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prop77

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  1. Try www.saxony-properties.com they specialize in the eastern states - good luck

  2. Excuse me but that's rubbish. There's pretty much no offplan/new built in city centre (district I), it's mostly pre-war stuff. And 50k euro doesn't even get you a studio (in old block) in this area. (In case you meant 50k pounds not euro, then you'd struggle very hard for a small unrenovated 1 bed in not a very nice old block.) Even 5 years ago you wouldn't get a new flat of 2-3 beds in BAI anywhere near 50k. Get real. Not sure where you bought (if at all) but it surely wasn't anywhere nearly close to central Bratislava. Actually, you wouldn't get a 3 bed new flat anywhere in Bratislava, not even on the outskirts. At best a 3 bed in a communist panel block. I'm from Bratislava by the way and have been investing there for many years. If there was a 3 bed flat in the city centre at 50k I'd buy a whole block of them. Ridiculous.
  3. C'mon guys, don't post stuff if you're not sure about the facts. There's absolutely no problem of getting a mortgage in Germany as a non resident (you don't even need to be EU national, any foreigners can get a loan). All loans are full status, as in most of Europe anyways, meaning you must provide proof of income (tax returns or P60s for the last 3 years). The minimum loan for foreigners is generally 50,000 Euro!! LTV for single flats usually 60% but 70% is sometimes possible. For blocks it depends on the current yield and one can get 50-80%, though a high yield and great condition of property is a must for the higher LTVs. I have gotten loans in Germany (as a self employed foreigner, non resident!) and know many others who did. Both employed and self employed. Although many german banks do offer a bit of better conditions to employed people. Obviously there are also a few banks who aren't keen on smaller business under 1+ mil, but many do. As said, min is 50k euro.
  4. Dreamer, there are two areas in Berlin I'd never touch, Neukoelln and Marzahn. Please do yourself a favour and speak to locals to see what they think of these "vibrant" areas, as your nice estate agent website puts it. If there's anything to be avoided, then the two above. Also, 9-10% yields?? You'll be lucky if you get 5-6% on single apartments. Although crap areas tend to have higher yields than good ones since purchase prices are lower, even there anywhere near the quoted figures is impossible. Please check m2 rates for flats advertised for rental in all main Berlin papers, online, etc. And first and foremost, check the Berlin Mietspiegel which pretty much sets the cap. Properties in areas like Neukoelln, Marzahn, were nearly impossible to sell until recently when gullible and unsuspecting foreign investors started buying based on foreign agents' promises (as usual). Of course sellers are happy now.
  5. If you want good skiing, excellent accessibility, beautiful unspoilt nature, all year round aquaparks, spas, castles, etc, ever looked at Slovakia? Prices are rising but cheaper than Slovenia... friendly & honest people too.
  6. Joe, that's right... official local sources estimate over 100,000 empty flats in Berlin, about 8% of all properties in the city. In general, there's definitely no shortage. But, there are quite a few areas where there's almost no vacancy and anything in half decent condition is rented immediately. I've got a couple of units tenants vacated recently, and can't/don't want to rent them out now, since I'm renovating the entire block (bank forced me as condition for a mortgage though in fact it's in quite ok shape...but that's another story) and have had a dozen people wanting to rent the units even though I'm obviously not advertising them anywhere for rental. So, as ever, area really matters. In less popular areas there's very high vacancy, and will never decrease I think... places where people just don't want to live unless they absolutely have to. Marzahn and Neukoelln for example. Someone here asked about Leipzig... I've been spending quite some time there lately, looking for property. It's much much more tricky to rent flats there compared to Berlin. 1. Leipzig tenants are extremely picky - they can afford to as vacancy numbers are higher - anything in less than very good condition and all renovated is impossible to rent - even in really good areas. In Berlin even sh.tty flats in ok areas rent with no problems. 2. There are very many areas (and microareas even within an actually medium-good location) in Leipzig where you can't rent any flats even if fully renovated. So, you really must go there, spend several days, speak to all agents, see all areas you're considering.... and in very detail. Leipzig is funny, often a few metres of a good street are 'bad' for no apparent reason, even locals can't say why... I've seen many Leipzig blocks that are rented now, with ok yields, but I know they won't be able to rent them again if the tenants leave... there's been lots of vacancy and falling rents in last few years. The economy is actually going very well in Leipzig and Sachsen in general, but it'll take time to see any effect on rents etc. I am certain Berlin (in medium to good areas) is a safer bet than Leipzig or Dresden. That said, the trend of large intl investors and funds buying in Berlin has also been present to a lesser extent in Leipzig and Dresden, so prices of apt blocks have gone up since last year in all these cities. As far as rental, Leipzig is ok and can offer a higher yield still than Berlin, but you must buy in a really good area and very good standard, renovated, etc. I've been quite tempted by a 10% yielding renovated block in an average location in Leipzig last week (in Berlin on fully renovated blocks in ok areas you get 5-6% at best now) but in the end decided to pass as the risk of not re-renting if someone leaves was still too high, even in this area... and it wasn't a bad one. That said, I'll buy in Leipzig when I find something that meets my criteria.
