Buying Property in Bulgeria

I am very keen to get into property investment, but I am worried as I haven't had any experience of it as yet. I am particularly interested in buying property abroad, I have heard a few good things about countries such as Bulgaria.
Please share your thoughts/opinions/advice,
thanks
alexander

 

Hello

I havent had a great deal of experience in Bulgaria but I'm about to invest in Pamporovo in the south. I have been speaking to a master agent who is selling apartments on the highest development on piste in Pamporovo. The prices seem about what I was expecting but they also offered me a 5 year payment scheme. The good bit is that the building completes next year so they say I can rent it out from then and it will pay for itself.

I have done some research on the area and it looks brilliant - close to greece, mediterranean climate so all year round rental returns, limits on the amount of development allowed which avoids the overdevelopment problems that happened in other areas, beaches an hour away, and a project funded by the EU which seems well underway to create 217 km of ski runs, a local airpost, golf course, blah blah blah.

My only issue is I usually invest in areas I have visited...and I have never been there and don't have the time to go. I don't want to miss out on this so think I'm going to go for it anyway. Good luck with your search

 

Hi Alexander,

I am based in Bulgaria and can report the market is ripe now, the masters of the universe are more humble; I am talking about the developers since the banks puled the rug under them and off plan sales are not flying as hot pancakes as before.

People with wider horizons will always make more money. I read this the other day, french daily Le Monde: A couple wants to sell their 73sqm flat in Lyon asking 237K euros, but on account of the financial crisis getting only 200K so they rent it out for 760. So what? Take those 200 grands and get them over here; that's gonna buy you 200 m2 that rents for 1000-1200 euro/month. Financial crisis, precisely...

Enough with the sales talk...buying in a place foreign to you, without visiting is sheer stupidity, I have no other comment, how dumb is that, believing Bulgaria has Mediterranean climate because some smart ass prints it in a sales brochure. Northern Greece is freezin, let alone on the other side... They should shoot them on the central square those liars (sorry Jain, I know you're against violence on Sofia's yellow brick streets

Take care
Georges

 

George is right ! Never buy without a visit

..at least.-- <and don't forget that buy in a country where also the alphabet is different....can be more difficult than forecasted !