Hi!
I also bought in Botanical Gardens and I am really unhappy with the decision I made. I want to point out that I have bought two more properties in Bulgaria and it has never been that bad as I never had such a bad agent.
For those who has not visited the development recently, let me tell you what I found out over a month ago when I went to see it and find out what has happened with my furniture, my airconditioner and everything I paid for over year and a half ago.
The development is beautiful and I must say - the developer did a very good job. However, the agent lied that there is going to be a swimming pool, that the apartments will be ready over a year ago and that the prices are going to grow up outrageously. Let me tell you the truth.
First, those of us who bought through Bulgaria Investments (based in Cork) were sold the property at almost double what the market price was back then. The market price was at 700 - 800 EUR/sq.m. and Bulgarians were buying at this price. To prove this - guess at what price is the Managing director of Bulgarian Investments selling the apartments he bought then, now? At 1000 - 1100 EUR/sq.m. This means that prices went up, but we bought at speculative high price.
Then, we all putchased furniture from Bulgarian Property Management (now mysteriously changed to Impressario). And guess what - the furniture is piece of crab. I bought luxury pack and it has nothing luxury in it. Besides, I was never told that some of the furniture will not fit in by bedroom, so it now stays in the living room.
As to the rental returns, you can get a two bedroom apartment rented for 550 EUR/month if you get it rented. I saw the success rate of Impressario who cannot rent the apartments they are managing in Sofia Heights complex and the results are not good. Most of the apartments will stay empty until we decide to resale.
When we decide to resale we will either have to convince the buyer to put a lower amount on the notary deed or we will be smashed by capital gans taxes. And guess what- there is a new law that allows all bulgarians to sell one property per year without paying capital cains taxes if there are such. Now all Bulgarians want the real price stated on the notary deed. Therefore, if I resale I will have to find a foreigner which is not easy.
As to the airconditioners - 2 of them were in boxes and one was missing. Two weeks before I went to inspect my apartment, I was assured that everything is in my apartment and if Impressario are authorized by my lawyer they will do the fitting. This is also a lie - the company installing the airconditioners broke the contract with them. I am now insisting to get my money back and I am calling the office in Bulgaria twice a week and I will let you know if I succeed.
Now, I know the whole story as I spent almost a month in Bulgaria and if any of you are interested - just let me know. I have all contact names and persons and I can provide them to you upon request. And never believe in what they say from the office that they acted as your agent and did their job. They ripped us off with the purchase of the apartment, with the furniture, with the airconditioners and thanks God they are not doing the property and the rental management!!!