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Bulgaria

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  • 22-06-2009 11:26am
    #1
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭


    I'm interested in hearing from anyone who has purchased property in Bulgaria, just looking for some pro's and con's. Also is there any areas to avoid, I hear its fairly popular with Russian tourists and its still a good place to get a property.


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    #2
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    what's the nature of the purchase?

    holiday home?

    investment?

    I looked into it a few times over the last few years

    I'm still yet to find a "pro" just lots of cons.


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    #3
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    It would be an investment property mainly but if I found somewhere nice might be a holiday home for a few months a year.

    A pro would be its popular with Russian tourists.


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    #4
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    JJJJNR wrote: »
    It would be an investment property mainly but if I found somewhere nice might be a holiday home for a few months a year.

    A pro would be its popular with Russian tourists.

    That's only a pro if they're willing to pay you enough to cover your mortgage and other costs.

    There was a huge building boom in Bulgaria which led to much of the same issues as here as in there is a huge over hang of properties.

    people are fighting tooth and nail trying to get clients into the apartments etc.

    the avg ind wage in Bulgaria is little or nothing so it would be unlikely you'll make any money selling it back into them.

    people were buying up in Bulganin as they thought they were going to buy in at 20-30k and sell on for 200K+ as they seen what happened here.

    so basically you just had a load of Irish and English people buying places up and selling them back to each other.

    I just can't see where money's to be made.


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    #5
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    Thats my issue also, I dont see any major price drops over there, like here.. properties I was looking at two years ago are still the same price.. e.g. 40k for a 1 bed, was hoping to look at some at the 20 - 30k mark.


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    #6
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    JJJJNR wrote: »
    Thats my issue also, I dont see any major price drops over there, like here.. properties I was looking at two years ago are still the same price.. e.g. 40k for a 1 bed, was hoping to look at some at the 20 - 30k mark.

    odd because i was looking at one's around sunny beach that were 40-50 and are now 20-25.


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    #7
    JJJJNR
    Closed Accounts Posts: 4,791 ✭✭✭JJJJNR


    hmm care to share ?


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    #8
    uncanny
    Registered Users Posts: 64 ✭✭uncanny


    JJJJNR wrote: »
    Also is there any areas to avoid

    Bulgaria


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    #9
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    JJJJNR wrote: »
    hmm care to share ?

    If you go on to daft search around sunnybeach max 100k and sort by cheapest you will find tons for under 30k

    they start at around 15k


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    #10
    jdivision
    Registered Users Posts: 4,260 ✭✭✭jdivision


    A lot of them are facing demolition as they were built illegally. If you do a search here you'll find loads of threads warning people against buying there. The prices were and are non-sensical when you look at local incomes. I don't understand why Russian people would go there when the rich go to the Cote d'Azur and Italy and the lower to middle class have loads of domestic holiday resorts.


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    #11
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    If you were spending 10-20k (of your own money/not borrowed) on something nice that you'd make use of yourself a couple of times a year, then it would be a good enough purchase, if you were able to make a bit of rent now and again all the better. But what got me about Bulgaria was the lack of direct (cheap) flights, has this changed, are flights easier to get now?


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    #12
    ntlbell
    Registered Users Posts: 16,288 ✭✭✭✭ntlbell


    Senna wrote: »
    If you were spending 10-20k (of your own money/not borrowed) on something nice that you'd make use of yourself a couple of times a year, then it would be a good enough purchase, if you were able to make a bit of rent now and again all the better. But what got me about Bulgaria was the lack of direct (cheap) flights, has this changed, are flights easier to get now?

    getting more difficult and more expensive it seems


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    #13
    smooth operater
    Closed Accounts Posts: 209 ✭✭smooth operater


    friend of mine bought one and has been lyin idle for the past 2+years, he wants rid of it, couldnt tell you exactly where abouts but another con to the list


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    #14
    Doodoo
    Registered Users Posts: 430 ✭✭Doodoo


    I bought a 1 bed apartment half way between varna and golden sands 2 years ago and it was finished just over a year ago. It was idle for a couple of months until i took a 2 week holiday to get it fully furnished in august. Since then a management company look after it for me and it has been rented long term since the start of october. I'm getting €350 a month gross which isn't bad and that gets lodged into an account for me over there as i dont have a mortgage on it.


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