Dylan Cullen

Appreciating Assets has been successfully selling Bulgarian Properties owned by British and Irish Citizens to Russian buyers for a number of years.

Apr 302020
 

On March 20th, the Bulgarian Government closed its borders for all non EU Members and their families.

The Bulgarian Government extended the Lockdown until May 13th.

These measures are expected to be eased after that date as the number of cases of COVID 19 are beginning to reduce.

As a result of COVID 19 measures the majority of property transactions in Bulgaria have been put on pause.

Property Prices in Bulgaria due to COVID 19 are currently unknown but we should expect a reduction in the region of 10%.

With Non EU members making up a large percentage of Buyers in Bulgaria.

This exclusion has had a serious but temporary impact on the completion of property sales.

On a positive note, the number of online enquiries is greatly up on the same period in 2019.

This in itself is not definitive but it is certainly encouraging.

Property Prices in Bulgaria due to COVID 19 have been negatively impacted.

The level of interest in purchasing a holiday home in Bulgaria remains very strong.

We credit this mainly to the following points.

  1. Holiday Homes in Bulgaria offer the best value for money per m2 in Europe.
  2. We are seeing a large number of people wanting to own their own Holiday Home for the future instead of using hotels.

In conclusion, the long term impact on Property Prices in Bulgaria due to COVID 19 will be neutral.

If you are considering purchasing a property in Bulgaria.

If you would like a current market valuation for your existing property in Bulgaria.

Please Contact Us.

Apr 282020
 

Owning holiday home in Bulgaria is a privilege and something to be proud of. However, you may want to move on and you will need to know How to Sell Property in Bulgaria.

We have set out a few tips below which we hope you will find helpful.

  1. Finding the Agent

Finding the right Agent is not always as easy as it sounds. You will find a large number of agencies online, but how will you know which one to go with?

Should you go with the one that gives you the highest valuation?

This can be tricky, because we all want the highest price for our properties but we must remain realistic.

2. Valuations

Is a higher valuation too good to be true or is the lower valuation just a lazy Agent trying to get you to agree to a very low price?

We would advise you to always ask the agent to provide examples of the properties that they have compared your property with.

This will give you an indication of the types of properties that your property is being compared to.

It is very important that they are comparing your property with similar properties which are currently for sale or that have been recently sold.

Accurate comparisons are vital when establishing the current market value of your property.

If you are unhappy with the valuation but accept that it does reflect the market, then we would advise that you reconsider placing it for sale.

Properties which are placed for sale at too high a price will not attract enough interest and most agents will not push Buyers towards it.

You should always remember that the majority of Agents make a sizable part of their income from sales commissions.

For this reason, they are unlikely to push Buyers towards properties which are not competitivley priced.

3. Marketing Fees

We would not recommend that you pay any Marketing Fees to an Agent in advance of selling your property.

In fact, we do not believe that a Marketing Fee should be charged at all.

Professional Agencies should all have accounts with various large websites such as Rightmove and A Place in the Sun.

These accounts are a set monthly fee for a specific number of properties, and these fees are a cost of running the Agencies business.

Therefore, there is no need for you to pay for advertising your property. This cost should be within the Agents fee when they sell the property.

Correct marketing by your Agent is a key part of How to Sell Property in Bulgaria

4. Agency Sales Fees

The average Agency Sales Fees charges for a holiday home sale in Bulgaria is 10% of the price achieved.

This can vary slightly between agents but this is reasonable guide.

There are Agents who will offer to sell without charging you fee. They will charge the Buyer instead.

While this can sound attractive, in essence it is unlikely to give you any additional money in your pocket at the end of a sale.

The main reason for this is that the Buyer will factor the sales fee into their offer and offer less for the property.

In conclusion, if you choose the right Agent they will provide you with an Accurate Valuation.

You will not need to pay Marketing Fees and you allow for should up to 10% for Sales Fee regardless of whether it is paid by you or the Buyer.

Should you wish to discuss your property in Bulgaria further please contact us and we will be happy to help.

Apr 272020
 

Selling Property in Sunny Beach Bulgaria in 2020 is very possible despite the current restrictions (April 2020) related to Covid 19.

Buyers this year will be very focused on securing a property in one trip.

Sunny Beach Bulgaria has beautiful beaches, 5 star resorts and is located just 20 mins from Burgas International Airport.

Resort owners are offering exceptional deals and packages to encourage holiday makers and investors to visit the region during summer 2020.

We have already been selling property in Sunny Beach Bulgaria in 2020.

Many of these sales have taken place before the COVID 19 outbreak. However, we still receive a high number of enquiries from Buyers seeking to arrange viewings when the restrictions end.

To date, the most popular properties have been large one and two bedroom apartments.

Developments which function all year round are becoming more preferable with Buyers.

Flights into Burgas are due to commence again by mid to late May.

Many of the Air lines which provide services to Bulgaria have confirmed that they expect to be operational.

Some of these airlines include Aer Lingus, Ryan Air, Jet 2, Turkish Airlines and Aeroflot

Sellers of property in Sunny Beach should expect to negotiate with serious Buyers.

