Dylan Cullen

Appreciating Assets has been successfully selling Bulgarian Properties owned by British and Irish Citizens to Russian buyers for a number of years.

Mar 092018
 

After almost ten years of selling property in Bulgaria on behalf of Irish and UK property owners we are delighted to
Sunset Resort, Pomorie, Bulgariabe opening our fourth office in Bulgaria. Our new office will be located in Sunny Beach to cater specifically for UK buyers.
From 2008 up to 2013 it is fair to say that the vast majority of Buyers were Russian or from former Soviet States. In early 2014 we noticed that this trend was changing and we were receiving more and more enquiries from British Buyers which we are pleased to say is a trend that has continued.

This week we have sold properties in the Black Sea resorts of Sunny Day 3 and Sunset Resort to UK Buyers who have been able to take advantage of the current strong exchange rate between sterling and the euro.
We believe that the market awareness in the UK for Bulgarian property is growing and we anticipate that sales in 2016 with surpass those seen over the past 5 years.
The average price paid by UK Buyers in Bulgaria over the last two years has been just under €45,000 with the majority of clients opting to spend their money on buying larger apartments without sea views rather than paying more for the equivalent size apartment with a sea view. The feedback we have received in the relation to this has been that the size of the property is more important as they intend to spend more time over there rather than it just being a “bolt hole”.
We expect that the number of owners who intend selling property in Bulgaria will continue to grow as more and more of the current owners want to move on from Bulgarian property and try something new. This is quite understandable as many owners first purchased their property in Bulgaria over 10 years ago.

Mar 092018
 

At Appreciating Assets we have been carefully studying the market in recent months to monitor the real effect of the weakening Russian rouble on the Bulgarian property market.

December 16th 2014 saw the rouble at its weakest against the euro but thankfully it began to strengthen again following that day.

The market for Appreciating Assets property sales in Bulgaria continues to be strong despite the currency fluctuations for a number of reasons, not least of which is the continued demand for Bulgarian Property from Russian investors. While it is true to say that the Russian economy is not as strong as it was 12-24 months ago, we must remember that Russia has a population of over 140 million people and much like Ireland or the UK from 2009 to date there are still a very large number of people with money and the majority of those people in Russia are seeking investments outside of Russia.

The approach of Appreciating Assets property sales in Bulgaria remains the same today as it did when we first started selling Bulgarian properties almost ten years ago. Property sales in Bulgaria are made by professional agents who have built a solid reputation within the market for offering quality properties at competitive prices. Appreciating Assets property sales in Bulgaria offer just that. The first step to any sale is when a Vendor contacts us with a view to selling their property in Bulgaria. We then value the property by having our local offices in Bulgaria carefully compare this property with similar properties that have recently sold or that are currently for sale. By using this comparison method we are then in the position to advise our client as to the highest price we feel the property can achieve if brought to the market at that time. Once we are in agreement with the Vendor as to the asking price for the property we then place the property on the market for sale.

When selling property in Bulgaria we use a tried and tested mix of on-line and traditional media marketing to gain the attention of potential Buyers for our clients properties. We also distribute the details of our properties to an extensive network of Estate Agents throughout Bulgaria and Russia who in turn bring them to the attention of their own client data base.

When a Buyer is found for our clients property we can handle the entire process for them or we will work with any legal representative they appoint.

Please do be aware that the Bulgarian property market is still suffering from an oversupply and as such sales do take time and miracles such as a really high price in within a week rarely happen so please do be realistic.

If you own a property in Bulgaria that you are considering selling Appreciating Assets can sell it for you.

Please Contact Us.

 

Mar 092018
 

We are delighted to offer this fully furnished two bedroom, 115 m2  property for sale in  Sunset Resort Bulgaria. The property is located on the sixth floor of Building A in Sunset Resort. In addition to offering the much sought after sea views that most buyers on the Black Sea are searching for, it also offer a very spacious balcony to enjoy it from.

The property is for sale with an asking price of €115,000 and viewing is strongly recommended.

Please Click Here for a full description and photographs of the property.

Background Information on Sunset Resort

Sunset Resort is located in the town of Pomorie, with a great south west orientation. It is only 15 minutes away from Burgas International airport and less than 20 minutes from the city of Burgas itself, the second biggest city on the Black Sea coast. Sunny Beach, the most famous resort of the Bulgarian Black Sea is also less than 15 minutes away as is the ancient and historical town of Nessebar, which is rightly famous for its architecture and archaeology

Sunset Resort is located right beside a 400 metre long (quarter-mile) beautiful natural sandy beach in the new quarter of Pomorie. It is close to the main motorway for Burgas to Varna, which connects the hotel compound with the city of Burgas, the antique Nessebar, as well as with the largest and most popular holiday destination on the Black Sea Coast, Sunny Beach.