  7. I've always been amazed at seeing property in Neukoelln district being sold to UK/Irish buyers. These properties cannot be shifted locally, you won't find any German who knows something about Berlin buying in this area. If you want one area to avoid in Berlin, this is it.
  8. Note necessarily. The US is not one market, and many areas offer very high yields and very little risk of falling prices. USA is not just Florida, Vegas, etc. Most UK buyers focus on holiday lets in the US and never consider regular local residential areas. These (in many different states) offer very good investment potential, and many US investors are making good money there. Yields are higher than anywhere in Europe...
  9. kjr, speaking about getting in early... guess you forget a few ten thousands of foreign (Uk/Irish) speculators already bought in Bulgaria in last few years. Those who made money have exited the market 1-2 years ago. The many thousands who are in or entering now will be lucky if they don't lose too much money. Why don't you search online, boards etc, and speak to people? I've not heard of anyone who's been able to sell or rent their new BG flat (whether coast or ski), quite the contrary. But, one learns on mistakes, so, wish you best of luck with your Bulgarian investment.
  10. I have tried to get details of how exactly are their guarantees structured... this was about 5-6 months ago. They kept calling me a few times but not once were able to explain the details. Which shows how safe their guarantees are probably... The second reason I wouldnt touch it myself (not saying don't do it though) is the Vegas prices have been collapsing recently, and developers are having a hard time to sell stuff. No wonder after the city has seen 50% growth p.a. 2 years ago. Now the investors have left... and not many others to buy at too high prices.
  11. Thanks Sold. Just made an offer on a second block in Berlin, hoping they accept (after refusing a previous offer at the asking price). After doing more research in Leipzig, I'm finding it a much riskier market than Berlin. Prices of renovated blocks in top areas are as expensive as Berlin. While most properties are much cheaper, these are almost always in less popular locations and, most importantly, unrenovated. After speaking to local agents, it becomes clear chances of letting properties that are not fully renovated are about zero - which is why most unrenovated blocks in Berlin are sold tenanted while all Leipzig ones are vacant. It's all fine buying cheaply, but to renovate a block one needs to count with 500-800 euro/m2 (ok, 500 is typically enough for rental purposes), so at least a 500k cash investment before being able to maybe find a tenant. The bad part is, unless in top locations, even renovated flats in Leipzig are not easy to let. And, since german banks won't touch vacant blocks and renovations, Leipzig's appeal for me is much lower than Berlin. In the same manner I was struck by the prices in cities like Gera... nice big town, and blocks of 10-20 flats being sold (mostly at auctions) at 5-10k euro. But, unless you renovate, they will probably fall apart in years time... and chances of letting are just not there, whether renovated or not. So much for buying cheap property.
  12. Hi soldintime, Tried PM you but as a new member I'm not allowed to. I'm buying an apt block in Berlin at the moment (starting a rather daunting renovation soon), but also beginning to look at Leipzig and possibly Dresden. Now, I know the Berlin market quite well but am not very familiar with Sachsen yet. Just thought it would be great to exchange some ideas & experiences. I'm based in London but in Berlin quite often. Perhaps meeting up for a drink would be nice? Btw, I'm fluent in german so finding agents or properties is easy (although really good deals are increasingly scarce), but it would be great to speak with someone who's also active in this market.
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