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Where to buy, where not to buy

Discussion in 'Bulgaria Property' started by Jain and Chris, Oct 11, 2007.

  1. Jain and Chris

    Jain and Chris Senior Member

    This thread is started as we've noticed that many threads are about where to buy and where not to do so.. of course all posts will be the posters opinion and special consideration needs to be given on the part of the reader as to those posts by estate agents (which will be kept to a minimum if we can).

    We hope that here we can build comprehensive details as to the pros and cons of any area in Bulgaria which an investor or buyer may be considering.

    Please, everyone, only post what you know and without bias!!! All other posts which are considered of a promotional nature and links to web sites will be deleted without notice. There is ample room on the totallyproperty forum if you want to advertise yourselves. Let's have some informative postings here to help everyone :)
     
  2. Jain and Chris

    Jain and Chris Senior Member

    In my personal opinion....

    1. City
    I have read that Sofia is the bees knees yet on the other hand have read that it is dirty.... Well, so be it. Sofia is the capital city and right now is low price for investment. You have to expect lower standards of infrastructure, dirt, parking on the pavements, etc..... which you would not have in another western European city, such as Paris or London or Berlin... but then you do not have such outlay to purchase.

    The suburbs are pretty grim. No inward investment and filthy. However, if you are prepared to invest now and wait I believe you will have a very good return. The capital city will see enormous inward investment.

    Plovdiv is a lovely city but only in the old quarter and near the river. Extreme temperatures are experienced in both summer and winter.

    Varna is probably the most "western" European of any place in Bulgaria. We believe this will become the most upmarket of any Bulgarian city quickly, plus its surrounds.

    Veliko Turnovo - much loved with expats due to its charming architecture in the old quartier and fortress ruins. Don't be fooled, this city has some incredible sewerage problems - they all need replacing. Also old houses built on the amazing hill side have foundation and other problems. Shabby chic!

    2. Coast
    There is so much written about this it is quite staggering, much of which is hype by the agents. No matter what is said and what you are offered, there is nothing which will sell for a high price other than a sea view. Buy carefully, buy front line and best location.

    3. Ski
    Well, all the silly press seem to be saying this is the place to go. We undertook a reader survey some 9 months ago and found that already people are moving from both coast and ski to rural.... Snow has been pretty poor over the last couple of years. Buy next to the gondola in any resort - nobody wants to walk kms to get the ski lift... and buy the very best. Nothing to do in the ski resorts except walking in summer months.

    4. Rural
    A dangerous buy if you want quick returns... however, mid to long term prospects to be made. Buy carefully, think about infrastructure, access, facilities, etc. Do not be fooled by bg or uk forums saying that an airport will arrive

    5. Unique
    This is where we believe the money will be made - from any nationality.
    - Front line with the best views and best construction
    - Rural - 200 or more year old properties built in the real traditional BG style: plenty of Russians, Brits, etc going for these, plus this market is supported by the local wealthy market: they are not building any more of these!
    - Ski - next to the Gondola only
    - City - best location, best construction, best infrastructure




    ............ there it is......... arguments and thoughts please :)
     
  3. Ekko

    Ekko New Member

    Hi,

    When people talk about 'next to the gondola', do you think they mean you have to be literally next to it, or is anything within, say, 500 meters fall into this category?

    Just to add, I agree if any city has potential to become popular it will be Varna as its got an attractive centre and surroundings unlike Sofia and Bourgas.
     
  4. Jain and Chris

    Jain and Chris Senior Member

    Hi Ekko

    Good to hear from you :)

    I think what is meant by this is the limit which skiiers will walk to the chair lift with their skis on their shoulder (correct me if I am wrong you skiing lot please).

    It's been an interesting year in 2007 so far. Whilst we are finding that buyer numbers are down on 2006 (only to be expected), the buyers who are looking now have more money available to them and are much younger - all good signs for the mid to long term future.

    Cheers,
     
  5. yummymummy

    yummymummy New Member

    Bulgarian Hotspots?

    Hi I have been looking at investing in Bulgaria over the last few months. Sofia as reported looks promising - I have not yet looked at Varna but after reading this will take a look.

    I have also been toying with a ski resort - Bansko I have concerns about due to the mass amount of accomodation before infrastructure in place but I do think it is still a good investment.