The South Beach of Pomorie stretches down a quiet gulf in the Black Sea coast. Remarkably, it is one of the safest beaches in Bulgaria, having very slight surf and almost no tide. It has a total length of approximately 1 km and width of up to 100 metres in places, so very wide and long.

The luxury five-star Sunset Resort comprises 5 Aparthotel and 6 deluxe waterfront villas, on a total built up area of 115 000 square metres. The four outdoor swimming pools offer various water attractions and include two pool bars, all expanding on a total area of more than 3 500 square metres.

Sunset Resort has a huge range of facilities in addition to the wonderful swimming pools, including; cocktail bars, restaurants, shops, outdoor cafes, and so on with the added benefit that all are set in extensive private grounds. There are beautiful views of the sea and, indeed, towards the Stara Planina Mountain. This is a luxurious resort that is the envy of many in Europe with all the leisure facilities and services you could possibly wish for – a great choice for a high class vacation.

The quality of the Sunset Resort development is evident from the moment you arrive and is mirrored by the quality of build and finishes in these lovely apartments. This resort complex overlooks the crystal blue waters of the Black Sea, and these apartments make for great summer homes or alternatively as rental properties to the booming holiday market.

 

Pomorie – Background Information

Pomorie was founded by the Ancient Greeks under the name Anchialos (Greek: Αγχίαλος), deriving from Ancient Greek “anchi-” (“near, close to”) and “als-” (either “salt” or a poetic and uncommon word for “sea”). In Latin, this was rendered as Anchialus. The Bulgars called the town Tuthom, though it’s more common name in Bulgarian was Анхиало, Anhialo based on the Greek name. During the Ottoman rule, the town was called Ahyolu. In 1934 the town was renamed to Pomorie, from the Bulgarian “po-” (in this context “by, next to”) and “more” (“sea”), corresponding to one of the two etymologies of the original Greek name.

Mar 092018
 

We are very pleased to offer this 54.5 m2 (600 sq ft approx) one bedroom property for sale in St Ivan Rilski Bansko at the attractive price of €25,000.The property is located on the ground floor of  Block 3 and comes to the market fully furnished.

Viewing is highly recommended as a property for sale in St Ivan Rilski does tend to sell very quickly.

Please Click Here for full description and photographs of the property.

St. Ivan Ski Aparthotel
The Bulgarian hotel chain FPI Hotels & Resorts selected the best and the most swiftly developing ski resort in Bulgaria – the beautiful Bansko for the location of its winter holiday site – the four-star St. Ivan Rilski Spa Hotel, which was officially opened at the end of 2008.

One of the indisputable advantages of this hotel is its location. It is situated on the outskirts of the Pirin Mountain close to the lift and near Bansko’s ski tracks.

5 min drive to the ski-lift
15 min walk to the centre of Bansko
160 km away from Sofia
50 km away from the Greek border
The luxurious St. Ivan Rilski Spa Hotel is an excellent choice for your winter ski holiday, green summer holiday, for organizing conference events, corporate trainings, and corporate events of various formats, weddings and family celebrations.

Architecture, design and capacity

The “St. Ivan Rilski” complex was built on an area of more than 16 000 m². It consists of a new modern four-star hotel, a large SPA centre and 4 exquisite apartment houses. The exterior is based on the typical Alpine architectural style, skilfully combined with traditional Bulgarian elements. The interior is marked by a significant presence of wood, natural colours and modern design furniture solutions.

The hotel guests can use 107 rooms, apartments and maisonettes, and another 162 apartments in the apartment houses. The hotel offers:

5 comfortable single rooms
98 vast and stylish double rooms
50 Deluxe apartments
4 luxurious maisonettes.
All premises in the hotel part have cable TV, mini bar, direct telephone line, high-speed internet, luxury bathroom with a bath and hair-drier, hypoallergenic soft blankets, electronic door-locking system. A large portion of the rooms and apartments have balconies with a view of the mountains. The common parts of the hotel offer free Wi-Fi internet access.

Should you require any additional information on this property please contact us.

 

 

Mar 092018
 

Lucky bansko

We are very pleased to offer this property for sale in Lucky Bansko. The property itself is a very spacious studio apartment. At 37m2 it is very similar to many one bedroom apartments currently for sale in Bansko although few other developments are as desirable as Lucky Bansko.

This 3rd floor property comes to the market fully furnished with a very reasonable asking price of just €18,000.

If you are considering a property for sale in Lucky Bansko or indeed any Ski development you really do need to view this property before making a decision.     Please click to see the full description of this property.

 

Key Information on Lucky Bansko

Location: Lucky Bansko complex is located at the entrance of Bansko, at the foot of the Pirin Mountain. The complex offers 67 studios and 47 apartments plus 1 Presidential apartment, in addition to a wonderful pool and spa centre as well as a 150-seater conference room and of course a beautiful restaurant and bar.

