09.06.2010 Finished Holiday Properties in Bulgaria for as Little as €300 per sq.m.
“The deals in the resorts are mainly concluded at prices between 350 and 700 EUR/sq.m.”, BULGARIAN PROPERTIES say. The company’s Chief Operations Manager explained that there are less and less property owners who want high asking prices as it is unrealistic to conclude a deal at a high price. Many owners sell their properties at a loss including foreign property owners who bought them a while ago with the aim of making a profit.
BULGARIAN PROPERTIES gave the following few examples:
- a fully furnished apartment in Bansko, bought in 2006 for 1,500 EUR/sq.m., was sold at 750 EUR/sq.m. or with a 50% loss;
- a fully furnished apartment bought in Bansko in 2006 for 1,400 EUR/sq.m., was sold with a 40% loss for 835 EUR/sq.m.;
- an apartment in Golden Sands bought for 1,385 EUR/sq.m. was sold at 700 EUR/sq.m., which is a 50% loss for the owner;
- an apartment in Kranevo bought 5 years ago for 550 EUR/sq.m. found a new owner for just 315 EUR/sq.m., which is 43% less;
- an owner of an apartment in Sunny Beach sold it with a loss of just 7%. He bought it in 2007 for 815 EUR/sq.m. and sold it for 760 EUR/sq.m.
There are also sellers who bought their properties at relatively low prices before the big price peak and now manage to sell them without a loss, the company adds.
Part of the developers are also selling at prices that are 50% lower than those at which they made deals 2 years ago. Since the beginning of 2010 many of them lowered the prices of properties along the seaside and asking prices of apartments in finished developments are starting from 360 EUR/sq.m. In Bansko the lowest prices start from about 500 EUR/sq.m. for finished unfurnished apartments.
The observations of BULGARIAN PROPERTIES show that it is British and Irish owners that are the most active sellers. Both they and the developers agree on a price close to the one paid some time ago or close to the cost price of the development.
Both in Bansko and along the Black Sea coast the buyers are mainly interested in cheap apartments ranging from 25,000 and 40,000 Euro, the company says. The prices of the most sought luxurious Black Sea properties range between 80,000 and 130,000 Euro.
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© Bulgarian Properties Ltd. 2010
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