bulgarian property back on radar
News Posted On: 02 December 2010
In the run up to Bulgaria joining the EU and the two years following its accession (2002-2006), Bulgarian property became massively popular with the droves of foreign buyers snatching up bargain properties around the world, fuelled by strong economic growth, rising confidence in the growth, and the dawn of the budget air travel age.
Bulgarian property has suffered badly at the hands of the downturn, mostly because it started suffering long before the crisis began. In 2007 Bulgaria property prices began to fall sharply, as it became apparent that yields were not going to be as high as predicted because of over-supply in the rental market. This realisation led to thousands of foreigners all seeking to sell up at the same time; the rental oversupply became sales oversupply and choked the life out of the market
Now, Bulgaria is attracting attention again, because what was always some of the cheapest property in the world is now even cheaper. But before buyers start rushing in headlong, they are advised to do their research thoroughly and check things like:
Does the developer own the land
Do they have the titles for the land to prove it
Does he/she have planning permission for what they are building
These are checks that you should do when buying any off plan or new build property, but in Bulgaria, with its massive problems of corruption it is even more essential. Considering an escrowed payment system is also a good idea.
In Bulgaria it is also even more essential that you speak to owners in the developers previous developments. In Bulgaria it is not uncommon for a developer to be linked to or under the control of the Mafia or some Eastern European equivalent, an indication of this will be the lack of happy previous owners. Also asking at the British Embassy is a good idea as they receive the reports from the unhappy ones.
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