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
 

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.

 

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.

 

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
 

To sell property in Bulgaria before the end of this year is still very possible and indeed very likely as long as your property is correctly priced.

Appreciating Assets sell property in Bulgaria all year round and we can confirm that the number of viewings taking place on the Black Sea and in the Ski Resorts  of  Bansko and Pamporovo  is up by 7% on the same period last year. In fact our most recent sale in Bansko was in Lucky Bansko today October 14th and our most recent sale on  the Black Sea was in the Grenada Complex on  Friday October 11th.

Our clients properties continue to receive enquiries  all year round from potential buyers in Russia, Scandinavia and the UK.

We have received confirmation from 62 potential Buyers that they will be visiting the Black Sea and the Ski resorts of Bansko and Pamporovo over the next 10 weeks.

The clients are travelling to Bulgaria with the specific objective of Buying a property in Bulgaria. These clients are all paying for their own flights and accommodation so they are very serious about Buying a property in Bulgaria.

If you own a property in Bulgaria that you would like to sell or if you already have a property for sale in Bulgaria but you would like to discuss your current asking price please contact us and we will be very happy to give you honest and objective advice.

Grenada Sunny Beach Bulgaria

Grenada Sunny Beach Bulgaria

Lucky Bansko Bulgaria

Lucky Bansko Bulgaria

 

Mar 092018
 

We have recently spoken to an Irish owner of Bulgarian property who issued their Power of Attorney to complete the sale of their Bulgarian property in 2012. Giving Power of Attorney for selling property in Bulgaria is perfectly normal.

Over the past year they have been told that their sale was happening but that there were some delays.

They have recently learned that their property was in fact sold in 2012 and is no longer in their name. As you can imagine this was a huge shock to them as they were under the impression that the sale had not yet happened.

They are currently trying to resolve this issue and collect the money they should have received when the property was sold and we hope that they are successful as this is a shocking thing to happen to anyone.

We are highlighting this because we do not want to see it happen to anyone else.

If you are in the process of Giving  Power of Attorney for selling property in Bulgaria  to a company or an individual we would advise the following:

Establish the closingdate, it is OK if this moves by a few days but not by a few months.

Establish the approx figure you are to receive when the sale closes. If you have paid your property taxes and your management fees up to date this figure can easily be established. If you do owe some money on either of these then contact your management company and ask them to verify what you owe them and ask your agent or lawyer to confirm how much you owe in annual property taxes. Once you have these figures you can then be clear how much you will receive from your sale.

Once you are clear on the figure you are due to receive you should then ask to speak to some other people who have given their Power of Attorney so that can ask them about their experience.

If the person or company cannot give you the names and contact details of previous clients then you should think very carefully about giving them your Power of Attorney.

If you have already given your Power of Attorney and the time frame to close your sale has already come and gone please don’t worry as sometimes sales do get delayed.

What you do need to is to ask the person or the company currently in possession of your Power of Attorney to guarantee in writing that your property still belongs to you and to send you the results of a Bulgarian land Registry search.

If there is even the hint of problem with either of these requests please contact us immediately and we will carry out a land registry search for you free of charge.

Mar 092018
 

We have recently spoken to an Irish owner of Bulgarian property who issued their Power of Attorney to complete the sale of their Bulgarian property in 2012. Giving Power of Attorney for selling property in Bulgaria is perfectly normal.

Over the past year they have been told that their sale was happening but that there were some delays.

They have recently learned that their property was in fact sold in 2012 and is no longer in their name. As you can imagine this was a huge shock to them as they were under the impression that the sale had not yet happened.

They are currently trying to resolve this issue and collect the money they should have received when the property was sold and we hope that they are successful as this is a shocking thing to happen to anyone.

We are highlighting this because we do not want to see it happen to anyone else.

If you are in the process of Giving  Power of Attorney for selling property in Bulgaria  to a company or an individual we would advise the following:

Establish the closingdate, it is OK if this moves by a few days but not by a few months.

Establish the approx figure you are to receive when the sale closes. If you have paid your property taxes and your management fees up to date this figure can easily be established. If you do owe some money on either of these then contact your management company and ask them to verify what you owe them and ask your agent or lawyer to confirm how much you owe in annual property taxes. Once you have these figures you can then be clear how much you will receive from your sale.

Once you are clear on the figure you are due to receive you should then ask to speak to some other people who have given their Power of Attorney so that can ask them about their experience.

If the person or company cannot give you the names and contact details of previous clients then you should think very carefully about giving them your Power of Attorney.

If you have already given your Power of Attorney and the time frame to close your sale has already come and gone please don’t worry as sometimes sales do get delayed.

What you do need to is to ask the person or the company currently in possession of your Power of Attorney to guarantee in writing that your property still belongs to you and to send you the results of a Bulgarian land Registry search.

If there is even the hint of problem with either of these requests please contact us immediately and we will carry out a land registry search for you free of charge.

Mar 092018
 

Our company founder Dylan Cullen was interviewed on the weekly Irish radio show The Business Eye. Here he talks about how Appreciating Assets helps owners of Bulgarian property sell their investments to Russian buyers, as well as giving some tips to aspiring entrepreneurs. If you want to sell your Bulgarian property then this is well worth a listen.