What is your view on the Bulgarian real estate market?

[totallyproperty]

While the recession which began in 2008 is still hitting many countries around the world, we have seen a growing appetite for international real estate investment. We would be interested to hear your views about the Bulgarian real estate market and the short, medium and long-term prospects.

Is it time to look at property in Bulgaria?

 

[Veronica]

One of the main problems with the Bulgarian property market is that Russian Mafia gangs have a strong hold in it. I know a couple who bought in Bulgaria and were working in the property industry who fled for their lives to Cyprus after threats, leaving their home behind.

 

[totallyproperty]

Thanks Veronica, that is not something I would have expected especially with Bulgaria being part of the European Union. Do you think there is any way that the authorities can overcome these problems because they will have a long-term impact on market sentiment?

 

[Veronica]

I really don't know whether the authorities are tackling this problem and if so how they can rid themselves of Mafia.
However I don't suppose it affects buyers too much, it is anyone else in the real estate industry that it affects due to their bully boy tactics.

Veronica

 

[Kosio]

This is not a perfect world and there are dark stories, but I am glad this is the only one I've heard about recently.
In overall, the Bulgarian authorities are following their EU path, although they have a lot more to do.
In fact there are many honest and hard-working Russians who are willing to retire or buy a holiday residence in Bulgaria since they feel certain cultural similarity and like the climate.
For instance more than 10 000 Russians took residence in or around Burgas in the past few years, and I really don't believe they are mafia people.
There is something else we all must consider - the ongoing political insurgency may not develop well and if some pro-nationalist parties come to power we could face attempts to isolate foreigners from the market.
Hopefully the EU policy would be suppressing such notions.

 

[martin_bachvarov]

There are many real estate agencies that keep the prices too high. Try to find something sold by the owner.

 

[alwaysasking]

There are many real estate agencies that keep the prices too high. Try to find something sold by the owner.

This is a good tip.. also, people interested in buying properties in Bulgaria could consider buying outside the capital Sofia.. Plovdiv, for example, or Burgas are booming right now. The prices are still relatively low but are expected to take up in the next years.