[size=55:2owlqvvl]novinite

British, Irish Property Buyers Sell at Loss in Bulgaria to Strike Deals in Great Britain

British and Irish property buyers, who purchased resort properties in Bulgaria during the boom years, are now willing to sell them at a loss to take advantage of the lucrative deals currently offered on the British real estate market, according to Dylan Cullen, founder of the Dublin-based real estate company Appreciating Assets.

Appreciating Assets buys real estate in Bulgaria from Irish owners and resells it to buyers from the former Soviet republics.

In an interview for investor.bg, Cullen confirms that properties in Bulgaria still attract good buyer interest as long as they are adequately priced.

In his words, the company uses the services of Bulgarian real estate agencies, which resell the properties to Russian and other buyers, while it works directly with British and Irish owners.

Regarding selling prices, Cullen says that everything depends on the appraisal of the item's current market value without any regard for its initial acquisition price.

Cullen says that his company has sold real estates to owners who have made a profit form the investment, others have had a return on the investment, while still others have had to face a loss of up to 25%.

Despite that, in many cases owners are willing to close such sales because of the apt time for buying property in Ireland or Great Britain, he says.

According to Cullen, the British market is the only one in Europe to suffer from a housing deficit, with prices expected to climb by 16% in the next 3 or 4 years.

He explains that real estate in Ireland which used to sell at EUR 200 00 before the crisis now sells at half the price, which is why some owners are ready to sell at a 25% loss in Bulgaria to buy property that costs up to 50% less in Ireland.

"
There is good demand for reasonably-priced real estate. People who have bought property at high prices will have to wait some time before the prices return to these levels"
, Cullen informs.

According to Cullen, the location of the property continues to be the key factor. In his words, real estate brokers confirm that Russians are after good quality combined with a good location, which for the Black Sea coast means front line. Naturally, the price of the site reflects the superb location.

Cullen says that his company has sold 70 real estates to buyers from the former Soviet Union since the beginning of 2011.

In his words, investors from Russia, Ukraine and Azerbaijan are showing a growing interest in real estates located in Sofia and along the Black Sea coast.

They are looking for already built properties or new construction and refrain from greenfield purchases.

Appreciating Assets offers over 100 real estates in various mountain and sea resorts in Bulgaria. The cheapest apartment in Bulgaria's Sunny Beach has a total area of 30 square meters and has a price tag of EUR 15 000.

The most expensive property, a fully furnished apartment with three bedrooms in Pomorie, costs EUR 215 000.

Another paid for ad, nothing else!
The 10 times smaller company I represent have sold more than 70 since beginning of the year - why is that? Because we don't charge 50 euro/ month for advertising sellers' properties and we tell them the truth about prices etc. and we do actually have clients to buy.

What the AA and WWG do is suggest you a good valuation and make you sign up with their premium service - this way they are not interested in selling your apartment, just happy to get their monies each month.

So to sum up - if you want to hear a nice valuation for your property, you will hear it from them, no doubt about that but they will never manage to sell.

Eventually, is a buyer comes up, their lawyers will ask the sellers to give them a POA with which they will be signing the preliminary contract and then title deeds without seller's participation - this way he never knows how much actually they get and they get a lot - no less than 20% together with their russian partners, we've even seen them getting up to 100 000 euro commission - this is quite dishonest but you have already signed up an agreement with them that you are happy with the offered price and any price difference they achieve will be their pure profit (or their russian partner's - sheer fraud offered not by BG agents but by Irish)!!!

Beware!

Hi All,

Prawler is 100 % right. I have seen that what he says in Sunny Beach several times. Lawyers just don't defend the interest of their clients, but just want to make a big profit for themselves. That is disgusting.

prawler wrote:

Another paid for ad, nothing else!
The 10 times smaller company I represent have sold more than 70 since beginning of the year - why is that? Because we don't charge 50 euro/ month for advertising sellers' properties and we tell them the truth about prices etc. and we do actually have clients to buy.

What the AA and WWG do is suggest you a good valuation and make you sign up with their premium service - this way they are not interested in selling your apartment, just happy to get their monies each month.

So to sum up - if you want to hear a nice valuation for your property, you will hear it from them, no doubt about that but they will never manage to sell.

Eventually, is a buyer comes up, their lawyers will ask the sellers to give them a POA with which they will be signing the preliminary contract and then title deeds without seller's participation - this way he never knows how much actually they get and they get a lot - no less than 20% together with their russian partners, we've even seen them getting up to 100 000 euro commission - this is quite dishonest but you have already signed up an agreement with them that you are happy with the offered price and any price difference they achieve will be their pure profit (or their russian partner's - sheer fraud offered not by BG agents but by Irish)!!!

Beware!

Please do not put links on the forum

Source:- Sofia Echo - This is a follow on from Admins OP

[size=150:uj0ci29y]Half of British, Irish property owners in Bulgaria consider selling assets - survey
Wed, Jul 20 2011

According to a recent survey by leading property consultancy NewEstate Bulgaria Ltd, about half of all British and Irish property-owners are considering the resale of their Bulgarian property. On average, NewEstate is contacted by three hundred Bulgarian property vendors every month;
most hear for the first time that their property is now worth less than half what they paid, Christophe Gater of NewEstate Bulgaria Ltd said.

The bulk of enquiries come from coastal owners where Russian demand allows vendors the opportunity to offload their assets at the currently low market price. Unfortunately, the same is not true for the ski and rural areas, where sales are still seldom and prices further depressed. This year, 95 per cent of NewEstate’s sales along the Black Sea coast have been to Russian buyers, who form only about one third of the original market demand that the British and Irish buyers did at the peak of the property market in 2007. The result is a vast buyer’s market where there are thought to be one hundred properties for sale for every one serious buyer.

While the entire market awaits price increases and signs of forward progress, the reality is that with such vast stock availability and excessive volumes of 'distressed vendors', it is unlikely to happen soon as supply is likely to far outweigh demand for the foreseeable future. Owners face a simple choice: sell now at the current market rates or hold on for several more seasons and hope that the Russian demand continues to prop up the market

prawler wrote:

Another paid for ad, nothing else!
The 10 times smaller company I represent have sold more than 70 since beginning of the year - why is that? Because we don't charge 50 euro/ month for advertising sellers' properties and we tell them the truth about prices etc. and we do actually have clients to buy.

What the AA and WWG do is suggest you a good valuation and make you sign up with their premium service - this way they are not interested in selling your apartment, just happy to get their monies each month.

So to sum up - if you want to hear a nice valuation for your property, you will hear it from them, no doubt about that but they will never manage to sell.

Eventually, is a buyer comes up, their lawyers will ask the sellers to give them a POA with which they will be signing the preliminary contract and then title deeds without seller's participation - this way he never knows how much actually they get and they get a lot - no less than 20% together with their russian partners, we've even seen them getting up to 100 000 euro commission - this is quite dishonest but you have already signed up an agreement with them that you are happy with the offered price and any price difference they achieve will be their pure profit (or their russian partner's - sheer fraud offered not by BG agents but by Irish)!!!

Beware!

I'm Irish and I agree 100% with Prawler.
I have been bitten by €50/month by Appreciating Assets for advertising sellers' properties.
Pity I didn't know then what I know now I would have saved myself lots of Euros!!!!!!!!!!

Hi Bullseye

Thank you for your comment and lovely to see you here,. It is always good to have new members however, would you mind taking a few minutes to introduce yourself here [You must be registered and logged in to see this link.] please, then we can all welcome you properly.

Have good day Oddy