Hi. I have a question. A friend of mine has bought one apartment in Sunny Beach last week. The address is http://www.excelsiorbg.com
My question is:
I have some money free and I am thinking also to buy there as an investment and my friend told me that he has completed the deal and he meet the company and they showed him their previous projects build. Do you think that investing in Bulgaria and specially in Sunny Beach is a good investment? Check please http://www.excelsiorbg.com to see their prices and please some advice. I mean I need an advice if this property is good to invest in or not.
Thank you in advance
Niklas BerndhoferHi Niklas
This first post of your wouldnt be advertising would it.
Cheers Richard
Ph: 07 3720 1888
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
NO! I am just asking a question and givining this page for reference. That`s all about, so what do you think? Is it a good investment? My friend as already said is very happy so I am wondering
Thanks Mike for the e-mail.
Niklas,
I know some UK guys that are buying in Bulgaria. You need to be very careful in resort beach type areas as occupancy levels are seasonal and cash flow calcs need to allow for this.
They recommend Sofia where you can get new build 3-4 bedroom houses rather than apartments on 100% finance (if you set up a local company which costs about $7,000 and includes stamp duty and closing costs on first purchase) pre-let with corporate tenants paying 10% yields. Sofia is expected to show significant capital growth in the next five years as it catches up with the rest of the EU.
Some Uk guys are going out and buying large renovators dirt cheap of locals wanting to cash in where they will directly employ local contractors to renovate to former glory, not recommended if you live in OZ. This is more of a hobby than an investment.
Niklas, the web site listed didn’t give numbers so not possible to compare the deal to the ones these guys are doing. What are the net yields and what finance is available ?
The biggest complaint coming out of there is that the documentation is not in English or Australian and will need trusted translation, the legal system is quite different from the Westminster system and the locals tend to overcharge foreign investors.
Bardon thanks for your reply. It was very interesting. I have reserved already one apartment in this complex as I have made a view trip to Sunny Beach last week. I want to buy in Sunny BEach but as close as possible to the beach. have reserved one bedroom apartment of 40.6 sq.m for 40000 Euros. The location is very good and it is seconds from the beach. I have counted that I need 35 sec. to get to the water from the garden, not bad. I will pay it 30% in 1 month, 30% in 3 months, 30% June 2006 and 10% at the end. They have showed me their previous developments. I was impresed to be honest. Sineva Hotels, Blue Sky, Sea view and we went to Pamporovo for skying and I saw their hotel and hiliday village there. a big A for the quality. They also told me that my apartment can yield between 8-10% per annum from property management. Next week I will transfer 30% from the price and I hope that I am doing a good investment.
Niklas
You must be logged in to reply to this topic. If you don't have an account, you can register here.
