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

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

Dub75 said:
If you have a look at last weeks SBP there was a small add in the Property sect from an agent looking for front line property. I made contact with him and he told me the Russans will pay good money for front line property.
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Hello Dub75,
Do you have that contact name and number by any chance?
Thanks
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

Rory 22,
How much did you pay for your property 5 years ago ? How much did you get for it last year. I'm very surprised to hear you made a profit when most cant shift their apts for what they paid. Clearing 20 % after your transaction costs, typically 25 % in bulgaria seems like you bucked the trend. I thought new builds were cheaper in Sunny Beach.
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

kkman said:
Hello Dub75,
Do you have that contact name and number by any chance?
Thanks
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I was under the impression that Russians had a lot of difficulty taking money out of their own country.
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

Thanks for all info there lads and ladies. dub75. did you manage to get the contact name and no.?
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

Try contacting Adddress Real Estate Agency. They are the biggest in Bulgaria and are good to deal with. Typically their commissions are 3% but you are better off having a separate agreement with the actual agent where you pay him some additional cash if he gets the sale. You need him to have some incentive to sell your apartment over someone elses. There are still sales in Sunny Beach but not everybody can sell.

On the address website you'll see that it talks about big increases in property prices in Bulgaria over the last year. A lot of this would be houses that were 5,000 to 6,000 etc. This percentage increase does not apply to Sunny Beach.

There's also a few helpful people on [broken link removed] that might help out.
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

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

kkman - can you tell me what kind of price you paid for it and any other specs you may have on your apartment as I have just started looking into extending my business over there and need to consider a base.. you say its by the beach??

and i take it your looking for something of a quick sale?
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

I think you'll find that you've missed the boat in Bulgaria by about 3 years. Plenty of Irish have been burned on the Black Sea Coast, enough to mitigate against a steady stream of uninformed punters.
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

Hello Flanny,
I have sent you a PM.
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

I spoke to a man last week who sold his for a 12 percent profit, maybe things are not as bad as some people make it out to be........
 
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!
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

Hi I am also an owner of apartments in Bansko promised lots of things that were not true and gullible enough to believe them.Developers are still charging the same price as they charged me two and a half years ago so what chance do I have of making a profit. I would also be interested in the agent who can sell to the Russians
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

BUBSY said:
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!
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just read that article and looks as if the future wont be so bad after all. i know some people here have a very negative view, but i think that a frontline property right on the beach ( which is what mine is )and central to everything will always do ok. I have not really tried to sell it yet but i am fairly confident that i will at least break even when the time comes...
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

Article written by Bulgarian developer West Incorporated.

If you have bought in Sofia in the right areas - you'll do fine.

The Coast will take a number of years before profit can be seen i.e profit excluding inflation.
Will hold up better than the Mountains.

The Mountains - waste of time.
 
Re: bought an apartment in sunny beach bulgaria 5 years ago: cut my losses?

BUBSY said:
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!
Click to expand...

Does anyone know who wrote it? A property professional by any chance?
 
Would not give up on investment yet. When Bulgarias banking system gets up and running properly things will pick up
 
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!
Click to expand...
This is called an 'advertorial' a completely one sided article which is actually paid for as part of placeing other ads. I am not saying it is doom and gloom in Bulgaria, it is being affected the same as other investment hot spots i.e. much higher supply than demand however if somebody has bought an apartment in the best location i.e. Central to amenities and beach etc they should do OK when things pick up, if it is beside a gypsy camp half way up a mountain miles from a town or the beach...well god bless you, but I'm sure the brochure was nice.
 
We want out too.....however its very hard to sell out there it appears. Has anyone had any experience of selling privately. The Estate Agents take 10% or €6000 whichever is the most. When this is added to the price of the apartments it makes them very expensive.
 
I have come across a number of smart people\companies lately who are pumping money into Bulgaria. Quinlan private just lumped 300 million into a development in Pamparova. Platinum Developments who are an Irish company have spent upward of 60 million in the last year on landbanks in Bulgaria. This is when they have the option to put money elsewhere.
 

If you look closely at these investments, you will find that the likes of Quinlan are investing other people's money in these proposals, not their own.
 
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