Wednesday, 19 September 2012

eBay......Bulgarian property boom or bust?

More buyers are purchasing Bulgarian property than ever before, one company has announced. But this Bulgaria boom is different from the last one: this time it is taking place on eBay. As reported in an article by TheMoveChannel.com
Bulgarian properties
..."we have had several in our offices in tears
because when they arrived to view their new purchases,
they found that they were nothing like what they expected
 "

in the same article it is stated "Bulgarian real estate offers some of the best property investment opportunities in Europe right now. Prices are some of the lowest on the continent and are expected to increase significantly in future years."
property bulgaria
....hard to believe that anyone would buy an overseas property without viewing it first......it seems a crazy way to buy when the alternative is so easy!"



Other agents agree. Speaking exclusively to TheMoveChannel.com, Bulgarian estate agent Yantra homes admitted property prices were low: "We currently have over 85 properties for sale at between €2,500 and €10,000," said Managing Director Andy Turver. Indeed, according to Knight Frank, the value of Bulgarian homes fell by 2.6 per cent in the second quarter of 2012 compared to the same period in 2011. That decrease saw enquiries for Bulgarian Real Estate increase in July as the country become the eighth most popular destination on TheMoveChannel.com. But while quality bargains can be found in good locations, Turver does not believe they are on eBay. "We are very aware of Brits buying cheap rural property on eBay," he told TheMoveChannel.com, painting a very different picture of the bidding boom. "In fact, we have had several in our offices in tears because when they arrived to view their new purchases they found that they were nothing like what they expected, for example in the middle of nowhere." "One couple that had bought on eBay earlier this year showed us the photos that were displayed on eBay, clearly years out of date," he continued. "When they went to view their new property the roof had collapsed, the garden was a jungle and the wiring had all been ripped out of the wall." "They asked if we could sell the property to get some of their money back; we had to advise that their property had almost no value and we couldn't possibly advertise it for them for anything other than the land value (which was less than 20% of their bid price on eBay) and that we did not even want to do that because the village was in the middle of nowhere." "They were obviously distraught," he added.
property bulgaria
Watch out for properties
with a sting in their tail!




Bulgarian properties
Come and view Bulgarian properties 1st hand
and see properties in the flesh before you buy!

For Yantra Homes, the number of auction horror stories is a cautionary tale for curious investors. "I find it hard to believe that anyone would buy an overseas property without viewing it first," he commented, "especially when you consider that a flight to Bulgaria is very inexpensive with operators such as Easyjet flying daily from London to Sofia. It seems a crazy way to buy when the alternative is so easy." Looking for Bulgaria bargains? Browse Yantra Homes listings of houses, apartments and other property in Bulgaria.

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