05.07.2010 Buyers Look for Well-Kept Properties

Polina Stoykova, Chief Operations Manager, BULGARIAN PROPERTIES

The crisis made the great many properties on the market to compete, as often buyers choose between properties with similar prices, parameters and locations. It’s a fact that it is the well-kept and best looking properties that attract most attention – and this is not true only for the interior of the properties but also for their exterior, their entrances and the environment. This means that well-kept and well-managed properties definitely have a bigger chance of being sold faster and at a better price, especially at a time of crisis and property price drop.

Property management was not something owners used to appreciate while the market belonged to the sellers and all properties were sold fast and at constantly increasing prices. For example, foreign buyers never buy apartments in blocks whose entrances and exterior are in a bad condition. They are not considered a good investment, foreign buyers are even afraid to enter such blocks.

Regarding holiday homes – at present it is only apartments and houses which are in developments with good property management and renting out services that are being sold. There are no buyers for properties in blocks without property management and renting out services, even if they are sold at very low prices. Moreover, there is no possibility to rent the property out and get return from the investment if there is no professional management of the complex. In this sense the management of holiday homes is a key factor for the success and realization of any development.

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© Bulgarian Properties Ltd. 2010

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