Sat, May 26 2012

Paid Publication

Half of British, Irish property owners in Bulgaria consider selling assets - survey

Wed, Jul 20 2011 00:00 CET 2519 Views 4 Comments
Half of British, Irish property owners in Bulgaria consider selling assets - survey

 
Photo: Provided

According to a recent survey by leading property consultancy NewEstate Bulgaria Ltd, about half of all British and Irish property-owners are considering the resale of their Bulgarian property. On average, NewEstate is contacted by three hundred Bulgarian property vendors every month; most hear for the first time that their property is now worth less than half what they paid, Christophe Gater of NewEstate Bulgaria Ltd said.

The bulk of enquiries come from coastal owners where Russian demand allows vendors the opportunity to offload their assets at the currently low market price. Unfortunately, the same is not true for the ski and rural areas, where sales are still seldom and prices further depressed. This year, 95 per cent of NewEstate’s sales along the Black Sea coast have been to Russian buyers, who form only about one third of the original market demand that the British and Irish buyers did at the peak of the property market in 2007. The result is a vast buyer’s market where there are thought to be one hundred properties for sale for every one serious buyer.

While the entire market awaits price increases and signs of forward progress, the reality is that with such vast stock availability and excessive volumes of 'distressed vendors', it is unlikely to happen soon as supply is likely to far outweigh demand for the foreseeable future. Owners face a simple choice: sell now at the current market rates or hold on for several more seasons and hope that the Russian demand continues to prop up the market.
  • Print
  • Send via email
  • Translate to
  • Share:

Comments

Преглед на профил arnij Thu, Jul 21 2011 21:14 CET
Report Comment

The problem with property values is a world wide problem. I have seen a lot of improvements in BG over the last few years, things take time to get better at least you can now buy what you want in BG I remember when there was nothing to buy. As far as property is concerned the inflation got out of hand I blame the banks for giving money to anyone that asked this created a bubble that was bound to burst.

I am confident that Bulgaria will be a very desirable place to visit and holiday. [...]

 Read the full comment

I agree with braves about the streets and stray dogs this is something that needs urgent attention.

Преглед на профил Martine Brennan Thu, Jul 21 2011 10:42 CET
Report Comment

I think a lot of people were duped.
Planning controls and building regulations are a lot stricter in the
UK/Ireland and when Bulgaria entered
the EU people thought there would be some standards the Bulgarians would have to reach. Of course it
was all a joke - Bulgarian standards became EU standards. Not
that this situation is unique to
Bulgaria - it is also very poor in
Spain. It is a shame because
Bulgaria is a beautiful country
but with no thought [...]

 Read the full comment for long term
investor or customer or tourist
satisfaction. All in all Bulgaria
has acquired a reputation for
being a crap place to invest and
a crap place to take a holiday.
It makes it very difficult for those who are trying.

Преглед на профил braves Thu, Jul 21 2011 00:41 CET
Report Comment

I guess they finally realized that the promises they were told that everything would improve, things will get better, we are going to improve the streets, get rid of the dogs bla, bla bla just didn't pan out and it's still the very same hell hole it always was

Преглед на профил Bin Liner Wed, Jul 20 2011 17:23 CET
Report Comment

Same old story, people believing everything they were told, the pot of gold at the end of the rainbow.

Life is a gamble but I know a guy who went from working for £30.00 a week to between £1,000-£1,500 a week selling properties on the Black Sea coast. He couldn't believe the vunerability of the Brits and Irish.


To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

More in this category

The Sofia Echo has moved offices

As of January 27 2012, The Sofia Echo is based at 16 Ivan Vazov Street, Sofia 1000.

Bacchus Restaurant of the Year 2011

Bacchus - the Bulgarian magazine for gourmet food and fine wines - is pleased to announce that the 10th edition of its annual Restaurant of the Year competition has reached its final stage.

IMF Career centre

IMF Career centre

Multirama offers efficient and effective solutions for the business clients

Ivan Simeonov,MultiramaSales Manager Business Clients. Multirama offers efficient and effective solutions for the business clients

Deutsche Bank award for First Investment Bank

First Investment Bank has received the prestigious Straight Trough Processing (STP) Excellence Award 2009 presented by Deutsche Bank.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.