Bulgaria - low cost options (the dos and don'ts)

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phoenix_n

Guest
With Bulgaria featuring in many threads here, there is a seminar , titled above, at the property expo this weekend in the RDS.

[broken link removed]
 
I'd say the 'do' would be do look elswhere and the 'don't would be don't invest there (except possibly Sofia).
 
The people giving that seminar are from Global Property Shop, a small agency in Galway that knows lots about Bulgaria, for instance their website describes a propertry in Sunny Beach with the following market-bucking attributes:

1. Projected capital growth 20%
2. Projected rental income 10%
3.Projected tourist growth 5%

They also claim to carry out due dilligence on all the projects that they sell. No doubt then they will have figured out that an annual rental of 10% on a 60,000 euro apartment in Sunny Beach (as per their website) equates to a rental of 6,000 for that apartment (well, more actually if you count furniture, taxes etc, but let's be kind to them). If we take a 10 week summer season, with 90% occupancy (let's be really generous to them), it means that the weekly rent for this unit is 666 euro more or less!

If anyone is still listening to them after this, they deserve to lose money. Due dilligence?
 
And here's details from Bulgarian government's official statistics office wesbite www.nsi.bg
[broken link removed] conveniently showing how in lots of regions in Bulgarian prices again fell in the last quarter eg Sunny Beach's region Bourgas price dropped from 1,297 lev per sq.m. to 1,232 per sq.m. and just as bad in Varna. Maybe someone should Global Property Shop about this....


 
geordie said:
And here's details from Bulgarian government's official statistics office wesbite www.nsi.bg
[broken link removed] conveniently showing how in lots of regions in Bulgarian prices again fell in the last quarter eg Sunny Beach's region Bourgas price dropped from 1,297 lev per sq.m. to 1,232 per sq.m. and just as bad in Varna. Maybe someone should Global Property Shop about this....
Click to expand...

No need, their due dilligence will pick it up!
 
I am thinking of investing in Sofia. Agree with the analysis re sunny beach and re the rental gurantees. I believe this applies to the ski lodges as well.
Anyone invested in sofia. Has it been easy to rent. What location would you recommend and what is the average rent pm

Thanks
 
Sofia is probably the only decent place in Bulgaria to invest in but by that I mean decent compared to the other places, i.e. black sea coast or ski resort neither of which is a good investment.

I can't see why anyone wants to invest in Bulgaria when Eastern Europe has the likes of Poland and the Checz Republic with real economies and growth.
 
Agree with previous poster, Sofia is the place to go if you really must buy in Bulgaria. Only thing is, you would need to buy very cheaply to make the risk worthwhile. Load of empty apartments in Sofia, but at least they have some hope of attracting tenants at some stage. They have no hope of attracting owners from the local market for a long time to come.

Best advice is to avoid Bulgaria altogether; go to Poland, Hungary, Czech republic if you want to invest in the CE area.
 
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