Bulgaria-Sunny Beach & Pomorie

I'm not sure about studio apartments as they are really for rental only, nobody wants them as holiday homes. I went for a 3 bed in a small exclusive complex because there's not too many of them. Others would also say that Villas will do well.
 
Hi people.
First time post but just watching all your comemnts in general.

For some news on Sunny beach you might like to look at a new blog that Tom Fingleton from buyinbulgaria has just started. It is on their website and obviously a bit slanted - he is selling property. However, seems to outline the good and the bad.
The blog has only started and he will probably add to it over time.

[broken link removed] is the link address.

On the quesiton of 600 Euro apartments in SB - the answer is yes. However, they are back more than 1km from the beach. The average price in SB ( I mean up to 200m from the beach) is 900-1000 Euro/ sq meter.

Again, be careful of the taxable valuation price against the real price on the Notary deeds.

On flights, yes, all is true -- Wizz start flying from Luton in early May to Burgas -- connecting Ryanair flight and you have a cheap return to Burgas.
Also, Bulgaria Air will fly weekly from Dublin to Sofia --and maybe even Burgas. It was supposed to be announced in April but, I still wait for the announcement.

Good forum people and thanks for the opportunity to ocmment
 
Yeah I read that Blog and I have to agree with it about getting as close to the beach as possible.

I read somewhere recently if you cant get a frontline property you are already too late..
 
sorry thought I answered this. If you're buying something in Bulgaria you are better off with something that is shorter supply. There are millions of 1 bed apartments. When I am renting my apartment most people that ring up are families and want at least a 2 bed. I have a large 3 bed in a plush complex. A good quality villa will always be in short supply also.
 
I've done the MRI Expo I went with a totally open mind and to be honest I came away very unimpressed, poor sales technique, unbelievable promises of rental return, little or no detail on specifics legal or otherwise and a big push to get you to go view (we sorta fell out over that :eek:) )

I've gone through this thread and from pro's and con's (wish now I'd had done this bit first) and I summize that maybe sunnybeach if not now will very shortly be a bad investment....

so thanks folks
 
Again, be careful of the taxable valuation price against the real price on the Notary deeds.

Can you expand on this? You may mean that developers will sometimes want you to 'pretend' you paid a different (lesser) price to the price you actually paid. I have come across a situation where the developer wants the buyer to either (a) pay VAT on top of the agreed price or (b) if the buyer doesn't want to do this (and who would?) then the developer will settle for the buyer agreeing to declare that he bought the property for (say) 80k instead of 100k. Problem with this is the CGT implications when the new owner then tries to sell the property later. Is this what you had in mind?
 
Slim said:
Doberden,
The property "experts" on the real estate channel said, in relation to Bulgaria, to avoid 1&2 bed apartments and go for studio apartments. I am not sure if they meant from a resale or rental point of view.

Do you have any views on this?

slim
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I think they meant from a rental point of view. Most studio appartments will sleep 4 people on average and while I know that the Irish holidaymaker likes his/her space our European counterparts are quite happy to rent a smaller and cheaper unit!
 
I'm in Bulgaria at the moment and they reckon there are over 10,000 apartments in sale in Sunny Beach alone....not a good time to invest down there.

Investment is all moving up north. Varna (an example of the type of investment can be seen coming from the airport where they are building a massive business park), Balchik (very nice fishing port and there are are still apartments for sale right on the port), Golf course areas (3 international golf courses being build up past balchik.

Good luck!
 
doberden said:
Sunny Beach and Pomorie are bad places for investment.

Why not Sunny Beach ? Sunny beach is suffering badly from over construction with far too many complexes being built. Prices are not going up in Sunny Beach any more. I've heard of one developer selling for 600 euro per square metre, there's a lot of competition. From an infrastructure point of view it's also a nightmare because they can't keep up with the rate of building. Finally it is flat with lots of room for further development. Not a good place.

Pomorie - I drove in to Pomorie and drove out of it just as quick. It's a horrible industrial town with very little to it except a beach. The development that Platinum are selling is way over priced.

