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Guest galinasash

New Approach To Properties In Bulgarian !

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Guest galinasash

Hello everyone,

I have seen some interesting posts here about investing in Bulgaria and thought to add my modest insight and suggestion for those who are still interested in investing in the opportunity!

Problem:

1.From my experience on the Bulgarian property market (4 years) I have seen too many foreign investors investing without the clear strategy and very little understanding about property investing. They usually make basic investment mistakes and lose money.

2.Too many Real Estate Agents with hard selling techniques, short term vision , and no real understanding about investing principles. Most of them are mainly concerned about the sale not whether the property they sell fits the investor’s strategy and long term goals. Surely not all of them are like that but there are a lot’s of cowboys out there!

Opportunity:

1.To invest in fast growing and developing economy – wisely however.

2.To enter the market in relatively early stage.

Solution:

Eight months ago several highly ethical and knowledgeable property investors and professionals joined together and created Sash Solutions: Independent Property Consultancy in Bulgaria.

1.We help our investors create a profitable and long term strategy providing independent information about the market and teaching them the basics of real estate investing.

2.We independently research the entire Bulgarian market to locate the properties that match their strategy and fit their goals.

3.Support our clients with complete solutions from the beginning until the end of their investment.

If you find any of this somewhat interesting please visit: http://www.sash-solutions.com for more information. There you will find two completely free independent sources of information: buyers guide and e-course.

Please contact me if you have any questions about Bulgarian property market and would benefit from independent advice.

Happy investing!

Galina

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Galina

'To enter the market in a relatively early stage'

Perhaps 3 years ago.

The best quote i've heared about Bulgaria is this (its free advice).

'Garages in Sofia are selling at a higher sqm than many apartment in Sunny Beach'.

Edited by BrickingIt

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Guest galinasash

Galina

'To enter the market in a relatively early stage'

Perhaps 3 years ago.

The best quote i've heared about Bulgaria is this (its free advice).

'Garages in Sofia are selling at a higher sqm than many apartment in Sunny Beach'.

Hi,

For areas in Bulgaria that are not heavily marketed it's an early stage because the demand is not as high, the prices are very good and the opportunity is excellent! Still!

:) Good quote I guess it was contributed from someone very sophisticated!

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He he here they come the estate agents.

They are so desperate and hungry that they even started advetising in the forums of this web site.

Galina is telling you what a good investment a property in Bulgaria is, go and buy, but go and buy from her (she has nicely posted the web of her company and her contact details). You will receive nice and friendly service.

Well my advice do your reserch first. Everyone in Bularia is estate agent or in the properties business looking for a naive foreigners to rip off.

I will tell you just a few things.

Properties are hugely overpriced, supply is exceeding demand and the rental market is dead.

I mean after all if Bulgaria was such a good investment estate agents like GALINA would be busy selling instead of advetising on this web site, right ?

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I'm not here to trash Bulgaria as an investment but what i am 90% sure of is the following:

The Bad

1. You are not doing anything today that you wont be able to do in 3 years cheaper with regards to the off plan Sun/Ski and to a lesser extent Golf scene (golf is just an unknown). Purely because of supply.

2. Bulgaria/Morocco/Dubai will just principally serve to depress prices in Spain (especially if golf in Bulgaria becomes established).

3. Rental returns are terrible and are unlikely to cover your maintenance costs let alone mortgage and sitting unoccupied properties are a target for crime (although the same can be said for anywhere).

4. As stated build quality is often very poor and infrastucture even poorer. Aspects of the country are still backwards.

5. Research has shown that Bulgaria is a poor persons (sorry to use that term) holiday destination and the vast number of holidaymakers are just not turning up.

6. Entry to EU has its downsides (mass populas exit).

The Good

1. Its one to watch. Grow the nose. Sit and wait for the shakeout to happen and infrasture to improve and you may in few years be able to time it right whilst passing the poor rental years. just a question of how long. Understand your market.

2. If its a cheap ski apartment or long holiday destination you want for personal use well, there are still bargains without the risk of say Morocco. Just ignore all the sales pitches and go in low. Not sure about golf its so infant at the mo and just because you have an apartment overlooking the course doesn't mean you can use it.

3. Places like Sophia are attacting interest from some big companies (heared Google and Microsoft etc) hence rental/cap-ex gains may be there. Its just not a market for me personally but I am watching it.

