BEWARE BULGARIAN BARGAINS…

With European Union membership and cheap property prices Bulgaria has seen a significant increase in tourism and investment. The country offers fantastic seasonal climates, with many investors taking advantage of winter ski apartments in the Pirin Mountains as well as sun and sea apartments on the Black Sea Coast. In 2014 15{8ffce72bfd1f9b3f5d8b0ef2230e543e76a5ce407a245cd6391b5bca5679dfbb} of property purchases in Bulgaria were accounted for by other European nationals.

As across Europe, Bulgaria has suffered at the hands of the 2008 Global Recession. Property prices are down 39{8ffce72bfd1f9b3f5d8b0ef2230e543e76a5ce407a245cd6391b5bca5679dfbb} from the pre-crisis Peak. As seen elsewhere prices have “plateaued” but may take some time to reach pre-crisis levels.

House Price Change – {8ffce72bfd1f9b3f5d8b0ef2230e543e76a5ce407a245cd6391b5bca5679dfbb} change over year earlier

For those who purchased before and during the property peak, negative equity is a burden. Another issue is the variety of lenders in Bulgaria. Many borrowers took mortgages from Cypriot institutions, and this opens up a whole host of separate issues.

Given the decline, property bargains are available. But be aware!  Some developments are not yet complete. There is different legal legislation and processes. A host of lenders with different rates and criteria. There have been some real disaster stories that have arisen in Bulgaria. Google it! Good investment opportunities are out there, but ensure a high return by availing yourself of knowledge and options.

Source: globalpropertyguide.com

EU Property Solutions employ a full time Bulgarian advisor. Rado, has previously worked in the Bulgarian Banking Sector and has a host of contacts across the country. Being fluent in both English and Bulgarian we can discuss negative equity solutions and review any prospective purchases you intend to make.

Contact EU Property Solutions today to resolve Bulgarian property debt issues or for investment advice.

James Bell- Director- [email protected]

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