Sat, Feb 11 2012
Blackwater Homes is based in Cork
Photo: Wikipedia
Banks are offloading properties on auction to compensate for hanging mortgages.
A combination of bad circumstances, poor management and rampant corruption, particularly from the British-based and British-run company, Bulgarian Development UK, is to blame.
A total of 3897 new flats in 547 new buildings were developed in Q1 of 2009, mostly in the seaside cities of Varna and Bourgas, followed by Plovdiv and Sofia.
British-based Property Abroad reports increasing interest in Bulgarian real estate
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.
Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.