4. Land is seen as a good investment but you seriously have to know your stuff.

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Guest galinasash

Hello,

How can I miss to reply to that :)

First of all I would like to again explain the purpose of this post and why it was posted in first place. The message is:

Be careful when investing in Bulgaria, Bulgaria has many opportunities for investment but you have to be very well prepared to succeed! People please understand it is an EMERGING MARKET you invest in the opportunity in long term! Research, make your own calculations and don't invest if you haven't got a clear property strategy!

And now I would like to share a bit more information about myself to make sure Boro calms down that I'm not trying to sell you anything simply because I'm a property investor myself and this is what I do - I invest in properties! I have 13 BTL properties in the UK in various locations I have spent 5 years in UK, graduated from City University London –MS. Real Estate Investing- ended up working as full time property investor! I wanted to expand my property portfolio overseas and came back to my own country Bulgaria initially just for a visit. Even though I was Bulgarian I was cheated by unrepeatable Real Estate Agent and had a chance to observe usual practices in Bulgarian Real Estate Agency. I was devastated from what I saw. That's why I have lunched my own company to help foreign investors in Bulgaria by giving INDEPENDENT information and prepare the investors for what to expect in Bulgaria. I presently have 5 investment properties in Bulgaria. Pleased to share with you that my small apartment hotel in Sunny Beach was on for its first season and achieved 80 % occupancy rate for June and July and fully booked until 15 September. Another piece of advise for holiday rentals enthusiasts - stick with UK management company! For everyone who wants to see the numbers I'm happy to provide them and prove that you can actually get rental returns in Bulgaria even now at this infant rental market environment.

For the statements that there are no rentals returns at the moment - I say the same thing to my investors just because it's unlikely at the present investment climate in Bulgaria but in fact when I see at the actual numbers of people who are doing it well I see a different story! So when you say there are empty apartments out there did you actually see the numbers of those apartments, did you talk to the people, don't you ask yourself why some apartments are full and others empty? I just consider those generalizations a product of a personal view not based on specific facts! Will be happy to compare what I have as numbers and what you have!

To finish the personal story I ended up working in my own country, contributing to its development, and I'm actually very sad when I see people like Boro complaining, spreading negativism and insulting other people instead of trying to do something for his own country!

I also don't agree with what Boro said that Brits are naive, they are actually NOT! In this forum I believe there are very sophisticated investors that I would like to share thought and ideas with and if they re-consider Bulgaria as investment spot despite the general negative views I would love to talk to them and have some fun investing!

Wish you all happy investing!

Galina

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Guest galinasash

Dr.Bubb,

Thank you very much for taking action!

Let me be more specific now and share with you why I think Bulgaria has potential! There are many investment projects on their way but I would like to point your attention to only one this time!

It's called Super Borovets ! This is a government investment project that aims to transform the region into a year-round resort, with football fields, tennis courts, golf-courses, swimming pools, horse riding’s facilities as well as building new ski lifts and pistes. Please note that the project has it's own infrastructure and the problem with overbuilding will not occur here! Limited construction in Borovets ski resort is reservation area and a National Park. It guarantees that it will not be overbuilt like Bansko, which in return means no oversupply of properties in future. "Super-Borovets is a project which means improvement in the infrastructure in Borovets and the surrounding areas. The government will be advertising the project in the foreign media. Borovets is only 40 minutes drive from Sofia and as soon as the cheap airlines start operating will encourage independent holiday makers.

The resort is expected to become a tourist place with modern infrastructure, wide range of services, and opportunities for sport and entertainment. Thus Borovets would turn into the largest winter resort on the Balkan Peninsula.

In this project are involved : former Prime Minister Sax-Coburgotta, Glavbolgarstroy- the leading construction company in Bulgaria, as well as Black Sea Property Fund LTD ( London stock exchange - Real Estate Market cap: £53.899m ) who invested in 50000 sq m in land in the same area in January 2006.

Despite the problems the project had and many doubts about its realization, as well as many negative press releases the fact is that the detailed infrastructure plans are in a final stage of being approved and most likely it will commence very shortly. Because of the too much past publicity now the authorities involved are very cautious and keep the information about the project secured!

Keep an eye on this one!

