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Bulgaria Property Crash 2014

The current Bulgaria property crash situation continues to show very little sign of improvement that is to say for the sellers of property in Bulgaria.

The market is practically dominated by Russian investors especially on the Black Sea Coast where new build apartments are being snapped up. It’s no surprise that the former leaders of what used to be known as the Iron Curtain region of Europe, are buying second homes when a small studio can be purchased for as little as 20 000 Euros.

 

The last few years have seen prices on the coast become noticeably more financially attractive, and this has resulted in the disappointment of many foreign expats who had previously bought rural homes in Bulgaria’s villages where property prices remained substantially low in comparison to their coastal counterparts. Village homes are showing a slight movement in sales recently but this is due mainly to the bargain prices that can be found, for example a 3 bedroom detached fully restored house with a large garden can easily be found for as little as 25 000 Euros, and in some cases it could be fully furnished. Before the property crash in Bulgaria, the same house would have been marketed at more than 40 000 Euros. There’s no doubt that anyone who is considering owning a new Bulgarian village property will find that it is now much more cost effective to buy a British resale rather than buying a property that requires full renovation. The costs of building materials in Bulgaria has risen to the point that many new property owners are finding that to complete the renovation will take them over their initial budget.

The property market trend up until 2009 was primarily dominated by British investors who were responsible for buying up tens of thousands of properties and land plots all over the country. Today however, there seems to be very few British buyers and in fact, a lot of Bulgarian estate agents now concentrate their marketing skills to aim at Russian buyers, even to the point where more and more agents have only Bulgarian and Russian language options on their websites. Russian people tend to love the coast of Bulgaria and there are now thousands of Russian owned apartments in almost all of the coastal towns including Sunny Beach and Golden Sands.

Forecasters say that the Bulgaria property crash will remain stable for the foreseeable future and several even state that the property market crash does not actually exist and that the current state is how it was before the invasion of British buyers’ pre 2003.