Sunny Beach – Price per sqm 500-600 Euro

Discussion in 'Bulgaria Property' started by georgihh, May 18, 2008.

  1. georgihh

    georgihh New Member

    An article in Bulgarian newspaper is stating that the prices per sqm in Sunny beach are as low as 500 Euro. And further more they are expecting an extra drops in the next few years.
    Not the best time to sell what do you do?
  2. David howe

    David howe New Member

    You try to sell it and take what you can, there is an over supply of property bought by foreigners that was not necessatated on the domestic market. If you can get out you should do so as this is a market we predicted would be dictated by the Bulgarian National so the realistic price will be what the Bulgarian will want to pay.

    David Howe

    Investment Romania - Property Romania, Invest Romania, Investment Romania
  3. runchev

    runchev New Member

    I can find you many articles saying the same thing, but still it is not true.
    When people say Sunny Beach, they mean very wide area, and you can find maybe a few developments located somewhere in nowhere, no infrastructure, no roads, etc

    Give apartments 'in" Sunny Beach (between the main road Burgas - Varna, The stadium of Nessebar and Poseidon hotel and I will sell it immediately
  4. Regina

    Regina New Member

    Hi Runchev,

    Your statement about selling immiediatly is very bold:eek:)

    Does that fit into your "hot zone" ?

    Ifso I`d be happy to let you sell an apartment I have there. One bedroom, 68sqm overlooking the pool. Naturally we need to discuss the terms before hand.

    have you thought of opening a new style property business in Sunnybeach dedicated to reselling apartments? Just read these threads , you can see it seems many buyers are wanting to pull out and are willing to make aloss to do so. This means you can market the properties, undercut the developers by a good chunk and still make a nice margin for yourself. Just a thought.;)
  5. Regina

    Regina New Member

    seems my last post omitted some necessary details...apologies

    The apartment I would like to sell is in the Summer Dreams , do you know it? Does it fall into your hot zone :eek:))

    many thanks

  6. PropertiesOverseas

    PropertiesOverseas New Member

    It's still possible to get something in Sunny Beach for around 600 euro per sq m. Prices are low and lots of Brits wanting to sell often at a loss. We offer mainly resale.
  7. westy1963

    westy1963 New Member

  8. thetravelbug

    thetravelbug Banned

    I would imagine you could get apartments at much less than 600 E/sqm now in immediate vicinity of Sunny Beach. So many for sale and so many desperate to sell.
  9. neggy

    neggy New Member

    Seems everyone wants to get out of sunny beach. What about Varna? We have somewhere in Primorskie Polk in Varna and feel there is sustainable demand for this kind of property as the level of development is tightly controlled. So there are not the problems of oversupply experinced elsewhere.

    Can somone tell me if there are indeed many people in negative equity, that have bought in Sunny Beach etc?

    Afterall todays value has to be considered in real terms and in light of the currency shift. Any property purchased in euros is now 2/3's more valuable than 2007.

    Depending on the product, and it's location, I don't buy into this 'get out while you can' attitude. I feel there is still longjevity to the Bulgarian Property market. The tourism factor will continue to undepin the market. Bulgaria came out top of the list in a recent poll by the Guardian on countries with low costs of living.
  10. thetravelbug

    thetravelbug Banned

    Getting Out

    If by Varna, you mean the actual city, then prices are still relatively stable as far as I know, however in the resorts like Golden Sands and Albena, I expect they have taken a downward fall, but probably nowhere near as much as Sunny Beach.

    Whether in negative equity depends on whether you purchased in cash or required a mortgage, whether your money was converted from pounds to Euros or you are somewhere that uses the Euro, such as irish investors, who make up a large percentage of those who bought in Sunny Beach and they do not benefit from the Euro/pound rate.

    I hope you are right that in the long term things will cover, however for those that purhcased with a mortgage hoping to rent out or who find themselves in other financial predicaments, they have little choice but to try and get out something now.
  11. Jain and Chris

    Jain and Chris Senior Member

    Yes, it's very much to do with individual financial circumstances. There are many who are selling to prop up their finances back home. Those who don't need to are holding.

    Prices in Golden Sands and Varna are holding up quite well. Sunny Beach seems to have been worse affected, particularly those not in front line positions.

    For a change, there have been several stories recently in the UK press with regard to being a good holiday destination this year because once you get here, the prices for holidaying are so very low. As holidaymakers are particularly cost-conscious this year, they will look to places which don't make a hole in their holiday spending money.

    I don't buy into the general "get out while you can" thing about Bulgaria either. Indeed, you could say this about any property market right now - just look at the UAE and what's happening and being predicted there! It's the same all over.

    For rentals, some owners are just not pro-active and seem to think the business will simply land in their laps. Owners need to be particularly creative to get rentals in this economic climate, differentiate their property from the competition and carefully look at their pricing. I did a quick search and found a property for holiday rental here and compared it with a similar property on Crete, which was also closer to the beach: the property in Crete was significantly cheaper.

    Unfortunately, when many bought, loans and mortgages were far too quick and easy to obtain. This is now coming back to haunt a lot of buyers. Hopefully, the more cautious lending stance now, will prevent this from happening again.

    All the property markets will pick up again, some will be quicker than others but it will be a long time before we see the big price increases of the past few years. I have heard from several estate agents in Bulgaria in the last few weeks who have told me that there are little green shoots being seen, with the market being more brisk than they anticipated. Hopefully, this small signs will continue.

    Best wishes

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