Bulgaria disaster-Sunny Beach

celticsteven

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Just back from an inspection trip as advised by some members and i wish to thank all those people who advised me to have a look at the resort before buying i went for 1 week to sunny beach and to say it in a polite way the place is a kip and a disaster zone.

Who ever said it was the next spain needs there head screwing back on the place is flithy dirty, gypsies everywhere, people annoying you everywhere you go, young kids begging from one end of the beach to the other, apartment blocks fully finished and empty half finished projects every where. Taxi drivers charge you 20 euro for a 3 minute journey even if you have agreed a price before you leave and by the looks of the pubs and clubs are run by the mafia.

So to all you people who bought out there best of luck to you and by god your gonna need it. It was the best 500 euro i ever spent it saved me 100k and there is no resale market what so ever over there.

oh 1 final thing while i was there the e.u postponed there entry in to the e.u and i dont blame the place is a living nightmare.......
 
Re: bulgaria disaster

celticsteven said:
oh 1 final thing while i was there the e.u postponed there entry in to the e.u and i dont blame the place is a living nightmare.......

You can hardly judge a country on one week in a package holiday resort.

Did you do anything of a cultural nature while you were there?
 
Re: bulgaria disaster

europhile said:
You can hardly judge a country on one week in a package holiday resort.

Did you do anything of a cultural nature while you were there?
The complaint is against Sunny Beach as an investment location, it's not about Bulgaria as a holiday location, or any other wider issue.

The EU entry could be important for investors.
 
Have been warning a Niece of mine who was hell bent on buying something thats gonna appreciate. She honed in on Sunny Beach. Needless to say my opinion (which was eagerly sought) was ignored. Not only did she buy but she goes and buys another one in Bansko. I dont believe there'll ever be any chance of getting your investment out of Bulgaria without taken a very tight haircut.
 
I'd disagree with that! If you've paid a fair price in any of these countries then you will make a profit in time. The problems arise when the sale price to foreign investors is inflated in an area where there is no proven demand and further developments on the board. Also this crap about guaranteed rental return....are we all soft in the head or what if we can't recognise this as a scam!???????

Employ a Bulgarian student of the English language and go poke around some of the Bulgarian villages next to Sunny Beach. Ask them what they want to get out of their homes, half it and multiply by 3 to arrive at a price to build a similarly sized dwelling to a very high standard on said site. That's the real price....

Then go hire an agency to rent it out for you....
 
Hey Celtic7 don't ya know you are supposed to where beer goggles when you buy in Sunny Beach. :p
 
Hi All,

I have to agree with you regarding Sunny Beach. Bankso is the Sunny Beach of the ski resort. It's going to be a complete mess due to over construction.

Although there are some great parts to Bulgaria. Next time you go to Bulgaria fly in to Varna and have a look up the northern coast. A lot more interesting there.

Just so you don't think it's alll bad news, I bad a piece of land on the northern coast late in september and an Agent wants to buy it off me for 30% more than I paid for it...it's very tempting!

There are a few golf courses being built and on one of the courses if you have a villa/appartment and if you get golf membership you can transfer this to anybody renting your apartment/villa. This means you can charge very high rental because your guests will get free golf. Also, a friend was in bulgaria 2 weeks ago and it was 31 degrees so you will get reasonably long rental season.

Sunny Beach is a resort and does not have any town. It opens up at the end of May and closes mid september, it's very difficult to get a good yield with such a short season and so many empty apartments around the place. I could easily find a 2 bed for rent in peak season in sunny beach for 200 euro a week.

