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Buy a House in Bansko

Discussion in 'Bulgaria Property' started by brenden, Sep 13, 2006.

  1. brenden

    brenden New Member

    Hello,
    I am looking for to buy a house in Bansko, Bulgaria to run as a ski hostel. So far I have been refused mortgages because the companies won't do commercial mortgages. Does anyone know any lenders that will do commercial mortgages for Bulgaria?
    Also does anyone know of any books or good sources of info for property buying and tax issues in Bulgaria?
    Cheers
     
  2. camden

    camden New Member

  3. Bonska Bulgaria

    I have been adviced by a broker about buying an apartment in a 5* hotel in bonska with about 19000 euro rent net per anum based on 40% occupancy, considering its a ski resort and as such only seasonal ie 5months, therefore 40% occupancy means 100% occupancy during season. This is apparantly conservative estimate. This equates to 21% yeild per anum with 15% appreciation per anum. Does this sound reasonable and realistic. I am not sure about investing in Bulgaria as the laws are not as straight forward. Bonska is a seasonal resort rather than all year round. Any thoughts or info?
     
  4. Lysos

    Lysos New Member

    The ski season in Bansko lasta @ 8 weeks. The figures you have been given are totally unrealistic. There are enough sorry tales on here re property in Bulgaria without you falling victim as well. Just read the various threads.
     
  5. Jain and Chris

    Jain and Chris Senior Member

    Yes, I think 21% is definitely over the top for rental yield. It would be interesting to see what they are basing their figures on or whether they have hooked in with one of the major travel operators, etc.....

    Having said that, Bansko is a winter ski resort but they are trying to make it a year round destination. If you are in it for the longer haul you should do quite well on appreciation but for short term I don't think so. 15% appreciation is possible but you don't say exactly where the development is and location is so very important.

    Be careful and check out everything thoroughly and get professional independent advice.

    All the best
     
  6. bonska

    Thanks guys, your replies are always helpful and appreciated, im sure it will help others here too.

    Details here:
    Pirinea Hotel | Spa | Residence
    and also here :
    Bulgaria property for sale
    What are your thoughts now?
     
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