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

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Lollix. I too find it hard to believe that the irish would continue to buy this stuff, especially now their access to credit has contracted.

Where would you think was worthwhile investing?
 
hi, we have a one bed in yassen holiday village just meters from the beach. its 73sq mtrs we bought it in june 07. did anybody else buy from this complex so far we arer happy with our purchase.
 
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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Its fairly obvious from the original post back in March that SBP refers to the Sunday Business Post.
 
Bought frontline property in Pomorie 2 years ago, stayed in my property over the holidays.

Delighted with purchase. Rental looks very strong, place was extremely busy.

There is strong capital appreciation and a resale market for the property.


Pomorie itself is a lovely town, bourgas just 20 minutes away is great has great shopping and is genuinely a nice city. Didnt get to Sunny Beach. Nessebar is ok, you can see the reminents of a very nice old town, but its really taken over buy merchants selling tackie stuff to tourists...
 
Ancutza said:
Lollix. I too find it hard to believe that the irish would continue to buy this stuff, especially now their access to credit has contracted.

Where would you think was worthwhile investing?
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Without going off point too much, if I was in the market for investment property right now I'd go to good areas in London or New York. Exchange rates are in our favour, prices have softened, and population is growing in both locations. If I wanted a holiday home that I'd get use out of, I'd buy in Spain -- it's easy to buy there now at huge discounts, but that means not buying new stuff. Ditto Portugal.
I'd avoid: Ireland (still a long way from bottom), Bulgaria, Turkey, Florida, Cyprus, Dubai. Bulgarian rubbish on the coast, ski areas and in Sofia is still being pushed on unwary buyers by people who have no knowledge of the market and who care less about how this stuff will perform. Avoid it like the plague.
 
If someone tells you they have a buyer for your property in Bulgaria take hand and all. If you are lucky enough to break even then get out out out.

As for Pomorie been a nice place - Its a KIP! its nice if you like looking a people who are very very poor and driving through huge potholes and poorly built housing. You should have bought in outer Mongolia. You should go back to Pomorie in the winter when it's -7C and snowing to really enjoy it. Which is why people dont retire there as they do in Spain.
 
Pomorie a kip -- really cant understand this comment... Maybe you didnt go into the main area and are talking about the outskirts???

Pomorie is a lovely town - cobblelock streets, nice shops, bars restaurant.

Nice square with kids amusements etc. Top of cobblelock srea had a playground with bouncy castles large slides etc...

As for 'should have bought in outer mongolia comment' this is typical rheotoric for this forum -- people have to realise that alot of people have bought in Bulgaria and are extremely happy with their purchase...yes some people tried to 'flip' and make a 'killing' and have been unsuccessful..

Maybe I will post of holiday pictures of Pomorie town and let people judge
 
didnt sell yet but to be honest i didnt try very hard. probably hold out for a while and see how things pan out. spoke to a few people who have sold and they all say that the only way to sell is to go over and bribe an auctioneer employee with a brown envelope or pay the auctioneer himself a bit extra. ridiculous i know, but everyone is corrupt over there....
 
For the doubters on Bulgaria:

www.globalpropertyguide.com

Enjoy those who did'nt buy in Ireland - an investment property.

I would rather be trying to sell an investment property in Bulgaria right now that in the old sod.
 
to be honest im not too worried. if i sell for a fair price then thats great, but if i dont i will hold onto it for a while. im fairly confident i will sell in the future if needs be. bulgaria is definately on the up so i am happy enough..
 
Bulgaria is holding up well in the times we have.

The ski/coastal apartments are the most at risk of a fall but Sofia should do fine.

Boy I'm glad I did'nt buy here or in Spain back in 2006 which I contemplated.

Purchased a 1 bed apartment all in for € 85,000 in Sunny Beach have received 2 years rental and a further 2 to come and hopefully the rental deal will be re-negotiated.

If your far back or badly located at Sunny Beach it is extremely difficult to sell.

But definitely new builds have increased in price there in the last 12-18 months.
 
Having a property there I closely follow the market.

Cost of living, materials, labour are all dearer than 12 months ago and hence new builds are dearer than what they have been in 2006-2007. Not a large increase but prices for new builds I believe are tending firmer.

You cannot build anaywhere near front line Sunny Beach and there are numerous properties for sale way back from the beach. The credit crunch is not affecting Bulgaria too badly as of now and some new projects are being halted which I hope will have an affect as there is already oversupply.

UK and irish buyers have dried up but they have been replaced by the Russians which is a saviour for the market for now.

Again location is the key and location on Sunny Beach especially is all important.
 
Daddy said:
Bulgaria is holding up well in the times we have.

Purchased a 1 bed apartment all in for € 85,000 in Sunny Beach have received 2 years rental and a further 2 to come and hopefully the rental deal will be re-negotiated.

.
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Penny hasn't dropped yet then?
 
some people love to post negative posts ie i know better, doom and gloom etc. but the fact is that anyone that bought in bulgaria 4 or five years ago are not faring too badly and are definately not facing negative equity. i could think of far worse places that i and others here could have bought. no one is going to make a killing in bulgaria, but no one is going to make a killing anywhere at the moment. check out the link that daddy posted earlier, it makes interesting reading.
 
Howitzer:

2nd hand prices are holding up.

If I was putting mine on the market I'm informed to put it in at €105k as there is one currently in my complex for sale at this price same size excl furniture and mine includes furniture.
So I would definitely hope to get the €85k back.

Location again is all important for second hand but prices are holding up very well.
W'ont make anything as things stand but w'ont lose much either if it came to the crunch.

KKman:

Yes i'm tired of people being so negative and Bulgaria is far from the worst place I could have put my money - Which would you take Bulgaria, UK, Spain or Ireland buying in 2006 ?
Smallest investment would have been Bulgaria with the smallest drop if selling now.

Lollix:

Maybe you bought in UK, Spain or Ireland.


I was feeling very negative on my purchase 12 months ago but now that I see I could have lost a packet in the aformentioned countries or on the stock market I'm quite content for now in the knowledge that Bulgaria avoided the credit crunch in the main and Banks are solid there.
 
Well said, Daddy, and time for a little good news for a change. You seem to be doing well on rental - are you front line?
 
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