It's really annoying to see people spend 100,000 on an apartment but not prepared to spend 500 euro on a flight, it's just so ridiculous. Bulgaria would do a lot better if they had more sensible investors.
 
another little issue i left out and was quiet amused with while i was there i went around a few of the local estate agents there are hundreds of thousands of frontline property for sale studio starts at 12000 1 bed 14500euro these seem to be the realistic prices out there there was 1 agent had a 1 bed fully furnished apartment air conditioned 5th floor balcony with sea views and 20 meters from the beach english owners needed a quick sale and wait for it 19500euro...over here the exibitions you go to 70000euro wouldn't buy that for you we are being robbed blind here im glad i went to specsavers
 
celticsteven said:
another little issue i left out and was quiet amused with while i was there i went around a few of the local estate agents there are hundreds of thousands of frontline property for sale studio starts at 12000 1 bed 14500euro these seem to be the realistic prices out there there was 1 agent had a 1 bed fully furnished apartment air conditioned 5th floor balcony with sea views and 20 meters from the beach english owners needed a quick sale and wait for it 19500euro...over here the exibitions you go to 70000euro wouldn't buy that for you we are being robbed blind here im glad i went to specsavers

Thank you, oh thank you for this. I really needed some hard figures to back up my claims that my fiends were being fooled by these presentations in hotels in Dublin. Frightening, though.
 
celticsteven said:
oh 1 final thing while i was there the e.u postponed there entry in to the e.u and i dont blame the place is a living nightmare.......

The EU did not postpone Bulgaria's entry to the EU. The Commission simply postponed the final decision and called on Bulgaria to make greater efforts in several key areas. Despite lack of progress in some areas, it remains highly likely that Bulgaria will accede as originally planned on 1 January 2007.
 
Celticsteven


Did you get any website addresses of the more realistic Estate Agents.That one for E19,500 sounds interesting, but maybe not if the place is full of scangers etc


Murt
 
yeah your quote full of scangers is probably true for this devlopment but it would not look outta place in this resort the whole place is full of scangers. to the chap about eu entry they did postpone it while i was there and spoke to a few people in the hotel and locals in the shops and they are very worried about this the country is crime ridden and be under no illusion criminals run this country i spoke to a person who had bought 2 rows back furnished his apartment went back to england his apartment was stripped right down to the curtains 3500euro worth of furnishing the 24hour security joke seen nothing but like he said everything has a price and so does everybody they are all on the take. You have to remember this is a poor country and 3500euro worth of furniture is a major luxury to these people so nothing is safe. I am from Tallaght 6foot 4 tall 18 stone i was with 2 other blokes from tallaght and when we went out at night we never felt safe there was always somebody eyeballing you or bumping off you looking for a row i dont know its just not for me look at that chap from liverpool doing 10 years for something he didnt do the bulgarian fella got a few slaps and a rock thrown at him something that happens here 100 times a week nobody ever got 10 years here for that you get 100 euro fine and breach of the peace. The way it feels over there is they dont want you there,
 
EU ACCESSION DATE RECOMMENDATION FOR BULGARIA COULD BE DELAYED Tue 16 May 2006
Bulgaria and Romania will have to wait until the autumn to get the European Commission’s entry date recommendation.On May 16 the European Commission has to present its final report on the two countries’ readiness to join the EU, as well as its entry date recommendation.
In case reforms are speeded up both countries could enter the EU on-time. The final evaluation of critical areas will be presented in September, a note circulated to EU officials said.
Bulgaria failed to implement decisive measures countering organised crime and corruption ......
 
The above is pretty meaningless without the source-care to say where you are quoting from?
 
CelticHeaven,

Can I ask you to use punctuation in your posts? I have edited your original post.

aj
 
Sunny Beach / Bankso is not for me...however, I wouldn't like everybody thinking that all Bulgaria is bad. There are plenty of good investment opportunities in Bulgaria...here's my apartment which I rent out privately for 750 euro per week during the summer and it's not that difficult to rent (complex only has 12 apartments and on the ground floor there is indoor/outdoor swimming pool, gym, jacuzzi, sauna, steam room, 200 metres from the beach, 1500 sq foot luxury appartment).

If you're investing in bulgaria along the coast buy up north and pick a small exclusive complex or a nice villa.

http://www.bulgariarentals.com/riviera.html
 
celticsteven said:
to the chap about eu entry they did postpone it while i was there

I repeat, the Commission has NOT postponed Bulgaria's accession to the EU. On 16 May, the Commission issued its latest monitoring report - see below. A final decision on whether the accession date should be postponed (by one year) will be made in September of this year.