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Borovets heh.

http://www.standartnews.com/archive/2006/05/22/english/

Dont forgot it nearly got the olympic contender wooden spoon.

The second ski resort in Bulgaria behind the stated Bansko and lastly Pamperovo.

Affectionately know as Dupers (Super Borovets), Poopers(Bansko) and Pampers(Pamperovo)

The skiing in these areas are average (Bansko average to good). The ski areas are small, Bansko the biggest but still only of reasonable size.

All three areas struggle with infrastucture. Pampers especially.

Bansko as stated is oversupplied but is diversifying (Golf). In general prices have hit E1,500 sqm for prime, but are struggling hold and drifting back to circa E1,200 and below. Limits have been placed on construction and its just a question whether infrastructure and a second gondola will play catch up. Its THE ski resort in Bulgaria.

Borovets and Pamperovo are playing second fiddle with small ski areas and as Bansko expands to other near resorts theres a question whether Dupers and Pampers will be completely left out in the cold and the oversupply in Bansko will impact.

Borovets does have good transfer times from sophia although it is many ways a 'locals' ski resort.

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Galina i am getting fed up with your.

Estate agents never get tired, they will do anything just to push one more sale.

It all lies lies lies. he he he

Can i ask you a few questions.

1. Why do you advertise your services on this web site. Don't you think that this is not the place for adverst.

I wouldn't mind if you are giving honest opinion, but your opinion is not honest you are trying to cheat people into a market just because you will benefit if people buy. As a evidence for that is that 1. you are in the property business and 2 you have posted the address of your pathethic company that deals with property sales.

I personaly wouldn't believe a word of what you say. It pretty obvious that you are a cheat.

2. I had a look at the pathethic web site of your comppany. Ha ha ha ha. WHAT A JOKE!

I woldn't buy a sausgage from you let alone property.

One very interesting section of your web is CONTACT DETAILS.

UK OFFICE:

DEVON, ENGLAND.

ha ha ha ha ha ha ha ha ha

Where about in DEVON GALINA ???? Can you be more specific ?

You can't because you don't have UK office, you prefer to stay in tocuh with your clients via SKYPE. ha ha ha ha

What happens next is when you lie and cheat to your clients and when they lose money, they will be left with SKYPE number and won't be able to look for their rights.

3. We are not interested in your CV, please save us this information.

University degree ohhhhhh you must be the 1st estate agent i met with university degree. ha ha ha ha

4. Do you even realise how pathethic you are ?

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3. We are not interested in your CV, please save us this information.

University degree ohhhhhh you must be the 1st estate agent i met with university degree. ha ha ha ha

to be fair to the OP i thought he/she was BS'ing about the degree from city university but believe it or not, it really does exist!

http://www.cass.city.ac.uk/masters/courses...real/index.html

which does nothing, of course, but merely reinforce the perception that we must be in a bloomin' huge global bubble of gargantuan proportions if they are bothering to teach this stuff at university... :blink:

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It's not even an University Degree. It's a 10 month course.

What a joke they now teach property investment in University.

ha ha ha

Soon every common estate agent will be waving a degree.

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Guest galinasash

Ohh Baro again a rude post :),

Thanks for taking a look at my modest website :) You should have also noticed that I do have a land number, fax number and address for the head office in Bulgaria and yes you noticed correct my UK office is reception only. You can call the guys there to check whether they can intelligently address your questions! The Scype option is for those that don't want to pay phone bills - why not take advantage of the technology!

Anyway Baro you are getting a bit boring here and saying that someone lies without knowing him/her is a very rude thing to say! I wonder what is your interest in posting here in this rude and aggressive manner. Why don't you just calm down and let other people here judge for themselves! If you have something intelligent to say about the market please do it but with respect to other people in this forum!

Yes I do have a Master degree in Real Estate Investing - what do you have??? From the way you treat people I would recon 1. bad manners 2. not quite intelligent mind ! All your observations about the market are general everyone that lives in BG would tell you that, everyone also can complain and moan not only about Bulgarian market but UK market too as well as any other markets. But finding the opportunity and getting profit in any market and conditions requires thinking - I guess because it's so hard so few people engage it ! I don’t want to think as a looser but from all your behavior so far this is only thing I see! I will not bother with you any longer unless you change your attitude!