GPS coordinates: 41° 50′33′′N 23°29′6′′E

Bansko lies 160 km (including 120 km motorway) south of Sofia (or about two hours’ drive from Sofia Airport).

Accommodation: The Studios and the Apartments at Lucky Bansko Aparthotel are furnished luxuriously and stylish, with comfortable and practical furniture. All residences are equipped with TV sets, telephones, wireless Internet, mini-safe box and fully equipped and furnished kitchenette with coffee machines, ceramic plates, toasters, hot water jugs, refrigerators, microwave ovens, cutlery and dishes. The bathrooms are with bath tub, shower, and hair dryer and are supplied with bath cosmetic, slippers, full set of towels and bathrobes.

Wine & Dine: Lucky Bansko Aparthotel offers a Le Bistro restaurant, a lobby bar, as well as round-the-clock room service to accommodate you. If you don’t want to leave your home atmosphere behind during your holiday you can prepare your favourite dishes by yourself. A fully equipped kitchenette, a rich variety of products and drinks in different sizes are offered at the Aparthotel store.

Spa & Wellness: Lucky Bansko spa centre offers a variety of whole body massages, aromatherapy, peeling massages, cosmetic facial and lux therapies and electrotherapy. Fitness, steam bath, sauna, solarium and indoor swimming pool are at guests’ disposal.

Additional Services & Amenities:

  • Wireless Internet in all premises;
  • Room service
  • Laundry and ironing;
  • Internet stations in the lobby bar;
  • Office services (fax, telephone, copying, printing, etc.);
  • Free transport to the lift every 30 minutes;
  • Ski wardrobe with heating for ski boots;
  • Daily cleaning of apartments;
  • Care for small children by professional baby sitters and children’s corner for 2-6 years old;
  • Underground covered parking and parking lots in front of hotel;
  • Electronic game room;
  • Excursions to tourist sites;
  • Wine tasting;
  • Bicycles for rent.

Key facts on Bansko

Bansko enjoys a picturesque location in a valley surrounded by Pirin, Rila and the Rhodopi Mountains. Bansko is considered to be the most developed Ski Resort in Bulgaria and Eastern Europe with a total length of 70 km ski runs. Bansko is not only a winter resort – today Bansko is all seasons Resort offering wonderful conditions for winter and summer tourism. Whether visiting Bulgaria for business or leisure purposes, Bansko is the perfect place where you can work or explore all that Bulgaria has to offer. Considering its architectural and historical value, Bansko becomes the pearl of all Bulgarian resorts. Being the biggest Bulgarian ski resort, Bansko offers great variety of luxury hotels, holiday apartments and family hotels.

Mar 092018
 

The Irish Independent recently started a two-part series looking at the former overseas property ‘hotpspots’ where people bought in the boom. Written by the renowned property journalists Mark Keenan, the pieces examine what was said about the prospects of the countries during the boom and how they’ve performed since. The first country that the series focused on was Bulgaria and Mark asked our founder and MD Dylan Cullen to comment on how Bulgaria has performed. An excerpt of the article relating to Bulgaria can be read below, or the full article can be viewed direct on Independent.ie

The ten most popular destinations that enticed Celtic Tiger Irish buyers In the first of a two-part series Mark Keenan looks at the ten most popular destinations in which boom-era Irish buyers made over 200,000 property purchases and discovers just how the investments panned out.

IT was mid-2006, the Celtic Tiger was roaring (albeit with early signs of a frog in its throat) and Dublin taxi drivers were busy re-mortgaging their homes to buy holiday home apartments in Cape Verde, Dubai and along Bulgaria’s Black Sea coast.

Some were even investigating Jonestown-like enclaves hacked out of the jungle coast of Brazil as well as apartments on the other side of the world in New Zealand.

At a point in time when it was estimated that we Irish were spending over a billion euros per year on overseas properties, the foreign home market was experiencing a huge injection as the first tranches of €14bn, released under the Special Savings Incentive Accounts (SSIA), were awash in Irish pockets and with Irish property prices at an all-time high, much of that was being used to buy property abroad.

In June 2006, Prestige Properties, the leading seller of overseas bricks and mortar to Irish investors at the time, brought out its first ‘International Hotspots Index’ indicating the best places for Irish buyers to acquire second homes. Warsaw topped the table followed by Florida, Cape Verde, the Algarve and Sofia. Also included were the Costas in Spain and Cape Town in South Africa. France and Britain (cities like London, Leeds and Manchester) were also hugely popular with a sea of Irish investors.

So, eight years after the dust has settled on a world economic crash, a massive Irish property crash and the near bankruptcy of the country itself, how did the taxi man’s SSIA investment fare?

