Hello,
I am doing a report on how expats in Bulgaria have been affected by the economic crisis. Especially property buyers. It is my understanding that, until the economic crisis hit, real estate in Bulgaria was booming -- and foreigners, particuarly Brits, were buying it up. But things have changed since the recession hit - I am curious about the experiences of buyers and developers.
Thank you,
H.S.C.
Problems with Property Since Recession/Finanacial Crisis?
helenapple
13 November 2009 22:24:25
1
absent
14 November 2009 02:13:15
33
Well, I am not quite an expat in Bulgaria but I did buy an apartment 2 years ago for 129.000 EUR in Sofia. The price I could sell it now would be something around 95.000 EUR.
Property in Bulgaria is collapsing in 2009, it's a total disaster. Many brit's were lured into buying property in Bansko, our main ski resort and are now regretting it.
At some places in Bulgaria values of property fall down to 40% of the inicial price. Same goes with deals - if a apartment is listed for let's say 100.000 EUR the owner will sell it even for 70.000 EUR just to get rid of it.
Experts say that 2010 will be even worse than 2009 on the bulgarian property market. So if anyone want's to invest in property he should wait until March 2010.
ChrisMaleUK
04 March 2010 10:43:22
8
I supposedly purchased and paid two deposits for an apartment at Almond Gardens Kosharitsa. This was November 2008 Just before the Recession struck! The apartments then were well underway and we thought it was going to be ready by May 2009 This came and went with another date December 2009. This has also passed by and since then no date has been given. It is now March 2010 and still waiting for a completion date!
We are left high and dry first and second deposits paid and no likelyhood of final completion! Dont buy unless it is a copleted complex and only part with your money on final handover! ALWAYS go through a Bulgarian Solicitor.
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