Sorry to the other people in this forum

to be fair to the OP i thought he/she was BS'ing about the degree from city university but believe it or not, it really does exist!

http://www.cass.city.ac.uk/masters/courses...real/index.html

which does nothing, of course, but merely reinforce the perception that we must be in a bloomin' huge global bubble of gargantuan proportions if they are bothering to teach this stuff at university... :blink:

The course was great to be honest , saves you couple of years to find out things for yourself !

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Fee Structure

1. Registration fee - J 250 / non - refundable /

Success fee - J 250 / payable on exchange of the contracts /

2. When Sash Solutions is in charge of finalizing the deal :

2% of the purchase price

We are confident that we can save you at least 500 pounds along the way by directly negotiating for better purchase price for you !

Please see a simple example of how much we can save you only from the purchase costs:

Lets say a property is advertised at about J 70 000 .

The total cost of purchase including legal fees, stamp duty and agency commission is estimated at approximately 7 % from the price of the property In this case it would be J 4 900 . Total purchase price = J 74 900

If Sash Solutions negotiates for you a purchase price of J 65 000 + 4550 / 7 % purchase cost / = J 69 550

In this case we can save you J 5 350

These are the fees GALINA will charge you for her "free and friendly advice".

ha ha ha ha

One thing i cannot understand is why she has to negotiate on my behalf. I prefer to make an offer myself.

Or perhaps bacause she knows the seller well, so they work together to rip you off.

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It's not even an University Degree. It's a 10 month course.

What a joke they now teach property investment in University.

ha ha ha

Soon every common estate agent will be waving a degree.

MSc stands for "Master of Science" and it is a 'higher level' degree, above that of 'Batchelor of Science (BSc)' but below that of PhD.

The fact that it is 10 months long is irrelevant really, as the courses are quite specialist in nature. I agree that it seems a bit mad to have a course in it though, but then again as property is so costly there must be some sort of demand and justification for the course else they wouldn't run it! Cass is a well respected Business School - must better than the place where i did my Masters. :lol:

I guess you must be bulgarian yourself then, else you would have known that :P

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Don't invest in Bulgaria you can only lose money.

Estate agents are ripping you off !!!

You pay twice as much as what a local person will pay for a property !!!

It's all lies from estate agents.

The prices are going down every single day.

The rental market is dead, there is no infrastructure, it’s dirty and full of gipsies that will vandalise your property.

But if you still are stupid enough go ahead.

People like GALINA have to make a living after all.

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:ph34r:

Definitely not one for the speculative off plan investor.

Perhaps 2003 yes, although there is no effective resale market (too much off plan flooding the market).

Only look at places like Sophia to try and tap into rental/capital gains market. But does anyone know the good places in Sophia to invest?. Any thoughts?.

Heared there is money in land but you would have to know exactly which pieces of Land.

Heres your benchmarkers for Sun/Golf/Ski

Current 3 Year Estimate

Sun E800 - E1,200sqm E450 - E700sqm

Ski E900 - E1,500sqm E650 - E1,000sqm

Golf E900 - E1,350sqm E650 - E1,200sqm

Of course this is just a generalisation. God knows about the cities.

Remember this is the Bulgarian sqm (I think it is smaller than the UK equivalent? by hook or by crook).

There are massive difference for instance ski apartments in Pamperovo can be brought for E750sqm whereas in Bansko a similar one can go for E1,350sqm (better hype and better ski).

www.mybulgaria.info

This has a good forum and you can see all the property (resale and offplan) combined with an area search function. The amount of resale on there is relatively small, in 1-2 years it will increase by ten/twenty/thirty/forty fold as this will the timing point when much the off plan is completed and the dumping starts.

Still think theres money to be made here in 3-7 years. When the last Bull..................

In the meantime, grow the nose.

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Grow the nose :lol:

One of my favourite expressions since someone used it in a conversation to me recently.

In the context of the conversation it meant - sniff about, keep your eyes on the market, look and learn for when the times right.

GROW THE NOSE !!!!!!! :P:P:P:P:PB)

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Grow the nose :lol:

One of my favourite expressions since someone used it in a conversation to me recently.

In the context of the conversation it meant - sniff about, keep your eyes on the market, look and learn for when the times right.

