I have just started researching property in Bulgaria and was looking at off plan developments in Bansko with a longer completion date. I was considering a short investment and selling on the property just before or at completion. However I've heard some comments about a lack of a resale market, and people not likely to get a buyer for their new apartment. Please let me know your thoughts on the matter, or if this would be more suited to another location.
Thanks
Desmond

Desmond,

Suggest you register with the buy association (search on Google) as there are a few good podcasts which feature Bansko. Personally I think it's over supplied at present so will effect resale price - if indeed you could resell !

Good luck!

The reports coming back from Bansko are not at all good these days.

The Sofia Echo have had two reports featuring Bansko in the last few weeks. One says that the town has put a halt on any new building works because the infrastructure just can't cope with the amount of building work in development.

Another report says that many agents in Bansko are closing their offices there because of over-supply and lack of demand.

There's also a useful item in the news section called 'Increased Prices Not Affecting Demand' with some pointers as to what are new hotspots in Bulgaria.

It all depends on the location, bansko and sunny beach are not good locations.

Hi Desmond
Would suggest other 'hotspot' areas in BG for your type of investment. The Bansko roll is set to continue with the inclusion of Razlog and Bania developments all competing for sales.
Good luck
Audrey

According to the feedback that I have, from early buyers within Bansko and Sunny Beach. It seems that all wish to sell, but only a few have managed to find buyers.
The new hotspots are just outside Sunny Beach, Kosharita etc. And inland, say 40km around Veliko Turnovo where prices in some villages, Dragijevo (12km) have tripled over the last year. Rumour has it that the airport in Горна Оряховица will re-open to some jet flights during 2008/9. If that happens.... There is also much interest in property around the inland lakes. FJW

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kind regards
yaj

Hi Desmond

Bansko, Sunny Beach, etc... all have pros and cons. If you can purchase right next to the gondola in Bansko or right on the front line at Sunny Beach, you will be able to sell. Remember, location, location, location.... always sells

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Jain Goodall, Director, Quest Bulgaria Magazine

Independent advice and information for owning and buying property in Bulgaria
http://www.questbulgaria.com

Jain i was wondering i had bought in Perun Lodge Bansko and am feeling that i made a big mistake what is yours thoughts. Also I have paid 43% of the purchase price have you any advice on mortgage lenders etc.

Hi Johnny

Why do you think it's a big mistake? The development seems well sited, on track for completion and pretty good facilities.

For mortgages, there is only one company I know of which has good contacts with all the major Bulgarian banks who offer mortgages. They are called Bulgarian Home Loans and are UK based. The name of the MD there is Chris Downham and he is a lovely guy who I am sure will help you. His email is chris@simpligroup.com if you'd like to contact him for advice.

Otherwise for mortgages you'll need to tackle either the UK banks who will lend on overseas property (or re-mortgage your UK property) or the Bulgarian banks themselves.

Hope this helps, get back to me if I can do anything more.

All the best

__________________
Jain Goodall, Director, Quest Bulgaria Magazine

Independent advice and information for owning and buying property in Bulgaria
http://www.questbulgaria.com