[size=75:d4ev8xu3]novinite 27 February 2010

UK Buyers No Longer Interested in Bulgarian Properties - Report

he number of Brits purchasing real estate property abroad is going down drastically according to a joint study conducted by the global real estate service provider Savills and HomeAway.co.uk.

The repost shows that about 43 000 properties around the globe belong to UK citizens, the Bulgarian information agency BTA informs Saturday.

In 2009, however, the number of Brits purchasing abroad is down 80% over the financial and economic crisis.

Purchases in exotic locations such as Cabo Verde, Bulgaria and Egypt are now a thing of the past, according to the company experts.

The report points out that UK citizens will turn again to the traditional destinations - Spain, Portugal, Italy and the US.

This is bad news for Bulgaria let's hope that some of the Brits continue to look at Bulgaria when it all gets back to normal ? but I fear that for some REA's it may be to late

Yes this is sad news but maybe it's only short lived and Bulgaria will pick up again ?

I don't think we can pay to much attention to what the media say here because we all know they change from one day to another I do believe however that BG is in decline and I'm no sure it will ever climb back up but who knows lets wait and see

I don't agree. I think that because of the financial crisis places like Bulgaria which are still offering properties at low prices will appeal to buyers who don't want to have to take out a loan in order to buy a holiday home abroad. Prices have come down here and many properties seem to be more realistically priced to sell.

Those looking to relocate permanently will obviously be looking at other factors as well as the house prices - amenities, services etc - and I believe that Bulgaria can compete on these too. Spain, Portugal, Greece/Greek Islands and Cyprus have always been favourites for Brits abroad, but look at the current situation in those countries.

Spain has a major recession going on with a declared rate of 20% unemployment and many Brits heading home because of that. Even with the property discounts appearing there, you are still looking at around 30,000Euro for an unreformed cave house in some remote part of inand Spain, coastal (and more sought after) properties are still loadsa money, discounted or not. Portugal property is pricey and again, the economic crisis has bitten pretty hard there. Greece has many problems at the moment economically and politically speaking.

As for Cyprus, the Orams property case has highlighted the problems attached to purchasing in the TRNC (North) and in the South the cost of living has become very high with property prices to match. I know 2 couples in my area who have recently moved from Cyprus as the cost of living had become so expensive, and they have friends looking to make the same move.

While I will admit that there is still room for improvement in roads, services and infrastructure in Bulgaria, progress IS being made and Bulgaria has a lot to offer potential buyers.

It can certainly compete with summer weather that is hot, hot, hot and after the two extremely wild winters the UK has had I imagine that if the sticking point was Bulgarian snowy winters, that too has become an obstacle most will now be prepared to deal with.

Bulgaria has a lower cost of living compared to the so-called traditional countries of choice such as Spain, and of course the biggest advantage is the ability to purchase a house with land here that is completely mortgage-free. How many average Brits could possibly do that in the UK or Spain, Greece etc?

I think Bulgaria will rise in popularity once again - Chestita Baba Marta!


Karen

We also might get better and more serious persons from the UK here this year. All to the good if you look at it that way. Ther's plenty of people from the uk living in Spain I wouldn't have as neighbours Mind you, they would then have to live next to me

Well whatever they say I still interested as I'm sure many others are to

Can you imagine how many people from the UK and other countries are sitting on property in Bulgaria already,If things would get a bit better you will see a lot of construction in the villages, as a lot of people bought just before the bang and never got to realize their dreams for a place in the sun.
So I think the interest will pick up again as soon as people have a bit of surplus income and that could be some time away yet.

Daisy wrote:

This is bad news for Bulgaria let's hope that some of the Brits continue to look at Bulgaria when it all gets back to normal ? but I fear that for some REA's it may be to late

:Howdy:What in your opinion Daisy have they got to do to get back to normal :Wav:

Good question willowsend and if I could answer that I would make a fortune, but I would say that the REA's have a lot to do with getting things right and so do others and by that I mean honesty and transparency, and that includes the Bulgarian government who seem to be as corrupt as some of the others

From a personal point of view the REA's who do survive will come out stronger and better companies, as for no interest its the same the world over and it will return when all economies start to get better, i would just point out also if you got a bit of spare cash get something bought now when the price is low they cant really go much lower, out in the sticks anyway

marlyn wrote:

From a personal point of view the REA's who do survive will come out stronger and better companies, as for no interest its the same the world over and it will return when all economies start to get better, i would just point out also if you got a bit of spare cash get something bought now when the price is low they cant really go much lower, out in the sticks anyway

Excellent advice marlyn I think you completely right about the REA's surviving and only the strong will survive it should sort out the chaff from the wheat I noticed over the years there seems to be a great growth in REA's but not buyers, so now the prices are very low does this mean we will see even more REA's ???

Bulgaria is fundamentally no different to any other European country from a UK investors viewpoint.
Prices are attractive, the country is stable, the people are wonderful, and you can (almost) guarantee good weather in the holiday season.
But it has one disadvantage - it is a relatively long flight from the UK and airlines have not brought prices down as was expected.
However if I was to choose between Spain, Portugal or Bulgaria, it would be Bulgaria everytime. The other two have serious problems and the property market is still very unstable both in terms of prices and (in Spain at least) indifferent governmental attitudes to foreign land ownership.
Bulgaria will come back but the fundamentals still apply:
1. You need to pick your developer/development very carefully.
2. Pay the right money now, and do not be lured with unrealistic investment opportunities in the future.
3. Do not be tempted to pay anything without viewing the property AND speaking to a reputable lawyer, preferably large and in Sofia.
4. Remember that all properties need maintaining. Budget carefully for this and if you can't afford it, then rent a property instead and leave the investing to someone else!

That done, go there and enjoy one of the most beautiful countries and cultures in the world. Mind you, the language is a bitch to learn, so maybe Spain is still in with a shout ! [size=150:3mnv5c7n]:~)
xx

the uncertainty in the uk is the reason for people not buying anywhere just now and to be honest bulgaria has little to offer holiday makers for repeat returns, as it is now dear, and has little to offer in entertainment, many other options available cheaper and better. if you have no finacial worries, then bulgaria offers a relaxed and quiet way of life with scenic views that are astounding, but the air fares are rediculous at peak times and is putting off most people with families as its too dear. my family paid for a 2 week stay at albena with b and b for five because this was cheaper than coming direct to stay with me. silly. unless they get the airfares resonable, it will be out of range for most people. why does bulgaria think is so special to overcharge, its doing a diservice to itself, shame really.

My feelings are if people have money to invest you can guarantee they will invest in property rather then the stock market or saver plans as returns are just so low. No matter how the recession is, buying property in Bulgaria is still a good long term investment and when the market does pick up and I am sure it will, they will renovate and eventually holiday or rent out. Only time will tell

Oddy