Cant sell Apartment at £40,000 discount

[awahee123]

Agreed I also think Bulgaria is a no go,its nice for a holiday but thats all,I was thinking of buying in Varna 3 yrs ago but I changed my mind.I'm glad I did I think there will be alot of similar stories in the near future.

[AnotherPropertyGuy]

I had a great 2 week holiday in Bulgaria. I did not think much of Sofia but I thought Plovdiv was a fantastic place. Lots of culture, old buildings, near to the mountains for walking in summer and skiing in winter. I would not touch any of the new build flats with a bargepole - they are awful. Built by property developers looking for a fast buck. I'd go for a nice little place in one of the towns.

[awahee123]

If you are looking to buy here as you say it's best to buy something in a local village which will be a lot cheaper than a new build property.

[John]

Originally Posted by awahee123

If you are looking to buy here as you say it's best to buy something in a local village which will be a lot cheaper than a new build property.

Definately. There is still a lot of great value to be had if you look outside the big developments that are being pushed so hard. The trouble though is always going to be with exiting - It's a daunting task to try and compete with these "property pushers" who seem to have an endless marketing budget when trying to sell your property.

Bulgaria, long-term is still a good bet (provided you do a LOT of homework). Despite all the negative news about the market there, I still see a lot of people interested in the area. One (in my opinion) good example of this is the amount of people searching for "property bulgaria" on the search engines - This has increased by about 30% over the past 12 months, very few other areas can boast of similiar activity.

[awahee123]

I agree John it has been popular for a very longtime and still seems to be popular,
However there seems to be a few horror stories coming through lately.
I think buying a rundown property for a few thousand pounds would be good with some land I think this is the best way forward.

[overseas wills]

Sorry but I have to disagree. I think the coastal region around the st vlas area is superb and the people very friendly. Warm from May to October. I visited Cambrils in Spain last October and the weather was rubbish and the place was closing down for the winter so for me I know where I would rather go for cost.

[Lysos]

None of which alters the fact that "Bigeyes" cant's sell his flat even at a £40k loss !. Actually, when you add in the interest he's lost on capital, plus service charges and possible mortgage costs his loss is even greater. From what I've read elsewhere he isn't alone; In fact I can find no evidence of ANY resale market in Bulgaria's coastal and ski resorts, despite what agents may claim.

[Salt Lake CC Developer]

I would agree Bulbasaurus. The annual return promiced by agents reaches sometimes 15-20%. Season is really short - not more than 3 months real season (June, July and August). It is getting more and more overbuilt. At the same time as there are two many new projects agents are not interested in offering apartments in any older projects. There is no resale market of the properties at least for the moment. I would conclude the following: Bulgaria is good for retired people coming to live here as living costs are much lower. But as an investment in the resorts I wouldn't say it is as much worth as advertised.

[MONEYMAKER]

Originally Posted by Bigeyes

A bought a 2 bed / 2 bath apartment on a front-line complex in Elenite, Bulgaria 2 years ago. The cheapest remaining 2 bed on the complex is priced at over 150,000 Euros. I am desperate for a sale and as such have tried desperately to sell at under 100,000 Euros without any joy. I'm now lost for ideas.

where is your complex,which area i mean

[MONEYMAKER]

Originally Posted by MONEYMAKER

where is your complex,which area i mean

i am just back from bansko and bought nothing,this is my problem with the place,,there are no end of properties for sale at less than the price people purchased them for 3 years ago,when they were bought of plan.now complete they are worth less