EU Status Increases Confidence in Bulgarian Property Market

94% of the Bulgarians own their own house or property, and due to low land/labour prices the property market has a substantial overproduction of properties. About 200k properties,houses,land are now for sale and the prices are falling while the number of properties are increasing. There are not enough buyers, and the market is regulating itself. It will collapse sooner or later. I agree, the climate and the prices benefit Bulgaria, but housing standard,community services and infrastructure are way below European standard. I think the investors or buyers of properties in Bulgaria are at high risk of loosing their money. The numbers speak for themselves and I cannot see that Bulgaria has anything in particular to offer. Turkey, Greece, Montenegro,Croatia, Romania have all long experience in tourism and offer better services and safety for housebuyers/investors at comparable prices. The Bulgarian Black Sea coastline is not known for its beautiful nature sceneries, but lowstandard hotels and polluted water. So my advice is, keep your money in the bank and have a closer look at holiday houses elsewhere.

Totally wrong,

Yes, Bulgaria cannnot compare with Grece, Tutkey etc., but go on and check the Romanian forums and you will see that the majority of the people are very delighted by BG Black Sea(Litoral) and everything you just said about it is not true. I live in Romania and can confirm that. So, please be a little objective.

The investment in BG is still worthy.

Regards

200k properties for sale?

Maybe, but at what quality? Does this figure all the panel flats nobody wants to live in and the houses for sale in deserted villages?

And how did you find this figure. Most adverts on things like imoti.net are bogus. Having spent the first 5 months of this year looking for properties in Plovdiv, I can tell you there's not that much, especially if you want more than the standard 2 - 3 room hovel most developers are building.

That doesn't mean property is good value. I feel it isn't, by a long shot. I would say the property we bought is between 20 and 30% over priced. Don't know how I come to that figure, but that's my feeling. But then the one we left was smaller and got sold for the same price, so maybe the value is OK. No idea. The truth is it is still impossible to put a figure on property in BG because there is no history to go with the prices. There's never been a housing market slump like in the UK (excluding the hyperinflation which is something else). Infrastructure in BG is still poor, but it IS getting better and at quite a pace, especially in the cities.

Robin,

I am not being a smart a$$, but when you said;
"The truth is it is still impossible to put a figure on property in BG",
It really is very easy to put a figure on property.

It does not matter who, why or what has happen in the past.
It is worth exactly what someone is willing to pay for it.


It is all crazy, but I think if a person is just buying something to use and keep for awhile it doesn't matter. If a person buys for investment, then it is like all gambling.
For every winner someone has to lose!
Even Donald Trump, who comes off as a real estate expert, has filed for bankruptcy twice!

Don

“Does this figure all the panel flats nobody wants to live in and the houses for sale in deserted villages?”

Those are exactly the best properties to buy for investment. The village properties (especially in the vicinity of Sofia) are going fast. The problem with buying those properties though is that many of the “villas” were build without permits, that the owners have no deeds for the land and therefore they can’t be sold. The inheritance laws in BG are such that there is very little that can be done in case of such a property. There is a need for changing/amending those laws as soon as possible for already the entanglements in each case are insurmountable. How do you sell a lot with 33 owners--and growing with the passing away of each one of those owners? It is a mess that not many people care to fix for at the moment all have their eyes on Sofia.

This is very interesting.

On the one hand you say these properties are the most interesting for investment, on the other you condemn them because of inheritance laws.

Bulgarian inheritance laws are much the same as in France, for example (BG law being very close), and also pretty much the same as the whole of mainland Europe; which means all the people living there have had no problem with this for an extremely long time.

I suspect the Brits have a problem with it, as it means they can no longer leave their Bulgarian assets to whom they please. Indeed, a similar situation to property in France... Perhaps the mainland European system is based on family values?

Why should the inheritance laws be a problem? They are mostly the same across the whole of mainland Europe (England being the exception) and they have created no real difficulties.

I remember being in real estate in France many years ago over a long time, when I had 27 inheritees to a property which was for sale - yes, getting them to agree was a nightmare but it was done with much effort and will on all sides.

It's a moot subject, depending on your point of view ........................

“On the one hand you say these properties are the most interesting for investment, on the other you condemn them because of inheritance laws.”

Read my post more carefully. I do not condemned them I just point out difficulties that can/should be addressed.

“Bulgarian inheritance laws are much the same as in France, for example (BG law being very close), and also pretty much the same as the whole of mainland Europe; which means all the people living there have had no problem with this for an extremely long time.”

The laws in France and the rest of Western Europe are working for the people in France and Western Europe. In Bulgaria during Communism there were laws created and directives issued that created the situations I am talking about.

“It's a moot subject, depending on your point of view .......................

It is a moot subject to foreigners that have little appreciation for what had transpired in the last 60 years in Bulgaria. To me it is not one though since as a Bulgarian I have to deal with all of those issues.

venbon,
this is our Bulgarian national sport - denigrating our country.
That's how you can tell if some one is Bulgarian on an English language forum - by the degree of venom directed at BG - like our Bulgarian friend furian here;)

Hi Kolega,

Just for the record. I am also Bulgarian, but had lived in couple of Eiropean countries and at the moment am working in Bucharest.

Viking,

"I am not being a smart a$$, but when you said;
"The truth is it is still impossible to put a figure on property in BG",
It really is very easy to put a figure on property."

Ok, my statement was ambiguous. It should have read "It is impossible to value a property in Bulgaria".

Of course a property costs what someone is willing to pay for it. But that does not mean that is the properties true value - ie what it is worth.

Robin,

I have to say you are wrong on that!!
"But that does not mean that is the properties true value - ie what it is worth".
I cannot think of any other way to measure what anything is "worth"!!


Don

investment in bg is a good idea but only if you are on the ground for a few years or local and anyway the ones ripping off the brits irish etc are usually their own.

THE BBC FILM ABOUT THE TRAGEDY CALLED MOGILINO-
HERE IS THE DOCUMENTARY "THE ABANDONED CHILDREN OF BULGARIA":
http://video.google.com/videoplay?docid=-9176914173325307126

Hey,proud-to-be-an American,

there are abondened children everywhere in the world,including your country!

Well guys ,

I would like everybody read this article

http://www.express.co.uk/posts/view/5760/Nightmare-for-Britons-buying-their-dream-homes-abroad