Buying Property in Bulgaria

Elbur

I want to buy a studio apartment in Bansko Bulgaria. There are so many agencies and new developments out there though that I'm finding it very difficult to choose the right one. Also I hear that there are alot of dodgy agencies and unreliable developments with hidden costs plus other downfalls. What are the key factors I need to look out for or can anyone recommend a reliable agency? Please Help!

ronbyrne2005

Dont jump in like the other lemmings.
http://www.timesonline.co.uk/article/0,,2098-2267408.html

grahamor

bansko was also a major contender for the winter olympics in about 10 years but failed because the facilities were not considered adequate for the event. thats one factor that put me off.

www.macanthonyrealty.com seem like a good company though, they are based on pembroke road.

Elbur

Thanks for that article. Do you think the fact that Bulgaria is joining the EU next year going to improve anything though? Also, I have been in contact with Macanthony Realty already and even though they are very reputable I find them a bit condescending and very pushy. Does anyone else have any experience with this company?

have a look back through the threads on bulgaria there are a lot of reasons to avoid purchasing in bulgaria at this point. Mcanthony are a pushy sales company by nature, thats how they make so many sales!

connundrum

I have an article in work which I'll scan and post tomorrow - it's pretty much an honest overview of the rental market out there.

Nothing in Bulgaria is 100% as regards facilities - Sunny Beach is the closest thing you'll get, but then people will complain that it is pretty much a building site. IMO it's as much of a building site as any developing tourist area should be.

Be aware that Bansko is a good 3.5 hour drive away from Sofia, and not 2 hours as many other companies will have you believe. The smaller resort of Borovets will be one to watch for growth in the future as it's 1 hour from Sofia and offers basically the same facilities that Bansko offers (but on a smaller scale obviosly).

MacAnthony take the hard sell position and that is how they are as successful as they are. They run a slick operation and have trouble in taking no for an answer, but that doesn't make them bad.

As I say with anyone I advise on foreign property, do your research!! You wouldn't buy a house in Ireland after only visiting one estate agent, so why would you do it when considering purchasing abroad?

hmmm

I'd be concerned about the legal environment in Bulgaria. I'll be accused of being over the top, but from reading reports on the country there seems to be a significant level of corruption running through the government. You'll find corruption in most countries, but in Bulgaria the problems are coming from powerful organised crime factions in the country.

If I bought a property in (say) Spain and ran into local corruption issues, I'd be relatively comfortable with tackling them. Doing the same in Bulgaria I'd be a bit more fearful of my person if I tried to do the same. Again, it's your money and you can decided whether this is a risk you should factor in when buying.