Hotel Apartment Investment in Sunny Beach Bulgaria

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petepop

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A friend is investing in a small apartment in a hotel resort in Sunny Beach, Bulgaria. Their spouse's friend already invested there a few years ago and highly recommended the investment.

The complex is 4 stars and looks very nice and modern in photos I've seen. The prices are also very low, around 60,000 EUR for a small apartment (≈1500 EUR per m²). I can see on hotel booking websites that stays there are over 1000 EUR a week.

He's planning to visit a couple times a year and rent it out for the rest of the time. I'm looking for an investment myself and am considering taking a plunge.

Has anyone invested here recently and how is it going? I've only found forum posts about Sunny Beach from 2005-ish here.
 
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Sunny Beach was decent about 15 years ago, but is now very much a low-cost hotspot for 18s/20s Brits/Russian holidaymakers etc. I wouldn't consider any purchase in that market as 'investment' tbh, def more of a lifestyle buy as capital appreciation is non-existent, as is any rental market outside of the summer season. Very cheap apartments springing up everywhere with heavy mafia influence. But a good low-entry option if you're looking for a cheap n'cheerful holiday apartment for the family in summer sun.
 
What time of the year do people go for holidays in Bulgaria, they have sun for how many weeks, competition up against your rental apartment? Who is going to get your renters and collect deposits, how will they behave, who will hand over keys, etc, who will do the laundry and cleaning, who pays for breakages, etc? There's a water bill to pay, there's electricity to pay, management fees for upkeep, etc, set up bank accounts and direct debits. I'll lay a wager with you that there's thousands of apartments for sale there at that price and lower. With great respect, your spouses friend wants someone else beside him with the same asset to feel comfortable. Do I know anyone with similar in Bulgaria? Yes. Do I know anyone with an apartment in Sunny beach? Yes. How are the apartments doing for them as rentals, etc? You really don't want to know. I'm in no way saying you won't do better. Good luck.
Hope that helps.
 
I think there was a programme on the tv in the last 6-12months about buying in sunny beach if memory serves me right.
(I cannot think of the name of it ).
 
Rule 1 in property investing. Location location location.

Key word being investment in particular. Do what you like if it's disposable income and an actual holiday home for you and family, and you don't need to rent.

Bulgaria is not exactly well connected. Probably ok in summer, non existent in winter. Little or no English ( I assume), and limited irish knowledge or networks for services, repairs, legal work. Little knowledge of economy and how things work, so totally and utterly reliant on bad sharks not taking advantage (of their prime bait).

Even if an investment looked good in isolation in Bulgaria I wouldn't touch it.

Look closer to home, portugal, select parts of Spain, France. Or just throw it at the stock market while the stock market is low.
 
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