Banned Topic Bought an apartment in "Sunny Beach, Bulgaria" 5 years ago: cut my losses?

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We don't allow discussion of McAnthony on Askaboutmoney, but as that is a factual email, it is ok to reproduce it.

No comment is necessary on it.

Brendan
 
just spoke to an estate agent from sunny beach today. he knows where my property is and says there would be no problem selling because of location. taking a trip accross next month to meet up. although i suppose he is an estate agent after all.....
 
I asked a bulgarian estate agent (charging 3%) about selling my apartments in Bansko and he said the marget was very slow in Bulgaria particularly in Bansko and the whole of the Black Sea coast
 
rory22 said:
Hi kkman,

Did you decide to try and sell your apartment this year? I haven't logged onto the site for a while so the thread has grown a lot. Just to clear up a couple of questions I've been asked by email and posts. I sold my apartment for 20% more than I paid but after costs I would have to say I realistically made 5%. The reason is that I paid the EA 10% which is why I sold it quickly. For anybody looking to sell now I think this is the best time of year for selling finished apartments as there is more foot fall and people, such as Russians, like to walk in and see a place before they buy so they can see the views etc. I also think that if anybody wants out now they will have to be willing to offer the EA's 10% minimum as developers are offering that and more. If they have client's coming on inspection trips what are they going to try and sell - a brand new unit in a recently completed development where they will get 10-15% or a 1-5 year old development where they will get much less commission?
If I had to sell this year I would go over for a couple of weeks early in the summer, get as many agents to put it on there books as possible and also stage the apartment a little as you would here. The guy that sold for me said that it is amazing the amount of people that try to sell an apartment that has not been aired for 6 months so has dust and dirt everywhere.
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Hi rory 22

I have a front line studio apartment in Nessebar that I would love to sell and am going to Bulgaria next week (9/6). I would be very grateful if you would pass details of the estate agents that sold your property as I am planning to visit several whilst I am out there
 
rory22 said:
Hi dewi1000,

I have sent you a pm with agents website address.

best of luck
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Hi rory22,
Can you also please forward me on the agents website address. Also struggling to sell my beach front one bedroom apartement in Sunny Beach. Has only been used once by my family and I. Gonna head over like Dewi1000 to try sell. Bought 3 years ago and has been up for resale on an Irish agents website.
 
if anyone here has sold their apartment in bulgaria, can you give a breakdown on what taxes you had to pay. i have heard numerous conflicting stories.
 
Unless you sell at a profit (which would seem highly unlikely from postings on here and other forums) I assume you won't have any tax liability.
 
I'm contemplating buying an appt in Bansko, I tried to get a local lawyer involved and he strongly advised not to pursue, not even for 500e per sq meter!! He said there are far too many accomodations, and there is no financial gain to expect! Is the situation really so bad? Thx, T
 
I think a local lawyer saying it is should be enough to answer your question!! Maybe you should ignore his advise and look for a more positive slant on a public forum!

Not being smart, but if it is that bad the only person who will tell you otherwise is somebody with a vested interest.
 
cotton eye said:
Not being smart, but if it is that bad the only person who will tell you otherwise is somebody with a vested interest.
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I'm asking because I could not find such "low" prices on the web, offers are still around 1200e per sq meter on all sites I've seen.
I'm close to dropping completely the idea of buying property in Bulgaria and I'm far from making an offer to anyone, but are there any sellers at 500e per m2, for a new appt (ready or very close to be) in Bansko, less than 5mins walk from the Gandola?
 
There seems like plenty of people on this thread looking to sell, would that not tell you something?

If you ever find yourself on a sinking ship run in the same direction as the rats!
 
Can one of you please explain to me why the mountains is so bad at the moment eventhough you have the potential for a year round rental if the right infrastructure is in palce and being planned.

The one thing I find is that a lot of people who buy are looking for a new development and won't go second hand and therefore it is hard to sell when it comes to selling a second hand place, but the right location should help.
 
ttrigui,

You seem to be one of those people determined to ignore the realities of the market in the belief that if you ask the same question enough times you will get the answer you want to hear. Fine, you deserve to get fleeced.

Before you do, though, read the tales of Bulgarian woe (and there are many !) on:


www.totallyproperty.com
 
Thanks for the link to that site BigRog.

I'm sure you will find within that site tales of woe not just on Bulgaria but on all the other countries covered.
 
Bulgaria is looking at approx 7% growth this year. I bought an apartment over there very happy with investment in terms of rental and growth.

Remember forums like this are inherently biased towards complaining and 'bad news' stories.

People with good news etc have no reason to post..

Investing in bulgaria is no different than anywhere else, there are good investments and bad one -- location location location, i waould also recommend going for quality
 
That's very true you know Humphrey.
It's normally a tale of woe or some problem and not good news that starts a thread in Overseas Property Forum's and it brings out the doomsday people.
Glad too hear your happy with Sunset Resort.
I bought myself Sunny Beach 2 years ago with Platinum and I am happy with the rental.
First one year rental on purchasing and then a further 3 year agreement.
Have received the first two years rental.
The flip side the apartment has reduced in value.
But heck if I bought in Ireland at the time I bought in BG I would be down a heck of a lot of money. Or if I had invested the 85k all in I spent in BG on the stock market I'd be down a heck of a lot of money also. You pays your money, take your chances and live with any consequences.
 
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