GROW THE NOSE !!!!!!! :P:P:P:P:PB)

brilliant!

must remember that one....

cheers :D

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Heres my 'grow the nose' on Bulgaria.

Bansko Ski resort.

Do NOT buy into Bansko now. But grow the nose.

Galina is right, the markets swamped and full of 30% in a year capital gains idiots.

Why Ski in Bulgaria.

1. Geographical supply limitation unlike coastal.

2. Prices around the gondola (all important) are massive in other resorts and in Bulgaria you can buy around the gondola at reasonable prices.

3. Bulgaria still has reasonable but not great access in terms of flight time.

4. A number of other resorts look like bad 60's tower block experiments.

5. Skiiers are concerned with being on the slopes, if the infrasture is bad no one cares as they are on top of a mountain.

6. Generally good ski season say 4 months will reasonable snow dump.

7. Bulgaria is still cheap for food etc.

Why Bansko

1. Has got at present the best ski area.

2. New build no bad 60's tower block stuff here.

3. Going 2 seasons with golf (ok it just sounds good but the potential is coming online).

4. New Gondola, second planned.

5. New road from Sophia will increase transfer times to the resort.

6. Problems with the resort have been recognised (although action is slow), building is being limited.

Why Not

1. Massively over developed with still poor infrasture.

2. Good (not great skiing) but just too many apartments which overcrowd the ski resort/single gondola.

3. Almost zero rental returns.

4. Muppet buyers at present, how long will they last.

5. Off plan difficult as agents are ramping and build quality poor. market still in flux.

5. Higher interest rates etc etc.

When do I leap in.

1. In 2 years the off plan wave will be complete and dumping be at its peak (low end prices should become 'know').

2. The second gondola should become a reality and infrasture improvements become a reality (at least planning etc).

3. The rental market should at least stabilise.

4. The golf aspect become clear.

I would say 2 to 5 years depending on the above factors maybe longer. May die its death but then no harm in waiting. :rolleyes:

Borovets need to play catch-up even more than that in terms of a number of those factors.

Sophia is your only real other option.

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Yes I do have a Master degree in Real Estate Investing - what do you have??? From the way you treat people I would recon 1. bad manners 2. not quite intelligent mind ! All your observations about the market are general everyone that lives in BG would tell you that, everyone also can complain and moan not only about Bulgarian market but UK market too as well as any other markets. But finding the opportunity and getting profit in any market and conditions requires thinking - I guess because it's so hard so few people engage it ! I don’t want to think as a looser but from all your behavior so far this is only thing I see! I will not bother with you any longer unless you change your attitude!

The course was great to be honest , saves you couple of years to find out things for yourself !

In enviroment of global downturn there will be no country with growing property prices.

When we have risk from US side:

http://www.forbes.com/investmentnewsletter...oapbox_inl.html

is better not to bet on properties.

Like in Poland. In 90s the prices raised nicely, to decline when dot.com bursted, and Germane felt into stagnation.

Presently, the prices are skyrocketing again, but only to meet a crash...

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There has been a lot of talk about the Bulgarian properties recently. I think too much talk.

I already spent quite a lot of my time on this forum, but I will write this short analysis of the Bulgarian market in order to enlight you about this market, which clearly non of you understands.

My opinion is that no one in their right state of mind should purchase a property in Bulgaria, let alone call it an investment.

You have to be seriously off your trolley to expect making money there.

Seems to me that no one of you has actually been to Bulgaria recently (apart from Galina, but she is an estate agent and her opinion is not independent, so it doesn’t count).

A few facts about Bulgaria.

Climate: 4 seasons (hot summer 3-4 months), (cold winter 3-4 months), spring-autumn lots of rain.

Summer and winter seasons are not 6 months each (as some of you might think).

Income: one of the lowest incomes in Europe. The average monthly income in Bulgaria is 100 British Pounds. A young professional in the capital earns around 300 pounds a month.

Population: The population of Bulgaria (together with Romania) are the fastest decreasing populations in the world. It is estimated that by 2050 the populations of these 2 countries will be half of what they are now. Bulgaria now (living in Bulgaria around 6 million) total population including immigrants 7 million.

The population between 20 and 50 (that ones that can work) are either emigration or looking for a ways to leave the country.