    I have recently looked at Borovets and this seems to be maybe a better place to buy, due to the fact that there will be a limit to the amount of building and the infrastructure is being built to match the number of people in the area. Also with the golf courses and everything else they are building in the are (as is Bansko I know) and its close proximity to Sofia I believe it will make it a good year round resort. What are any one elses thoughts on this?
     
  6. bulbasaurus

    bulbasaurus New Member

    My advice:-

    1. This is an investment so you must get a decent yield - minimum 6% gross yield I would say. Don't get seduced by "prices are going up 10% next month", it really is the olded trick in the book.

    2. Find out what the tour operators want for the clients - speak to Balkan Holiday - find out who they are paying and what you will end up with after commissions. Be prudent on how many weeks you will get renting it out recognising the over supply. Speak to people who are succesfully renting out ( I don't know of any - maybe they exist).

    2. Don't invest in anything you can't sell easily- most smart comment says that it is damn hard to resell property in Bulgaria (although there are exceptions such as central Sofia). I have heard it is close to impossible to resell in Bansko and Sunny Beach. Find out who is reselling and speak to them about it before committing.

    3. Now this is personal opinion : I went ski-ing in Bansko and would never dream of staying in a self catering apartment. There are plenty of lovely hotels with creche, spa, pool, internet etc etc right next to the Gondola and if I can afford to get out there ,via Sofia, I certainly don't need to skimp on the accomodation.

    4. There is plenty of commentary that queues to get up the slopes at Bansko to get up the mountain on 1.5 hours - this may not be a problem for Borovets but worthy of investigation.

    5. There is a credit crunch on emerging market mortgages. Will you be able to get mortgage - don't believe the agent - get an agreement in principle from soemone suchas Piraeus bank. Get a valuation on the property from a RICS equivalent surveyor..

    Summary : do you research - the market is stagnant and prices are not moving much ( question? : if at all). You could end up with something which is a drain on your pocket (high service charges especially if there are lots of facilities, mortgage) with negligible income. DO NOT go into this lightly.

    Conclusion: if you really decide buy then find a desperate seller. There are thousands of them out there. Post ads on sites like this to cut out the agents ( who probably are not interested anyway as there is so much off plan to shift with 10% commissions). It will be much cheaper and you will know exactly what you are getting.

    Cheers

    Neil
     
  7. najnaj

    najnaj New Member

    Hello, guys
    Well, let me tell you my modest opinion- yea, Sofia is definitely overcrowded already as well as Bansko and Sunny beach (unfortunately); especially the famous resorts. The secret is to discover virgin and beautiful nature, organic food etc.
    As far as the investments are concerned- undisputedly the most perspective region is Vidin district (the socond bridge between Bulgaria and Romania etc..) So I would suggest to check DELETED BY MOD (advertising)
     
    Last edited by a moderator: Nov 2, 2007
  8. Salt Lake

    Salt Lake New Member

    In my opinion good and stable for investments are: Sofia (as a capital) - properties in capitals usually grow quicklier; Varna and Burgas and the area around them - because of the tourism and the boom in real estates.
    The big resorts (Sunny Beach, Bansko) have reached their maximum and will either keep the prices at these levels or even will have to reduce them.
    The spa and balneological tourism has quite a good potential. Bulgaria has quite a lot of mineral springs.
    Buying agricultural land is also a good investment as there are quite good perspectives for farming in Bulgaria, especially after joining the European Union.
     
  9. whitehartlad

    whitehartlad New Member

    The South offers more...

    Yes the infrastructure may not be as good as the areas around larger towns but the rural south has much to offer.
    Properties have large plots of land and you are closer to real Bulgaria. Living costs are cheaper in the country also but best of all is the geographic location to other interesting countries like Greece and Turkey and of course the climate is better in the south. My house is only 1.5 hours drive from both Greece and Turkey and I can drive to Istanbul in 3 hours!!
    The infrastructure will improve all over Bulgaria in the next few years as the EU pumps billions of euros into the country for that purpose, so anywhere eventually will be up to standard.
    If you are in the country in the south you get a great climate,excellent cost of living and if you fancy a long weekend in Greece or Turkey, just jump in your car and drive there.
     
  10. rayk150

    rayk150 New Member

    farm land

    I thing farm land is a winner for sure
     
  11. whitehartlad

    whitehartlad New Member

    why farm land?
     
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