Property Prices

[Good News]

Hello all,
Just thought we all need cheering up a bit: I copied this from novinite.com today March 07 and thought it might provide some cheer...



EU Accession Drives Bulgarian Real Estate Prices Up


Business: 6 March 2007, Tuesday.

Bulgarian real estate prices rose by 10% in the first two months of this year after the country's accession to the European Union, 24 Hours daily reported on Tuesday.

Demand continues to grow, driven by the increasing number of young people looking to buy housing, while supply is limited.

The trend surprised industry insiders, who expected prices to stabilize after accession.

Should the tendency continue in the next months, the higher prices could be here to stay, said Strahil Ivanov, head of the Yavlena real estate company.

Some prospective buyers believe that supply could dry out entirely within months, driving the prices even higher, he added.

Other brokers, however, argue that the market will settle down. Despite higher prices demanded by sellers, most of the deals were carried out at the real valuation of the properties, said Vasko Atanassov of the "Victoria Invest" real estate agency.

Bank credits remain the main source of financing for real estate deals, as Bulgarian consumers remain hungry for loans and are willing to draw larger sums, a report by lending consultants Credit Centre showed on Monday.

The average size of loans drawn in Bulgaria, according to the report's data, rose by nearly one fifth to EUR 31,300 at the end of February, compared to EUR 26,000 in December last year.

The report also claims the share of loans over BGN 100,000 (roughly EUR 50,000), rose to 18% in February, compared to 15% in December and 6% at the beginning of 2006.

[Guest]

WHILE THE ABOVE IS TRUE FOR MOST OF BULGARIA PROPERTY PRICES IN THE SUNNY BEACH AREA ARE ON THE WAY DOWN AT AN ALARMING RATE DUE TO OVER SUPPLY AND DEVELOPERS UNDER CUTTING EACH OTHER.I HAVE READ NUMEROUS REPORTS RECENTLY WHICH HIGHLIGHT THE PROBLEM AND ONE EVEN STATES THAT THE POWERS THAT BE IN THE SUNNY BEACH AREA RECENTLY HELD AN EMERGENCY MEETING TO TRY AND ADDRESS THE TUMBLING PROPERTY PRICES.I MYSELF OWN TWO APARTMENTS IN THE AREA SO I CAN ASSURE YOU THAT I AM AS CONCERNED AS ANYONE BUT THERE IS LITTLE I CAN DO ABOUT IT.

[Di and Sean]

the developers that are selling at rockbottom prices ,are the take the money and run merchants...because EU standards are about to be applied...i myself have been in mass constrution for 20 +YEARS .YES YOU CAN BUY A APT IN SUNNY BEACH for under 20,000.but will you be able to sell it on?willit still be standing next year....by EU standards fort noks and a minority of others are building quality projects past and present....

[Guest]

I have two apartments both of which are Fort Noks and in the last few months I have had two independant valuations done on them and both valued them at 15-20% less than I paid for them over two years ago!!!!The fact is that the cheaper,poorer quality apartments out number the good ones by a long way and this will keep prices down as with anywhere the price of your property is governed by whats selling around you.People just dont want to believe that their investment is not doing well.I have spoken with an agent recently who has over 200 resale apartments on his books in the Sunny Beach area and he just cannot sell them Fort Noks or not!!!!!!!!!!!

[Guest]

can i just add that regardless of whether or not any of this is true. talking about falling prices in public forums is not going to help matters at all.

People who maybe thinking of buying an apartment in sunny beach, or just renting one for a holiday, are going to be put off if they first read all the negativity in this forum and other forums like this one.

What we should be saying in these forums is that everything is great, prices are booming, its a great place to go for a holiday etc etc regardless of whether or not you may believe it.

We want to encourage people to holiday in sunny beach, rent our apartments, buy our apartments etc.

We dont want to put people off, many people check forums when planning where to go on holiday or where to invest their hard earned cash.

Complaining about, and even discussing, falling prices is only going to make them fall even more.

is that what you want?

[Guest]

Iagree with the last comment lets keep things positive. I have been to Bulgaria for a number of years now and find each time I go it gets better, not just Bulgaria but the amenities on Priveilege Fort are improving each time I go. Enjoy what you have and beleive that it will come out OK especially now with the New transport etc. Fort Noks complexes are well thought out and as I said before get better each time I go

[Guest]

In the last post you mention the new transport etc. Yes it would be great if it comes off but Fort Noks have not confirmed it yet and in fact they have not given us any update on the matter. Could Fort Noks please let us know more about the transport situation please.

[Guest]

THINKING POSITIVE WONT MAKE YOUR PROPERTY WORTH MORE WILL IT!AND WHY TRY AND DECIEVE PROSPECTIVE BUYERS THAT EVERYTHING IS ROSY WHEN IT IS MOST DEFINITELY IS NOT,WOULD YOU LIKE IT DONE TO YOU?NO I THOUGHT NOT.

[Guest]

you're right, thinking positively wont make the prices rise. I never said that it would. I dont know where you got that from.

My point was that

posting endless comments on forums regarding falling prices and rental problems WILL definately make prices drop.

Do you understand now?

[Guest]

OH I UNDERSTAND THE SITUATION FULLY BELIEVE ME.AND STOP GETTING SO UPSET ITS NOT GOOD FOR YOU.

[Guest]

AND SECONDLY I WILL WRITE ABOUT WHATEVER I WISH AND IT HAS NOTHING TO DO WITH YOU AND IF YOU DONT LIKE IT THATS TOUGH IM AFRAID.

[Guest]

i think its quite clear who is getting upset.

also, yeah..you can write what you like.

If your happy to see your investment plummit, thats up to you.

I sometimes wonder if some people want their investment to fail so they can have a good old moan about it.

I bought my apartment to use for myself and to also make a profit on it when i come to sell it.

You obviously are more than happy to make a loss.

Rule 1. Too make money in any business - never show your weekness.

Im just glad im not your business partner


good luck

[Guest]

yes, i agree

when you buy an apartment from a company such as fortnoks, MRI..etc

They dont say that the apartments are worth 30% less than they where 6 months ago, or that renting them out is very hard to do...etc.

If they did say that, they wouldnt sell any.

Take for example the person above in this forum, who said that her apartments had been valued at 30% less than she bought them for.

Well, I could have been a prospective buyer. Would I buy them from her now that she's told me they've lost 30%. NO WAY!!

Thats not to say that you should lie and say that the property prices are booming and that they've doubled in the last 6 months (get a job for MRI if you want to say that kind of crap). But sometimes, somethings are best kept to yourself. Let the buyers decide if they want to buy. Dont put them off by telling them they will lose money.

[Guest]

please take your out of hand moaning,groaning ,somewhere else please ,getting rather boring to others that are happy with their own home/investment

[Guest]

I WOULDNT HAVE A BUSINESS PARTNER WHO CANT SPELL IN THE FIRST PLACE...ITS [/u]TO MAKE MONEY...NOT TOO!!!!!!!!!!!!!!!