How much did you pay for your unit(s) in Bansko!

[ady1231]

Hi There;

I would like to know where did you buy in Bansko(in Which development) and how much did you pay for it?

I have bought in Perun Lodge, Studio 32sqm for 68300 Euro is April 2007.

I am not sure whats the capital appreciation on it was since last year.

Looking forward to hearing from you soon.

Cheers
Addy

[ady1231]

Come on guys! surely there are some people who have bought in Bansko?

Bring it on!

[Jain and Chris]

This reminds me of any new-build situation in any country. This is not at all unique to Bulgaria.

What about all those new developments in Britain where they release phase 1 and loads of people buy, only to find out that they then release phase 2 at the same price (or less than) you bought in phase 1. This automatically devalues your property. People who are buying new-build want just that, new.....

Doesn't stop people buying though and just means those who bought initially have to wait for their return. This is the way of new-build properties.

Perhaps people should be looking at alternative investments, such as truly authentic Bulgarian properties in good locations - those of the 'revival' period built in traditional style by craftsmen 200 plus years ago; they aren't making any more of them and all over the world these type of properties increase in value all the time. Just a thought.

[ady1231]

So what do you think? Bansko is gone?

[jackfrench]

I wish it was the other way around but alas it is not for the moment.nothing wrong with Bansko except their is too much being built and has already been built, which clearly affects your investment i think your right and you have paid too much in the first place,what sort of capital appreciation and rental potential were you told to exspect when you purchased the property.Its always best to shop around and do your own research to prevent getting stung by them.

[chrisc]

Bansko currently has an oversupply of at least 20,000 apartments and this number grows every week. A lot of Irish bought there at the top of the Irish property boom last year and they look likely to want to get out soon. I've been offered Bansko recently at less than 800 Eur/sqm but no way will I buy. They will later slam you for crazy maintenance charges and service fees and you will have no choice but to pay. With such oversupply, rental returns will be a joke. No way will any Bansko property ever recover back its cost, IMHO.

Sorry.

[ady1231]

Originally Posted by chrisc

Bansko currently has an oversupply of at least 20,000 apartments and this number grows every week. A lot of Irish bought there at the top of the Irish property boom last year and they look likely to want to get out soon. I've been offered Bansko recently at less than 800 Eur/sqm but no way will I buy. They will later slam you for crazy maintenance charges and service fees and you will have no choice but to pay. With such oversupply, rental returns will be a joke. No way will any Bansko property ever recover back its cost, IMHO.

Sorry.

Hi;

I was offered bansko for 700e/sqm at the time i bought, it depends where you buy my friend!

I have bought next to the gondola, not the (planned one)!

[chrisc]

Hmm. In your earlier post, you said:

I have bought in Perun Lodge, Studio 32sqm for 68300 Euro is April 2007.

That works out at 2.134 Euro/sqm.

As I understand the offer made to me several weeks ago, you can now get apartments not far from the gondola for less than 800 Euro/sqm. This is direct from several developers, before negotiations. This is what I understand, with the caveat being that I have never seen these apartments as I have no interest in getting ripped off in this area. Knowing BG builders, the build cost is probably still under 400 Euro/sqm so they are still making a whacking profit as the standard of finish is going to be appalling. People who know what a "Bulgarian finish" REALLY means will understand exactly what I mean.

[Lysos]

ady,

You would have been better off buying the gondola itself !. At least you might have got some return on your investment. As I understand it the ski season is very short and there is a gross oversupply of property and no resale market.

[ady1231]

Originally Posted by Lysos

ady,

You would have been better off buying the gondola itself !. At least you might have got some return on your investment. As I understand it the ski season is very short and there is a gross oversupply of property and no resale market.

Please stick to what you know, i am sick of writing back to WANNABE investors, they just criticize everybody, and never invest anywhere, go n get a life mate!