BULGARIA

In 2008 the Bulgarian property market collapsed. Reliant on overseas purchasing from Russia, the UK and Ireland, it stuttered and stopped when buyers from the latter two dried up. Property prices fell by 30pc in two of the three most popular locations – the Black Sea and in Sofia, the capital. The ski resorts saw values collapse by 50pc by the time the market reached bottom last year. They have been static since.

Dylan Cullen’s company Appreciating Assets runs an office in Dublin and three in Bulgaria in the areas where it is estimated that the Irish bought 50,000 properties, largely between 2003 and 2007. He has spent a number of years offloading properties on behalf of stricken Irish – mainly to Russian buyers.

“The funny thing is that most Irish buyers I have talked to recently were glad they bought in Bulgaria. Because the loans were taken out here in Ireland, they were not impacted by any issues with the Bulgarian banks. It also meant that although they might have sold for 30pc less than they purchased, they were getting cash to bring home in a market where values fell by 60pc. So if they reinvested at home, they did well,” said Dylan.

“There are two types of buyers. Lifestyle buyers appreciate going to a country with lovely beaches or ski resorts where the locals get paid five grand a year and it means that they can live like kings on their holidays. 

These don’t really care. Investors are looking to get their money out and are taking a hit. At the moment Russians are buying because they fear capital acquisition sanctions.

“But in the medium-term, development has started again, the Bulgarian economy is flat and it still has 100 miles of virgin coast to develop. My advice is, if you’re a lifestyle buyer, then you don’t need to worry. If you’re investment driven then prices are likely to remain flat for many years to come, so you’d be better getting your cash back to Ireland.”

 

Mar 092018
 

As a business that specialises in selling Bulgarian property we have been concerned by the recent European and U.S sanctions imposed on Russia.

Given the high level of activity in the Bulgarian property market by Russian buyers we were concerned that these sanctions would have negative effect. We are delighted to report to that we have not seen any negative fall out to date in the number of Russian Buyers travelling to Bulgaria, however we must note that the weakening Rouble is causing many Russian Buyers to seek discounts to compensate the cost of purchase.

The charts below demonstrate the fluctuations between the Rouble and the Euro since 2009.

average Russian Buyer needs approx 7% more Roubles to buy a Bulgarian property than they did during the same period of 2013. An example of this was a recent sale of two properties in Santa Marina in Sozopol where the purchasers requested a discount to allow them to complete the purchase. The discount agreed was 8% of the asking price as they needed to factor in the loss in value of the Rouble from when they had initially started to search for a property.

 

Despite the weakening Rouble the real proof of the strength of the Russian commitment to Bulgarian property was demonstrated during our recent auction where we sold 17 properties, with 15 of these going to Russian Buyers.

 

 


Our next Auctions will be on August 28th and October 2nd, please contact us if you would like to discuss placing your property for sale or if you require a catalogue of the properties that will be for sale.

 

Mar 092018
 

We are delighted to have another property sold in Sunset Resort Bulgaria. This property was sold within 2 months of coming on to our books proving that there are still high end buyers in Bulgaria.

The property itself received a large number of enquiries within days of being placed on the market and  was sale agreed within the first five viewings.

We still have a number of unsuccessful cash ready under bidders who are seeking a 2 bedroom apartment in Sunset Resort.

If you own a two bedroom property in Sunset Resort  similar to the property the below please contact us as we may have a buyer for you.

Click here to see our recent sales

Mar 092018
 

We got a call last week from a property journalist with Ireland’s best-selling newspaper The Sunday World, who asked us about the market for overseas property. We indicated that we’d sold 160 properties in 2013 and that we needed new properties to cater for demand for Russian buyers at 6 large investment expos across Russia that we are exhibiting at. They also found it interesting the British buyers were purchasing more overseas property than any time over past five years.

To read the article please click here.

 

 

Mar 092018
 

With the Ski season now fast approaching, property sales in Bansko have started to increase. According to recent surveys, Bankso is expecting its best Season since 2008 for tourism. This will also have a positive impact on property sales in Bankso.

Since the beginning of the downturn Bansko has struggled with the oversupply of properties for sale and rent. While the oversupply of properties for sale is set to continue into the future, the rental market is showing initial signs of recovery. The increased number of tourists along with owners spending time in their own properties has really added a sense of positivity to the area which is very welcome.

Our most recent sales Bansko were Oct 14th in Lucky Banskso and Oct 17th in Vihren Palace. The prices achieved were in the region of €500 per m2.

While these prices do most certainly represent a loss for the owners, the key point is that there is a market for properties in Bansko at the right price.

If you own a property in Bansko that you are considering bringing to the market for sale, please contact us and we will be happy to give you an accurate valuation of your property free of charge.