Sunny Beach Bulgaria

[law74]

Me and the mate are heading to Sunny Beach this summer for a holiday and to look further at the possibility of buying apartments there in the next year or two.
Initially it will be my intention to use it for about three weeks in June and a fortnight in September and lend it to family and close friends during July and August until I retire when I plan on spending about 5 months of the year out there.
Anyone here own property over there and if so, what possible pitfalls do we need to be concerned about?

 

[Bill]

for me you may be too late to the party.

 

[dozzie26]

Me and the mate are heading to Sunny Beach this summer for a holiday and to look further at the possibility of buying apartments there in the next year or two.
Initially it will be my intention to use it for about three weeks in June and a fortnight in September and lend it to family and close friends during July and August until I retire when I plan on spending about 5 months of the year out there.
Anyone here own property over there and if so, what possible pitfalls do we need to be concerned about?

An obvious answer but I'd wait until this virus blows over. We've no idea how this could affect many economies. It's quite a serious decision you want to make, so no harm in waiting until say next summer instead.

 

[blue b4 the moon]

Not an owner but been to a little place St. Konstantin just up the coast (pedestrian area, lovely and quiet) there for 3 holidays last one 14 or so years ago.

Going back this summer CV withstanding end of May for a week.

Don't know how much the area will have changed but the only downside in the past has been the Russians.

 

[Fiftyyearsandcounting]

My regular plumber retired and bought a house out there. He was staggered at how cheap it was, I think he paid under £5K for a property of a reasonable standard. He did say that there was now a requirement for foreigners to learn Bulgarian.

 

[dickie davies]

Don't buy unless it's for absolutely nothing

My mate has an apartment in Spain and in the 10 years he's owned it and I've visited it, we've seen the value reduce massively and so many residents, from various countries, return home and end up selling at a loss and they mainly returned home because of health issues

And if you are definitely going to buy, wait until you're ready to live there. A lot can happen in a couple of years

Long term let is a good idea to see if you can stand being away for three months at a time

 

[law74]

Cheers All, doing a lot of research into properties there at the moment and will be trying to identify the best area.
With property available from about £10,000 and service charges about £10 a week, with the cost of living there the idea of buying as soon as the mortgage is paid off and having it paid for about 6 years before retirement makes sense to me.
I will also be trying to speak to apartment owners when out there.
One big potential pitfall would be Bulgaria joining the Euro as that could significantly increase the cost of living and thus reduce the attraction in holidaying there,

 

[Tuearts right boot]

Find and talk to people who have or had properties over there. There is a very good reason they are cheap and that bubble burst a while back...

 

[JULES]

A few years ago my sister bought an apartment but I cant remember where in Bulgaria it was, though it was on the coast. I remember she really like it and spent a lot of time there. A few years later russians started buying in the same complex and it ruined everything, they were extremely rude and ill mannered , in the end she sold up.