Banned Topic Bought an apartment in "Sunny Beach, Bulgaria" 5 years ago: cut my losses?

[kilty]

I would see you as having two options. You can sell to this company at what is probably the market price for a sale made under pressure, or you can hang on and make a profit relative to the 14k being offered at some stage. You need to forget the price you paid, its probably irrelevant at this stage. If this vulture fund is offering 14k, it means that they expect to make a few bob over and above 14k if things improve, so if you hang on you may well do the same.
I have seen a couple of posts on aam that suggest that anyone who has paid a deposit of 30% on a Bulgarian property might be well advised to walk away and lose the 30%. Your experience would seem to support this view.

 

[rachelg]

Of course she has a choice and can decide to either hold out for a better offer or keep as a holiday home and as you say much depends on personal circumstances. If you bought purely for investment and hoped to rent out and have to, to cover a mortgage then taking such a low offer might be your best bet, but if you bought for personal use and do not need to free up the cash, then probably better keeping for the next few years and seeing what happens.

Clearly AAM would not pay market value for these properties as they want to buy stuff that is well below market value so they have the best chance of making a profit in a few years time. Don't think quality has anything to do with it. They do not appear to go and inspect any apartments, just send them an enquiry with details and you get back an offer. I am sure they know the main developments but they do not inspect individual apartments as far as I know.

Nearly everyone on here is very negative about Bulgaria, for good reason in many instances. There has been a culture of rip off the foriegners buying there, overpriced apartments, too much development etc...

However, it is not all bad. Bulgaria is a beautiful country, away from Sunny Beach and such places, has great weather, is much cheaper living than the UK and I know many people that live and holiday there and love it. Unfortunately most people bought off plan in the large, over developed and over priced resorts, never visited the rest of the country, if they visited at all and do not know what else is on offer.

 

[mainasia]

Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

thre is a very upbeat article about the value of property in Bulgaria on Irish Entrepreneur Online. dated April 27. worth reading if you want an optimistic view!

You know things were bad when property in Bulgaria was being pumped on a website supposedly for Irish entrepeneurs!