these apartments are empty now who can say if this will still be the case in 2 - 3 years time. Perhaps all the construction now going on will cater in the future for accomodation required.

Joining EU in Jan '07 or Jan '08 and I undertand that BA and Wizz Air are operating direct flights for the first time in 2006 direct from U.K

This is I'm told only the beginning and there will be some more flying in 2007 as Bulgaria begins to adopt an open skies policy.
 
Hi, You're right that you can put a negative/positive slant on anything. However, there are many people that have bought in Pomorie that have either not gone to Bulgaria ever or have gone on a viewing trip where you are very restricted to what you see and do.

I don't like Pomorie or Sunny Beach but that's just a personal opinion. I'd advise anybody considering investing in Bulgaria to actually go there on a holiday and see what they think themselves. A lot of people like Sunny Beach but it's not for me.
 
I bought an apt from Platinum in the Pomorie Resort. They are pricey compared to others in Bulgaria but I was very inpressed with the finish.

I did read an article in the Sunday Business Post yesterday regarding their Managing Director which I hope won't have any problems regarding the resort.
 
A lot of the apartments are being built by Planex who are an excellent builder from Varna. Their finish is always very good.
 
To Dub 75

Can you post the article here you refer to in The Sunday Business Post.

Thanks
 
If you cant find the article on the sbpost site can you tell us what the article was about.

Was it about Declan Lennon??
 
I can't find it on the site but I think it was on page 4 of the News supplement and yes it was about the above mentioned.
 
Thanks folks for all that info. I'm also looking at a new development in Karvarna near Varna. It is being built by Planex. The Sales people claim this area will have 3 Golf courses in the next couple of years. Seems to be a very undeveloped area. 6% Guauranteed rental for 2 years.
 
The 3 Golf Course going up in Bulgaria along the coast at the moment are:

Lighthouse -Just outside Balchik (Ian Woosnam designed - due to be finished summer 2007)
Blacksearama - Close to Topolo Village (Gary Player designed)
Thracian Cliffs - Close to Bouzherets Village (Gary Player designed).

All 3 golf courses are between Balchik and Kavarna (Balchik is about 40 minutes from Varna airport along the coast, Kavarna is about 20 mins drive past balchik)

The mayor of Kavarna is very keen on turning Kavarna into a big resort. The town itself is quite run down but there's significant development going on.

If you keep driving past Kavarna (about 15 kilometres) you'll come to Cape Kaliakra which is beautiful. There's a lot of land around there so I wouldn't be surprised if another golf course springs up there.

With Planex you will be guaranteed of a good quality build so the location is key. Of course you certainly shouldn't buy unless you go to kavarna and have a good look around. There's a good selection of new developments around there.
 
Thanks doberden. I've been offered an apartment in a new developement block of 92 apartments. Looks like being a very atractive building over looking the port/beach in Kavarna. 1 bed is €94,000 with 6% Guauranteed rental for 2 years. However I can buy a terraced house in my rural town for the same money and rent it out. I'm trying to weigh up the best option.
 
Hi Claragh,

The problem with Bulgaria is the resale market. Once you buy it's very hard to sell because everybody wants off plan and there's so much new construction going up that it's hard to sell. So if you can afford to sit on it for a good few years then Bulgaria could be good but if there is even a chance that you want to sell it quickly then you're better off with the local option. It's very easy to sell property in Ireland!
 
I'm looking at a 5 to 7 year investment. A 2 bed in this developement is €113k and a 1 bed €92k. I'm leaning towards the 2 bed. Also an interest only mortgage. Any comments ?
 
i would be weary of any deal offering guaranteed rent for x number of years,in reality that amount for x years is included in the purchase price.
have you been to this resort ,have you sussed out the rental market ? the figures you quote seem very high for those locations.you could buy for that price in more establised tourist and residential areas in france italy greece cyprus turkey etc
 
Doberden,
The property "experts" on the real estate channel said, in relation to Bulgaria, to avoid 1&2 bed apartments and go for studio apartments. I am not sure if they meant from a resale or rental point of view.

Do you have any views on this?

slim
 
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