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
 

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
 

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
 

Russians buy property in Bulgaria, this is not exactly breaking news but what is surprising is how many Russians buy property in Bulgaria.

300,000 Russian citizens already own a Bulgarian property according to the Bulgarian  Minister of Economy, Energy and Tourism Assen Vassilev in a recent address to the INTURMARKET -2013 tourism exhibition in Moscow.

Here are some other interesting numbers, over 20% of Russians have confirmed that they want to Buy a property in Bulgaria and over 600,000 Russians visited Bulgaria in 2012 which was a 30% increase on 2011 figures.

 

These figures certainly support the notion that Russians buy property in Bulgaria, but what they do not tell us is how much they are willing to spend which is what we are really interested in.

Property sales in Bulgaria to date in 2013 have been strong but prices have not.

It is not that prices have been slashed again because of either the Bulgarian economy or the Russian economy, the truth is that both economies are in reasonable shape.

The problem lies with the Irish and British economies neither of which are doing particularly well at present.

As a result a of our own sluggish economies many Irish and UK investors who bought property in Bulgaria during better days are now trying to sell them.

Our clients sell their  properties for various reasons but regardless of what their reasons may be, the result is still the same. A huge supply of properties for sale at the same time.

While it is fair to say that there are enough Russians actively buying properties in Bulgaria to deal with this supply, what we need to be aware of is that because of the large number of properties currently for sale by private owners prices are constantly dropping because owners are being pitted against each other.

An example of this is as follows:

A Russian Buyer contacts a number of estate agents to try and find the perfect holiday home in Bulgaria. Each agent will give him a number of properties to choose from. Eventually the Buyer decides which property they like. All seems pretty straight forward so far.

The Buyer decides to buy a 1 bedroom apartment in development X for €30,000  and informs the other agents that they have made a decision.

Each of the agents they have contacted focused on the selling their clients property and now they are watching a Buyer choose a different property.

Now it can get messy, the agents will now try and convince  the Buyer to change their mind and offer them better value for money. This is when you the owner gets the call and you are told that there is a serious Buyer looking to buy a 1 bedroom apartment for €30,000 but that they have a choice between your property and a similar property. The only difference is price. You now must decide if you are willing to reduce your price to secure the sale.

The reduction may not be huge, it may only be 1500 Euro which is a fairly reasonable reduction from your asking price of €30,000. In fact it is only 5%. Your agent will now call the Buyer and confirm that he can offer them a similar property to what they liked but he can get it for them cheaper. He will collect the deposit and secure the sale before any other agent can do the same.

Your agent has now secured your sale and you should be happy with them because they did their job.

The flip side of this story is that the very next day when your agent is valuing a new clients property and they are using the same comparable method they used to value your property when you first contacted them they will now tell the new  client that the most recent sale of a similar property to theirs was for €28,500. Strictly speaking the market price for 1 bedroom apartments in Development X has now fallen by 5%.

The point of this example is to illustrate that when Russians buy property in Bulgaria they have such a large choice of properties in excellent locations that in the end, price is your strongest asset.

We are not saying that you should drop your price to make a sale but be under no illusions that if you don’t, the likelihood is that your neighbour could.

If you would to discuss y0ur Bulgarian property or you need advice on any aspect of Bulgarian property please contact us and we will be very happy to help you in any way we can.

Contact Us.