More sence Hi Mick,
Here I can paste first three links I found to answer your questions:
1. House price increase in Bulgaria highest for Europe, second world-wide:
House price increase in Bulgaria highest for Europe, second world-wide - Residential Article 2. Bulgarian property prices still rising:
Global Property Guide: Bulgaria - Bulgaria property prices still rising 3.House Prices Increase, Bulgaria Reaches 31%
Real Estate House Prices Increase, Bulgaria Reaches 31% Finally, I wrote that the season lasts 5 months. Firstly check those links:
Ruse, BGR Weather - Forecasts, Radar Maps, Video, and News Plovdiv, BGR Weather - Forecasts, Radar Maps, Video, and News Wind & weather statistic / Wind & Wetter Statistik Burgas for Kitesurfing, Windsurfing, Surfing and Sailing then consider AVERAGE temperatures:
MAY --->
25 Celsius degrees
JUNE ->
29 Celsius degrees
JULY ->
31 Celsius degrees
AUGUST ->
30 Celsius degrees
SEPTEMBER ->
26 Celsius degrees
in April and October average temperature is 19. I wrote only about 5 months, but you know better without checking anything...
I don't have an information how many buyers are begging to differ. As I noticed, you are the statistic guru also, so maybe you can count the amount of people unsatisfied with purchasing a property in Bulgaria. I think that you also don't know those people, because in other case you would write me numbers and statistics, wouldn't you ??
The only think I am sure and I can write about it are satisfied clients. They are buying houses, villas, hotels and holiday apartments as well. In mountains and close to the sea (not more than 600 meters from the beach). Some of them rents their properties even all year, so 12-month time.
And, excuse me, but 3000 euro which you mentioned can be a one month rental payment not price of the house ! If you think so, it means that you completely don't know Bulgarian real estate market reality. For
30 000 EURO, not
3 000 EURO (!!!),you can buy a house about 30 kilometers from the sea, in a very small and not interesting village. If it is your idea to make a good investment, then congratulations ! After this deal you can really only beg to sell it, as you wrote a few days ago. But do not expect any profit for completely not interesting property 30 km from the coast.
First of all, anybody that has worked in the real estate business in Bulgaria knows the crisis that is happening along the Black Sea coast right now! People cant sell their investment and they cant get any decent rent. I know because i talked to many when i worked in the industry and afterwards. But we will have a poll and the investors can make up their own mind.
The first link you posted refers to property in 2007, a lot has changed since then, credit crunch, recession etc. The third link seems to be posted in 2005/ 2006.
The second link is the only up to date reference. It does say that Bulgaria is increasing in value, but i think we know this isnt in the Black sea coast or Bansko which are the places i was referring to.
But why is it only given a 2 star rating out of five ? And the rental yield is rated around 4.6%. I mean i can get that in a bank without any magaement fees and the rest that goes with renting!
I cant see the exit strategy anymore, the Russians seem to be the only savior for the thousands of Brits and Irish who were flogged overpriced properties with false promises. Why cant people sell their investment if this is the place everybody should be investing in ? Proof, go to any Bulgarian forum on renting and people are despairing at the lack of rent from their investment.
But lets not mix up investment property with holiday home properties. Sure you can get a good value holiday home as people are selling at 20% - 30% under the price they bought it for.
And most of the airlines seem to stop in September, Balkan holidays and Thomsonfly are among the few who actually operate in october. Most airlines operate for around a four month period like My Travel.
Doesn't the airport in Bourgas nearly close from November to April ? I mean it practically shuts down and anybody who wants to got o sunny beach has to fly to Varna !
The only saving grace for Bulgaria is Sofia. This is the only area and market worth investing in and in my opinion its a bit late as it is risky getting into a maturing market like Sofia a this stage.
But where are people getting in excess of 12% rental yields ?
My issue with you is that you promoting a country only the savvy investor will win at this stage. It not for the novice.
"The largest foreign investors in Bulgaria in 2007 are reported to be the UK, Austria, Greece, Belgium, Spain, Cyprus, and Luxembourg." Novinite.com
In times of recession, people offload any excess baggage like overseas property. Property in the UK, Ireland, Lithuania, Poland, Belgium, Spain, Cyprus, and Luxembourg, Estonia, are all coming down in price. Unemployment is rising. Most of the investor countries (GDP and property prices) that have invested in Bulgaria are falling in the region of 15% -30%.What do you think will happen , i'll tell you. They are going to offload their non rentable properties in Bulgaria to generate cash. And then the bubble will be well and truly burst