Your best bet is from Varna up as far as Shabla. Anywhere along here is ripe for development. There are already 3 international golf courses under construction in this area.

If you need info PM me and we can talk on the phone or more over e-mail.

Good luck (and yes, I've been to bulgaria many times!)
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Not good. The development of the areas means that you have literally hundereds of other properties to compete with when it comes to selling and renting. Bulgaria is over cooked. Property markets change and Bulgaria in my opinion which i would like to think is informed would have been a risky investment if you had done it 3 years ago. If you had brought on a development which has completed you would be sat on a good profit. There are many unsound developers outthere. The demand will never outstrip supply and looking at buying there now is too late. There are far better alternatives where you can buy safer and get more for your money. You will hear many people, baseing their decisions to invest in Bulgaria with the view to overnight growth when they join the EU. This could very well not happen. Along with Romania the crime rate in the area primarlily is causing major concern. There are countries which are already memebers of the EU which are a safer bet for investment.
 
Slick said:
I've done the MRI Expo I went with a totally open mind and to be honest I came away very unimpressed, poor sales technique, unbelievable promises of rental return, little or no detail on specifics legal or otherwise and a big push to get you to go view (we sorta fell out over that :eek:) )

I've gone through this thread and from pro's and con's (wish now I'd had done this bit first) and I summize that maybe sunnybeach if not now will very shortly be a bad investment....

so thanks folks
Click to expand...


Has anyone seen MRI on TV? its terrible they have their own discussions on investign in property. They are looking down at their scripts to answer each others questions, whilst they finish and give you the number to book your inspection visit. Its such a good are why not by 2 or 3?!!! they love that line!!!
 
hi everyone, from an insiders point of view can i just say, please be careful who you invest with.
the resale is not going to be as easy as some of the agents. will lead you to believe.
i am sure some people will do really well, but i have seen a lot of dodgy stuff going on and hate seeing ppl ripped off.
 
There may well be upwards of 10,000 apartments for sale in Sunny Beach at the moment as Doberden says.

But go to the Costa del Sol and you will probably find the very same thing.

My brother was in Spain a few months back on a propert inspection trip and there were for sale signs everywhere.

So point is not just a phenomenen to Bulgaria.

Doberden - what do you think of Sunny Beach ? is it a family holiday destination ?
 
Most places have a lot of properties on the market, only today my colleague was onto a partner down south and they have no less than 100 resale apartments on their books in Dubrovnik alone. Some are way below the market value, but their location or quality goes against them. Such is life.

It does appear that there are more apartments on the market in Bulgaria than are wanted, and it's only going to get worse with over 100 acres bought near Sunny Beach by a major Irish player (4 weeks ago) and the 500 plus apartments that'll come online will only exacerbate the problem.

Good post from Insider, but the dodgy business isn't alone in Bulgaria, seems that bad business follows money, or is it vice versa!
 
There was a write up on rental properties in Bulgaria on the Mail on Sunday (UK).

People had bought properties and now wanted out. Problem was there was no resale market.

One bloke had his flat on the market for a year now and it stil hasn't sold. Rental yields are poor as well.

The words "bandwagon", "missed" and "the" spring to mind.
 
My 20 year old son is in Sunny Beach at the moment, having a good time. But he tells me I would hate the place - huge, overdeveloped and noisy. I wouldn't chance it!!
 
Re: Bulgaria-Sunny Beach & Pomorie St Vlas

Has anybody looked at the St Vlas area just north of Sunny Beach on a marina, Looks good and not as crowded as Sunny Beach
 
St Vlas looks a bit nicer than Sunny Beach at the moment but I know that there are developments planned from Sunny Beach to St. Vlas and it's only a couple of kilometres so in a couple of years it will be all one big mess. I much prefer up north. From Varna up past Balchik as far as Cape Kaliakra. Wonderful places and not spoilt.
 
hi, I've just been reading all ur comments, very interesting! I visited Sunnybeach in August with intent on buying appartment. I had one picked and came home to start the ball rolling and send out 1000 euro booking fee. But thank goodness I discovered this site, or I could of made very big mistake! Do you know anything about buying in Nessebar? Would it be any better?
 
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