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

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Hey Daddy,

I didnt mentioned sunset resort , but you are right, you must have searched my previous posts


Lets just say SR has lived to all expectation if i praise too much it sounds like advertising..

Best of luck in future, btw i am serious looking at super borovets now, nah sayers dont bother chipping in here i have heard all the doom and gloom about this project aswell.

Just to add some negativity, people on here love that, i wouldnt touch Bankso.
 
humphreyb said:
Just to add some negativity, people on here love that, i wouldnt touch Bankso.
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Why would you not touch Bansko? If you could get a quality development for 1,000 sqm overlooking the golf course and only a couple of 100 yards from the new gondolas to the new ski runs. Thinking of buying myself but the negativity here is making me think twice.

Year round rental possibility with the golf course. Yes I know there are a lot of developments but you have the right location surely this is good?? Again why is Bansko so bad?
 
Yeah sorry -- me stating it like that assumes i have some sort of insider information I dont.

I just dont like the look of the investment right now, maybe i should think twice before stating things like i did..

As everyone says here just do your own homework.
 

I think there is a big difference between negativity and hard facts about this area as an investment destination.
The most fundamental and basic principal of buying something for investment purposes is obviously not present in either Bansko or the Black Sea. Supply outweighs demand
You wouldnt invest in gold if the market was flooded and the price was dropping
 
So how is THE PEARL selling GDE -- sounds like an ambitious project for you guys.

Who in general is buying?
 
humphreyb said:
So how is THE PEARL selling GDE -- sounds like an ambitious project for you guys.

Who in general is buying?
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Its going very well humphrey better then I thought it would considering the buying recession in europe at the moment. My partner is swedish so a lot of swedes have bought and the other majorities are UK, US and Australians

I was in dubai and bahrain at the end of may thinking some arabs would buy but it was the expats living there from the above countries that were buying again
Im shortly about to launch in Korea which is expected to be our top market as Boracay is their favourite beach destination. I expect the rest of it will be sold there and in china, hong kong and singapore over the next 6 months
 
just spoke to a colleague yesterday who also bought in the same complex as mine in sunny beach. he bought 5 aparments 5 years ago and has sold 2 last week albeit with a small profit after paying all charges etc. although the market is slow, its not all doom and gloom as some people like to make it out to be. apartments will sell if in a good location, but no one is going to make a killing on them.
A word of warning though, all those cheap apartments you see advertised for 30 to 40k are miles from the beach. my experience is that all new builds are now either a long way from the beach, way behind the front line apartments or if they are close to the beach they are miles away from the resort and any ameneties. this situation means that resale frontline properties are now coming onstream. resale could not compete with new builds before, but now they are a much better and safer option.
might hold onto my apartment for another while yet!
 
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I dropped the idea of buying in Bulgaria, and am looking in Western Europe.
What do you think of Arlon (Belgium), Berlin, Lyon (France), Corsica (France), rented Hotel rooms in the UK, etc.. they "guaranty" rents of 4% to 7.5%. Holiday destinations are supposed to suffer more if there is a recession or a financial squeeze, right?
The counter argument would be that Western Europe is likelier to be hit by recession and overseas holiday destinations (like Dubai or Bansko) may benefit from a global and unaffected clientele (from Russia, Middle east, Asia, ..).
Not an easy call.
 


fair enough, but, after 5 years in what was the 'next big thing', you would expect more than a small profit on two out of five places.
Goes to show what nonsense is put out there in the media about these places.

there is absolutely no secondary market in Bulgaria. In a few years, if they slow down building a lot, and the new-build stock gets cleared off the market a bit, then perhaps the 2nd hand market will get a look in.
 
fair point too. all i am trying to say is that its not all doom and gloom as some people make it out to be. no one will make a kiling out of a sale in bulgaria but i dont think people will lose out either.....
 
kkman.

I disagree. The money invested in non performing Bulgarian proprty could have been earning elsewhere. Even bank deposits are paying 6.5%, and I suspect that if your colleague truly factored in all costs (e.g. his time, visits, research, legals, loss of interest on capital etc.) then he didn't make any profit.

Bulgaria today, Morocco & Egypt tomorrow.
 

Rog, any insights into Egypt? from what I hear its selling very well at the moment because of the low prices. whats the downsides?
 
For those who are still looking where to invest ...........



No mention of Hungary

Doesnt even exist!
 
GDE,

Personal opinion: there are an awful lot of properties under construction in the holiday resorts, but who is going to use them ?. Just because they seem cheap to us doesn't make them a good buy. As with Bulgaria, ask yourself, "Where is the secondary market ?. Who are you going to sell on to ?." Most of us are suffering in the current financial climate (and I don't see that changing any time soon) and are looking to trim costs where possible. You can buy a package holiday to the Red Sea for around the price of a stand alone flight, so why would you consider a d.i.y. self catering holiday?. If you want sunshine & sand why go all that way, anyway, especially when travelling with a young (or elderly) family ?. Airfares aren't coming down, and the sector time to Egypt makes it uneconomical for the budget airlines. I think any resort that is reliant on air accessability will face difficult times, and over the next 5 years or so Spain will regain its' popularity (once the over supply of property has been absorbed) as it's accessible by road & rail from mainland Europe. For many years there have been coach holidays to the Costas and these will increase as the costs of flying increase.
I read recently that airlines' business models are based on oil being $50 per barrel; it passed $140 this week.Easyjet are considering closing their German hub, Swiss lost a billion dollars last year, Alitalia is bankrupt, all three business class only services from the UK to the States have gone bust and this week United Airlines laid off 950 pilots; I think there is a lot more bad news to come from the airlines.
 
Would have to agree with you on everything there alright, its quite hard to see the light in europe at the moment, in any market, as well as the ones on the periphery of europe that would be holiday destinations.

The oil issue just keeps getting worse, and talking to arabs in bahrain and dubai a few weeks ago they are giving the pitch that they "need" these high prices to reinvest in their technology. But they found it hard to keep a straight face while saying this. They are loving the price rises, they get richer the West and the US in particular gets poorer.
With Biofuels and weather forcing up the food prices, the credit crunch and this general global depression, I think the time of the novice investor in real estate might be coming to an end.
Buyers are going to have to be experts now to make cash in real estate, there wont be too many easy pickings any more.

Anyone got a positive view?
 
Please keep this thread on topic "Bought an apartment in "Sunny Beach, Bulgaria" 5 years ago: cut my losses?". If you want to discuss Egypt other locations then start another thread.

BigRog, GDE do you need to declare any interests you might have in the overseas property markets?
 
Yes its gone off topic a bit alright apologies. I think posters are aware of my interest in the Philippines, but I dont have a hidden agenda to bash europe in favour of asia. I would much prefer all the markets to be strong, and people in europe not to be negative about overseas investment. The overall effect of bad markets in europe means less investment overall especially from Irish people. Aside from that I dont think anything stated by myself or rog is not hitting the nail on the head of whats happening in the markets at the moment
 
Apologies from me, too. No, I have no vested interest in promoting any particular place, as personally I don't think any overseas destination is worth investing in at the moment (unless you are looking at 'top end' resale properties, but that's another story).
 
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