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Hi

Im a newbie on this site but there has to be some good deals here, unfortunatley the site is in Bulgarian. (We can help with translations)

You can read the full article at Novinite News

I am told that at a recent auction of apartments by the developer saw apartments go for less than 10,000 Euro in Bansko.

Guess you would have to see it as a long term investment.

Is there a website for the actual foreclosures?

For less than 10,000 E may just be tempted myself although would have to be nice apartment, close to slopes and would prefer Borovets.

Hi

Here is the site www.sales.bcpea.org

Exactly Roger.

My own site www.RoomRateCompare.com lists apartments/hotels from as little as £7 per night low season (thats per apt/room NOT per person!) in Sunny Beach + Bansco, so when they are talking rental rates of £200 + BEWARE .

Reality check - Investments put money in your pockek, LIABILITIES take it out.

Why would any one buy in  Bulgaria ? You could probably rent there all year for less than a grand!

Have you been to Bulgaria RogerD or Eric? Yes it certainly has its problems, especially in the over developed places like Bansko and Sunny Beach and yes you can get very cheap accommodation due to the large number of apartments available, but 10,000 Euros for an apartment in a family friendly ski resort, even if there are maintenance charges could be a good buy for someone.

There are many reasons people want to buy in Bulgaria. Apart from cheap property and cheap living it is a very beautiful country, friendly locals, lovely long hot summers, great spa resorts.

For those looking for a lifestyle change it offers a great place to live.

And I would be surprised if you could rent for a year for under a grand. My houses are rented out from 100E to 300E a month. Apartments in the cities are rented out for much more. And there is a growing demand for rental properties from both British looking to move over and try living there before buying as well as from locals.    

Both Roger and Eric appear to be suffering from the same malaise ie jumping on the band wagon and trying to sound knowledgeable by spouting what they have heard most recently on the media.  Eric is just making a cheap shot at getting some free advertising for his site.

There may be rentals for £7.00 per room OFF SEASON so what.... Who wants to go and holiday in Sunny beach now when there is a foot of snow there? You wouldn’t pay me to be there now.

Furthermore there is variation in prices for rentals anywhere; you could find rentals for £7.00 a night in London or any other place that you care to name. You quote a price at the bottom of the market and say that you won’t get a return on your investment; NOT TRUE. I know people who have their apartments in Bansko rented out for the whole season at £150 a night, while the market on the coast has not lost value at all. There are Russian buyers coming everyday and they are buying. People were getting upwards of £1000 a month for their apartments last summer on the coast. It all depends on where your apartment is and if it is in a development where they have rental agreements with tour operators.

There is definitely a shakedown going on in the Bulgarian property market the successful developments are starting to stand out and look like great investments and the unsuccessful ones are falling by the wayside, these are the ones that have rentals a low rates. It is very easy now to see which developments are worth investing in and which are not.

 Why would anyone buy in Bulgaria? Because right now there are some very good deals to be had and the market WILL RECOVER. The market is low everywhere at present but even lower in Bulgaria because there are no mortgages for foreigners and because it is not the most ‘popular’ place to buy.

 But I would expect people on this site to know that buying where it is popular is not buying smart. You will always pay higher prices where there is market hype. The market cannot go lower, it is already below build cost it will recover and in the mean time your rental income will be sufficient to cover your mortgage (acquired by refinancing property elsewhere) you have a good investment. Right now you can get apartments in great developments with an actual rental record at below build cost and developers are offering 0% finance Now that is REAL Below Market Value.