In the past 30 years, Britons “have transferred their failed colonial spirit into the purchase of holiday cottages in foreign countries,” forming expat communities in Spain, Italy France and the sunny beaches of Bulgaria.
Still, David Cosgrave, representative of Romanian real estate company Off-Plan, said that “Bulgaria is over.” The country had been “a disaster for investors in the UK and Irish markets,” he said, as quoted by the Romanian magazine The Diplomat.
Property prices in Bulgaria “have not grown and rental yields are low.”
Winter resorts in the country have very short season and a number of apartments remain empty. “We believe agents have massively oversold Bulgaria,” Cosgrave said.
Romania, on the other hand, was attractive to property investors, because demand outstripped supply, mortgages were available and prices were low.
Michael Beckerman, director of Romtrade Consult, said that unlike in Bulgaria, where vacation villages have pubs and other attractions, Romania could offer “a retreat from modern trappings.”
Comments by JP - 09:52 05 Jul 2007 |
 | I think what most people must realise is that property is a long-term investment and property speculators have caused much damage in many countries.
The property bubble has burst in America and many countries are to follow soon.
Although foreign ownership of property can be economically advantageous to recipient nations, what recipient countries need is true investment such as creation of businesses and other forms of investment.
You will not only create more jobs but allow the people to move up the 'ladder' financially.
Just think for a bit - Bulgaria will surprise you! |  |
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| ive heard somethings in my life im a expat of england and i and a lot more are proud of bulgaria summer or winter and ive not heard any remarks like what the romanian paper says a lot of expats in bulgaria are sometimes glad when the tourists go home then you can see the real bulgaria, personally i have been to romania and and it was unenviting as it was not clean and packs of dogs in bucharest were roaming all over the city.maybe romania is a bit jealous of bulgarias progress. | |
Comments by Simon - 10:52 05 Jul 2007 |
| Sounds like sourgrapes to me. I have been visiting Bulgaria (on and off) for almost five years and seen its transformation right before my eyes. A little suprised why Sofia Echo would print such a story, personally I would'nt dream of wasting my time and money to visit Romania?? | |
Comments by dianne hatton - 12:30 05 Jul 2007 |
| A very good example of "Killing the Goose that lays the golden Egg". Lesson learnt | |
Comments by ofer - 15:01 05 Jul 2007 |
| it sounds like he wants a part of the party that he sees in bulgaria.
many people invest in bulgaria because of its nice weather and beautiful resorts and villages. and bulgaria will continue to develope inspite of what bad people are writing against. | |
Comments by Andreas Beckmann - 15:05 05 Jul 2007 |
| Bulgaria has been making the all too common mistake of going for short term greed over long-term gain, in the process truly killing the goose that lays the golden eggs. In the process, Bulgaria is losing its greatest assets, including its natural treasures. | |
Comments by JP - 15:21 05 Jul 2007 |
| Me again! Yes, I agree with most comments here.
I just hope Bulgaria does not fall into the trap of developing just for the money. Sunny Beach and Bansko in my opinion are examples of overdevelopment and what Bulgaria must not become.
More emphasis must be placed on eco-tourism to preserve what is left of Bulgaria's heritage. | |
Comments by Anton - 18:58 05 Jul 2007 |
| This guy should do some proper research before making such ill-informed statements. Interesting that so many Romanians come to Bulgaria for their holidays! As for over-development the Bulgarian government should really take steps like that of the mayor of Varna who has apparently put the brake on further development here before the area becomes another concrete jungle like Golden sands or Slanchev Bryag. | |
Comments by Allan - 00:56 06 Jul 2007 |
| I think that Bulgaria attracts property buyers for slightly different reasons than those in Mediterranean countries. While I have met some looking for quick returns on holiday properties, many are looking for longer term and retirement homes. Some are moving from Spain who like hot summers and the lower cost of living but miss the winter time. | |
Comments by Stoyan - 01:55 09 Jul 2007 |
| I understand Mr. Cosgrave - he wants to sell more properties, but his words over Bulgarian market are so against the Truth. Bulgarian property market was and is in BOOM condition, when there is huge new constructions everywere and huge amount of brits buying everything around. That's what I call great property market. Shame on David! | |
