Aug-18-2009 By Velimira Dimitrova, BULGARIAN PROPERTIES
On August 18th 2009 BULGARIAN PROPERTIES Chief Operations Manager Polina Stoykova was a guest of the Dobar Den (Good Day) broadcast on Hristo Botev radio program. The topic of the program was the prices of real estate at the moment, how much they have fallen in the last few months, whether they will decrease further, who is the buyer at the moment and what are the risks for buyers overestimating their powers and resources.
Polina Stoykova commented that in the last few months property prices decreased quite a lot but a many people expect them to decrease further and therefore are at a stand-by position. On the question whether the prices have reached their lowest Ms. Stoykova didn’t take it upon herself to forecast whether they will decrease more but advised the future buyers to go to viewings, to be informed about the market trends and to consult property experts.
Regarding whether now is the right time to buy property Polina Stoykova said that if one is looking for good prices, bargain offers and a wide choice then yes, it can be said that the current crisis has made it a very good time to purchase property. At the moment those buyers who have money saved can already afford to buy a bigger home with the same budget. The year 2009 is the year of the buyer and it is now that the buyers are in the position to bargain and negotiate and the result is that they manage to get very good conditions.
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Aug-17-2009 By A Place in the Sun Magazine, August 2009
Properties in Bulgaria now cost less and a growing number of British buyers are coming back to the market.
Following this trend, in the August issue of the popular British overseas property magazine A Place in the Sun an English couple is hunting to buy cheap property in Bulgaria because they can afford it with their savings and they can afford to live there with their income from the UK. The couple is given three rural houses to choose from and it is advised by experts during the process.
One of the experts is Polina Stoykova - Chief Operations Manager at BULGARIAN PROPERTIES:
Buying a rural property in Bulgaria for their budget is absolutely achievable and Charlie and Toni will have plenty of options. The financial crisis has caused the property prices to drop to 2004-2005 levels.
My advice would be to go for a property that is €9,000 (Ј7,692) or even a bit more as properties in the €10,000 (Ј8,547) price bracket are in a much better condition than the ones of €5,000-€6000 (Ј4,274-Ј5,128). By buying a very cheap property, they would spend more money on the repairs and renovations than the difference in price.
The requirements the couple have will certainly be met. Most of the rural properties in Bulgaria have large gardens, and come with outbuildings that can be converted, and have at least two bedrooms. The only thing about rural properties that foreign buyers find strange is that most of them don't have internal bathrooms and toilets. However, these facilities can be installed by a builder.
As they wish to spend half a year in a village, I would recommend they choose a bigger village for a better social life and good facilities. When they are away for the summer, they will be able to hire local people to look after the property and rent it out to tourists. This is something that the big property companies can also assist in.
Polina Stoykova adds that prices for rural properties in Bulgaria show great variation. According to BULGARIAN PROPERTIES data in the Varna region a newer or renovated house with a 500-square-metre garden will cost around €38K (Ј32K). About 40-50 kilometres from Bourgas, you'll pay €27K (Ј23K) for a decent-sized house (150 sqm) with an 800-square-metre garden that doesn't need too much doing to it. Moving down the price range, an average 100-square-metre house to the north of Sofia, around the town of Svoge, with 500-1,000 square metres of land can be bought for just over €16K (Ј13.5K).
Alternatively, 30-40 kilometres north of Veliko Tarnovo you can buy an old house that's in good condition for about €12,600 (Ј11K). For properties around the €10K (Ј8.5K) mark that need renovation, try east and west of Yambol, or the Stara Zagora region. And for really cheap properties of around €4K (Ј3.5K) but needing renovations, try the Montana or Pleven regions.
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Aug-3-2009 By Polina Stoykova, BULGARIAN PROPERTIES
According to the data of the national real estate agency BULGARIAN PROPERTIES deals with off-plan properties have decreased considerably after October 2008 and this happened almost simultaneously on the Bulgarian and foreign markets.
According to the company, in the last 2-3 months there is already higher activity on the property market which has led to an increase in the deals with finished properties, as in July 2009 there is also higher interest in off-plan properties. The interest in off-plan properties is still in a research stage and is a result of the new lucrative offers marketed by builders and investors. It is a fact that in most cases low property prices in Sofia (around 400-500 Euro/sq.m.) are for off-plan properties.
The main factors which influence the decision for buying off-plan property and which BULGARIAN PROPERTIES advise the buyers to research carefully are the specific offer, the builder and the investor. Some of the main questions in this research are whether the offer is good in view of the market situation, whether the conditions and the payment plan are good, what is the reputation of the builder and the investor, whether financing is provided to the builder and whether the interests of the buyers are well protected in the agreement with the builder. Many of the buyers who need financing for purchasing a property look for suitable payment plans that include minimal payment when signing the preliminary agreement and 70-80% of the price to be paid after receiving Act 15 when banks would be more willing to give a loan to them.
BULGARIAN PROPERTIES cannot predict whether and when the interest in off-plan properties will return because to a big extent the economic crisis is also a crisis of trust. Having also in mind the great number of newly-built and unsold properties in the mass segment the company believe that the market is actually “flooded” with finished properties of good quality for sale. The investors or the owners are ready to make discounts in order to receive fresh capital and there are even deals at prices under the cost price. Now buyers do not have to wait 2-3 years while their property is being built but banks are very conservative when it comes to loans and will finance only finished properties with issued Act 16 (Certificate of Habitation). According to the company these are also the main factors which will hinder the off-plan market in the next few years.
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