Foreign Property

Hi,

Iv just joined so I could post a question about a vehicle problem so thought I would give something back. I work as a sales manager for a company who source Eastern European property. If anyone needs help or has a question, Id be happy to help.

I'd be interested in hearing your opinion on Eastern European property, where to buy, not to buy, traps to avoid etc etc

Hi,

Sorry. I didnt realise there is a seperate section for foreign property. Nevermind.

The best places to buy right now are Romania and Poland. The latter being slightly cheaper. Prices have been shooting up consistently over the last couple of years but there is still money to be made.

With Poland look for places like Krakow, Wroclaw, Poznan and Warsaw. Lodz can be fruitful and Katowice (despite its problems) is just beginning to see new development. Romania is mainly Bucharest but areas like Constanta do look attractive.

Investment in off plan apartments requires at least 13k Euros in Poland and upwards of 15k in Romania. The risk is there and it may feel strange buying property so far away but there is money to be made. Believe me Iv seen it.

One development in Warsaw saw a price rise per sq metre of 4000PLN in just 4 months, imagine what that can do over 5 years. Of course it will slow down but this was only last Summer so it shows how much demand there is.

I would also look at Slovakia, Cyprus and Lavia. would avoid Bulgaria and Spain; they may have had their day!!

But what about the endless issues over ownership in Cyprus? And the pollution and crime in Bucharest (the former moreso in Constanta). Have they been affecting your clients purchases or are they not considering them drawbacks? Folks still buy in katowice like you say so not all difficulties are considered.

Bucharest is emerging and becoming a great new City thanks to the EU. Many of the old eastern block houses are being knocked down in favor of new modern apartments. Yes polution is a problem, especially as traffic is so bad but isnt polution a problem in many major cities? London etc.

Clients consider many drawbacks. A number have avoided Bucharest because of crime but what you have to remember is the investment is for someone else to live in not you. A person who has lived in Bucharest all there life in a rotton pokey house with no hot water would be perfectly happy to live in a modern stylish apartment (with enough money of course) As the capital moves forward and average wage rises so should the capital in your investment.

I am still new to Romania as I was only exposed to it 5 months ago but what I can see there has been great steps taken already. Now they are part of the EU surely this will continue with leaps and bounds??

Bnage said:

A number have avoided Bucharest because of crime but what you have to remember is the investment is for someone else to live in not you.

Click to expand...

What's about if this someone is a gangster and stop paying the rent?


On a more general note, how do you deal with unpaid rent in a country miles away in which a different language is spoken?

Good point Bacchus, I know my colleague dealt with that with apartments in Belgrade, the guy just let 3 months slide and moved out, taking the hot water heater with him! bnage, I don't know if the EU is a cureall, ther are still big problems in many of the other countries, most notably Cyprus, which were never fully addressed before accession. I still wonder when will Romania get real on the pollution of the delta, it's sad and when you consider who muc more could be made of it (from agriculture alone) it makes a lot of EU criteria largely irrelevant.

To ensure your tenant pays his rent you employ a repuatable letting agent or management company to look after your units. This, of course costs money but many of the people I deal with are English speaking and excellent when it comes to responding to issues. If anyone needs a contact in Slovakia or Poland I have details of some companies.

Bnage said:

Hi,

Iv just joined so I could post a question about a vehicle problem so thought I would give something back. I work as a sales manager for a company who source Eastern European property. If anyone needs help or has a question, Id be happy to help.

Click to expand...

Please respond to questions asked in the appropriate thread.

Trying to generate unsolicited discussion of overseas property when you yourself are involved in selling same is not on.

Thread locked.