I will have to mention the proportion the gipsies in the Bulgarian population this proportion is increasing all the time, which will lead to unpredictable consequences in the next few decades, considering the antisocial behaviour of the Roma minority.

Political system: extremely corrupt. There is a saying “All countries have mafia, in Bulgaria the mafia has a country”. I won’t go any further into that matter.

In my opinion the properties in Bulgaria reached their peak in 2003-2004 ever since the house prices have been decreasing or sitting still.

There were 2 factors that drove the house prices up:

1. Foreigners buying in Bulgaria

2. Bulgarians working abroad.

The locals were pushed from the market since the local wages are too low.

I don’t see how prices in Bulgaria can go any higher. Unless there is an economic boom and the locals start earning a lot more money. This is very unlikely I think at the moment quite the opposite is happening. The high oil prices and worldwide inflation will shrink the Bulgarian economic growth. And people will be even poorer.

Foreigners and Bulgarian emigrants will stop buying.

Seeing that the rental market is dead and the house prices are not increasing they have already moved away from the market.

RENTAL INCOME:

Well the rental income in the big cities is around 4% (if you are local and manage the property yourself) I don’t see how a foreigner can make money on the current rental market. If the property is manage by Bulgarian management company he will be cheated and left with nothing.

The rental market in the resorts doesn’t exist. Considering the short season 3-4 months and the cheap package holidays to Bulgaria I don’t think that anyone will consider renting a flat there.

I have mentioned before that the banks provide mortgages to the locals at around 10%. Quite a few young Bulgarians are still renting since it’s cheaper than getting mortgage. From 2007 or 2008 when BG joins the EU these interest rates will go to around 4-5%. All those people renting will buy their own property.

The rental market will collapse.

I have to mention that 94% of the Bulgarian families own their own property (by own I mean paid off). It might be a property in a concrete block, but they still own it.

In my opinion in Bulgaria there are more properties than people.

There are whole villages and towns deserted since people are moving to the big cities or are leaving the county.

I was thinking to write a lot more on this topic but I can’t be bothered.

I don’t really care about the properties in Bulgaria, you can do whatever you want.

As Galina says “HAPPY INVESTING”

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Guest galinasash

Thank you Baro for your opinion now let me pay a bit more attention to the serious investors here:

Bansko vs. Borovets:

1. No matter how good the road is Bansko is still around 2.5- 3 hours drive from the nearest airport, Borovets is only 40 minutes drive!

2. I have just returned from Bansko - it looks like a building site, new constructions everywhere. The new buildings so far are being constructed on their own not in conjunction with the main infrastructure in the town. Thank God they are thinking of banning new planning permissions but in any way they are a lot already for the size of the town. Borovets is nothing like that and with Super Borovets project on it's way, which has it's own infrastructure and will develop Borovets into modern purpose build, the biggest ski resorts on the Balkans.

3. Banko is on the hype now - not a good time to buy! The price around the ski lifts jumped to 1 800 euros / sq m. Please change your records on that BrickingIt. In Borovets you can find around the lift for 1200 euros / sq m. surely you should be looking at prime locations at best price!

4. The golf course subject: Borovets will have three golf courses within 15 minutes drive, one in the actual complex of Borovets, second next to one of the lifts in Nisak Borovets area and one that is already built in Golna Banya (15 minutes from Borovets )

5. Skiing conditions: surely at the moment Bansko is the best, but 2 years ago Bansko didn't look at all like now- it's all about investments! Now Borovets start its development and will catch up quite quick.

6. The Government will develop the infrastructure in Borovets, in Bansko no one knows who will; of course they make the roads in front of their own buildings!!! Besides there is already a problem with the sewage system is Bansko.

As I said before the information about Super Borovets project is being kept secured because of the too much speculation involved. I can just say that the project is being very hard worked on and is expected to commence very soon!

You should always look at the opportunity, that usually brings amount of risk otherwise you will be moaning after a while: it’s too late now! If you do your research well in advance you should be able to control risk!

BrickingIt I would turn my interest from Sofia to Varna or Plovdiv - great opportunities there, as well as for long term rental income. Varna has a demand for long term accommodation from Bulgarian people that are moving there for good, the accommodations get snapped immediately after they are posted in the local newspaper. Prices cheaper then Sofia! Tip: choose an area next to the center!

Happy Investing.

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