Property in Bulgaria - A Good investment?

Leftynick

Hi,

Was talking to some friends who have just bought an apartment in Bulgaria (Sunnyb Beach) and they were saying how low property prices are over there at the moment and that it is an emerging country in terms of tourism and a good place to invest if you are looking to buy an aprtment/villa etc... Will go for a holiday ourselves to check it out before considering doing anything on this front but just wondered if anyone had any experience/thoughts/opinions on this as an investment opportunity?

Thanks

lynzpower

my only thoughts are that some of my mates have been to bulgaria on hols & they thought it was a bit grotty. I went to borovets some years ago and it was all a bit eastern bloc, but it may well have improved. ]

I take it youd try to let to tourists. I think german tourists make up the majority of tourism to bulgaria, only what Ive heard. You might want to look at the channel 4 homes forum,they have a dedicated section to buying abroad thats woth a read.

missile

Would you want to live in Bulgaria? Prices are even less in Morroco and you could get a real good deal in Nigeria :-)

Leftynick

You've kind of missed the point, probably because i wasnt very clear. The idea would be to buy a new build apartment/villa in a busy holiday resort and rent it out to cover the mortgage for as much of the year as possible and take advantage of cheap holidays ourselves. From what i've read you can get a new build 1 bed aprtment in a modern, secure complex with pool etc for around £25k and it looks like there are going to be lots to choose from as there is a heck of a lot of development going on over there at te moment....

sanfrancisco

Leftynick wrote:

it looks like there are going to be lots to choose from as there is a heck of a lot of development going on over there at te moment....

Doesn't this answer your question? How will you be the lucky one that rents it out for as much of the year, if there are going to be so many apartments for tourists to choose from.

I think missile understood, they were being facetious.

tipsychick

Leftynick, there's a programme on Channel 5 tonight at 8.00 p.m. called Property Developing Abroad which you might want to try and catch.

Unfortunately I think last week's episode was from Bulgaria! A woman bought an apartment in a skiing resort for about £50K with a view to letting it to holidaymakers. It was pretty basic though and the whole town seemed to be a building site. She allegedly made £10K on her investment in a year, although personally I have my doubts!

Have a look on Channel 5's website for more info if you're interested.

F_T_Buyer

Isn't it virtually impossible to sell new-builds in Bulgaria? Why would you buy a 2nd hand appartment when you can buy a brand spanking new one? Sounds like a bubble to me... Bit like Dubai!

diddydi

At least Dubai is better than Bulgaria

grebbo

If you're buying investment property in Bulgaria I'd go for the ski resorts and not Sunny Beach. Sunny Beach is over-developed already and a lot of it is junk - the season is also only 3-4 months long and it's not something you could rent out for winter sunseekers.

Just my 2c

scheming_gypsy

i'd do it if i had the money. 18 - 30 are doing their first season in Bulgaria which means that in a couple of years the Bulgarians will realise there's a lot of money to be made and prices of everything will go up, like the Greek resorts, Spanish resorts etc etc.

mystic_trev

I think buying a new build apartment / Villa in Bulgaria is an excellent investment. Bulgarian craftsman are known worldwide for the quality of their work.