1. Make your homework - why do you intend to invest ?
2. Make assessments with realism - can you raise the funds to invest and how are you going to make repayments if you are buying with a mortgage? If you cannot afford it - simply don't do it. The responsibility for the investment decission lies entirely on the investor.
3. Think in perspective and ask questions.
4. If you are one of the many who have decided to find a holiday home for personal use and letting in a ski resort
compare not only the prices , but check the developers as well.
Many are tempted to make negative judgements about Bansko as a ski resort based either on investment expectations that were not met , or simplistic comparisons with the
established and operating for 50-60 years French , Austrian or Italian ski resorts in the Alps... Bansko is not Chamonix . At the same, this Bulgarian winter resort area provides improving skiing , winter and summer sports and leisure activities at prices , which are sometimes
3-4 times lower than in the established Alpine resorts. Bansko is a ski-golf-SPA resort area in development and the latest news about
Stella Artois Professional Golf Series 2008 at Pirin Golf & Country Club only come to support this view.
5. If you are interested in Bansko and its "overdevelopment" look at the area from space. The Google Earth service provides you with this excellent opportunity.
Questions and answers:
1. Question: Is it true that "Bulgarian banks have declared that new-build schemes in ski resorts and on the Black sea coast which attracted tens of thousands of British buyers over the past four years are worth less than what they paid for them" ?
Answer: NOT true. Only bank clerks had made such notes, in private business talks. The bank quoted is the only Bulgarian financial institution, which was approving mortgage loans to foreigners without proof of income during the past 2 years. This highly risky lending policy, which may be qualified as inconceivable in the United Kingdom - to lend to a foreigner without proof of income resulted in 2-3 defaulting loans, which turned some bank officials to make sour comments. If a Bulgarian citizen decides to buy in the areas quoted and proves adequate security for the loan, this same bank will lend him happily as much as the applicant asks for.
2. Question: Is it true that "Many apartment blocks are not connected to water, sewage and electricity services
Answer: NOT true. A building in Bulgaria becomes habitable after obtaining Act 16 ( habitation certificate ). If the building is not completed and Act 16 is not issued NO ONE can use for living. For this reason, such interpretation is very speculative.
3. Question: Is it true that "the Bulgarian market is in a freefall"
Answer: Check yourself:. Property prices UP 28,6% on average in 2007 compared to 2006. Property prices UP 12,7% in the first half of 2008. The economy UP (6,1% GDP growth in the second quarter of 2008 compared to the same period of 2007). Many would LOVE such a "freefall".
4. Question: Is the "Bulgarian Dreams" case typical for Bulgaria ?
Answer: It is up to the investor to decide whom he will trust:. We have decided not to compromise on quality and we work only with developers, who had shown us what they can deliver.
5. At the end of the day it's all about realistic assessment and making due diligence when it comes to property investment. Regardless of all negative publicity about "overdevelopment" in Bansko ski resort area , the available new build properties on the resale market are less than 1% from the overall stock. At some well known European resorts they are much, much more....
If you are interested in quality Bansko new build and resale property, please do not hesitate to
Contact us
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