"Today the Commission adopted its monitoring reports on Bulgaria's and Romania's preparedness for EU accession. In the light of its findings the Commission considers that Bulgaria and Romania should be prepared for EU membership on 1 January 2007, provided that they address a number of outstanding issues. The Commission presents a carefully calibrated approach that is aimed at ensuring the continuation of the reforms in both countries up to and beyond accession.

On 25 April 2005, Bulgaria and Romania signed the Treaty of Accession, which foresees their joining the EU on 1 January 2007. The Commission has presented Monitoring Reports on their preparedness in October 2005, in which a number of shortcomings were identified. The current reports review the progress since October 2005.

Presenting the reports President Barroso said: “Bulgaria and Romania have made clear progress since October last which we acknowledge. Both countries should be able to reach the finishing line on 1 January 2007. But in order to do, efforts must be intensified, especially in the reform of the judiciary and fight against corruption. I encourage the authorities in Bulgaria and Romania to take our recommendation as an incentive to finalise their preparations. The EU wants to honour its commitments. This requires respect for the accession criteria defined.”

Commissioner for Enlargement, Olli Rehn added: “An independent and effective justice system, fully prepared to fight corruption and organised crime is the foundation of every democratic society. It is also the guarantee for a successful membership in the EU, since the functioning of the Union is based on the respect of law.”

In this key area, since last October 2005 Bulgaria has adopted several laws to reform the justice system. It also has taken measures to fight corruption, which allowed investigations into high-level corruption cases to be launched.

Romania has taken significant steps in the reform of the judiciary. It has established solid structures for the fight against corruption and has launched investigations into a considerable number of high-level corruption cases.

Based on the findings of the reports the Commission considers that it should be possible for both Bulgaria and Romania to be prepared for EU membership on 1 January 2007, provided they address the following issues:

Bulgaria needs to demonstrate clear evidence of results in the fight against corruption, in terms of investigations and judicial proceedings. It also needs to further reform the judiciary, in particular to reinforce its transparency, efficiency and impartiality.
Romania needs to continue its efforts and demonstrate further results in the fight against corruption. It also needs to consolidate the implementation of the ongoing justice reform and further enhance the transparency, efficiency and impartiality of the judiciary.
In addition a number of issues identified by the Commission as giving cause for serious concern in the transposition of the EU laws and standards must be addressed. The number of such issues has significantly decreased since the October 2005 reports (from 16 to 6 in Bulgaria and from 14 to 4 in Romania).

The Commission will review the progress of the two countries no later than early October this year. On this basis, the Commission will consider whether the date of their accession to the EU in 2007 can be maintained. In the event of a 2007 accession this report will also specify any areas where safeguards or other remedial measures may be needed upon accession.
 
We need to be honest when appraising all these areas, including the 10 who joined a couple of years back. Realistically only Poland, Estonia and Slovenia even begin to be at a decent level. Croatia was meant to be at the same level as Romania and Bulgaria, now it's slipped back to Turkey's level, which is nonsense, but it all is. Bulgaria is a really beautiful country but massively dodgy (I was stopped for speeding when I was pulled over having a coffee and the cops had no speed gun! I haggled from €150 to €20 and they asked me if I could break it!).

Property exhibitions, largely they're a joke. It's usually one company behind them all and I know from my colleagues that the prices are high and there is little or no control on what's offered, I'm sure lots of people are familiar with one Croatian development that had no papers, a double mortgage, yet Irish agencies proceeded to try sell the apartments.

celtic, you did the right thing in going to check, you had a holiday and also got a view of what the place is like. I do believe, however, that anyone over investing in those areas are not going over blind, viva internet!
 
CCOVICH said:
The above is pretty meaningless without the source-care to say where you are quoting from?


[broken link removed]

This is only one of the numerous links coverying the "potential" delay of EU accession for Bulgaria due to corruption. A Google search shows many more.
 
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