Discounts on current asking prices will be expected and are advised if within reason.

We alway request Buyers to provide proof of funds before we relay the offer to the Seller.

This is an to an excellent way to establish how committed the Buyers are.

Serious Buyers are more than happy to demonstrate their ability complete.

Once a proof of funding has been provided we can at least advise our client that a sale is possible if they accept the offer.

In conclusion, Selling Property in Sunny Beach Bulgaria in 2020 is very possible as long as all parties remain realistic.

We will be happy to provide you with a Free valuation of your property which will reflect the current market.

To discuss Buying or Selling propery in Sunny Beach Bulgaria please contact us.

Jul 022018
 

Selling Property in Sunny Beach Bulgaria is a very simple process if you appoint the right agent to represent you.

Appreciating Assets have been Selling Property in Sunny Beach Bulgaria for Irish and British owners since 2008. During this time we have found buyers for over 1,500 properties and this number continues to grow every week.

During the last 10 years of Selling Property in Sunny Beach Bulgaria we have learned a great deal about the market and the reasons why people buy and sell in Sunny Beach.

Front line properties in Sunny Beach are always in demand and those with sea views will sell quickly, providing that they are at the right price

Some of most popular resorts in Sunny Beach are Poseidon, Palazzo 1 & 2, Sunny Day 1,2,3,4, Holiday Fort Club, Trakia Plaza, Barcelo Royal Beach Club, Sea Dreams, Summer Dreams, Royal Dreams, and Yassen.

The most popular properties with Buyers in Sunny Beach at the present time are Studios and One bedroom apartments. Two bedrooms are selling well but they must be at the correct price.

The main reason for this is that the budgets buyers are coming with are smaller than in previous years and this trend has been in place since the collapse of the Russian Rouble in 2014.

To Sell Property in Sunny Beach Bulgaria in 2018 will be achieved by placing your property for sale at a price that reflects the current market.

To sell your property in Sunny Beach Bulgaria please Contact Us.

 

Mar 092018
 

After almost ten years of selling property in Bulgaria on behalf of Irish and UK property owners we are delighted to
Sunset Resort, Pomorie, Bulgariabe opening our fourth office in Bulgaria. Our new office will be located in Sunny Beach to cater specifically for UK buyers.
From 2008 up to 2013 it is fair to say that the vast majority of Buyers were Russian or from former Soviet States. In early 2014 we noticed that this trend was changing and we were receiving more and more enquiries from British Buyers which we are pleased to say is a trend that has continued.

This week we have sold properties in the Black Sea resorts of Sunny Day 3 and Sunset Resort to UK Buyers who have been able to take advantage of the current strong exchange rate between sterling and the euro.
We believe that the market awareness in the UK for Bulgarian property is growing and we anticipate that sales in 2016 with surpass those seen over the past 5 years.
The average price paid by UK Buyers in Bulgaria over the last two years has been just under €45,000 with the majority of clients opting to spend their money on buying larger apartments without sea views rather than paying more for the equivalent size apartment with a sea view. The feedback we have received in the relation to this has been that the size of the property is more important as they intend to spend more time over there rather than it just being a “bolt hole”.
We expect that the number of owners who intend selling property in Bulgaria will continue to grow as more and more of the current owners want to move on from Bulgarian property and try something new. This is quite understandable as many owners first purchased their property in Bulgaria over 10 years ago.

Mar 092018
 

At Appreciating Assets we have been carefully studying the market in recent months to monitor the real effect of the weakening Russian rouble on the Bulgarian property market.

December 16th 2014 saw the rouble at its weakest against the euro but thankfully it began to strengthen again following that day.

The market for Appreciating Assets property sales in Bulgaria continues to be strong despite the currency fluctuations for a number of reasons, not least of which is the continued demand for Bulgarian Property from Russian investors. While it is true to say that the Russian economy is not as strong as it was 12-24 months ago, we must remember that Russia has a population of over 140 million people and much like Ireland or the UK from 2009 to date there are still a very large number of people with money and the majority of those people in Russia are seeking investments outside of Russia.

The approach of Appreciating Assets property sales in Bulgaria remains the same today as it did when we first started selling Bulgarian properties almost ten years ago. Property sales in Bulgaria are made by professional agents who have built a solid reputation within the market for offering quality properties at competitive prices. Appreciating Assets property sales in Bulgaria offer just that. The first step to any sale is when a Vendor contacts us with a view to selling their property in Bulgaria. We then value the property by having our local offices in Bulgaria carefully compare this property with similar properties that have recently sold or that are currently for sale. By using this comparison method we are then in the position to advise our client as to the highest price we feel the property can achieve if brought to the market at that time. Once we are in agreement with the Vendor as to the asking price for the property we then place the property on the market for sale.

When selling property in Bulgaria we use a tried and tested mix of on-line and traditional media marketing to gain the attention of potential Buyers for our clients properties. We also distribute the details of our properties to an extensive network of Estate Agents throughout Bulgaria and Russia who in turn bring them to the attention of their own client data base.

When a Buyer is found for our clients property we can handle the entire process for them or we will work with any legal representative they appoint.

Please do be aware that the Bulgarian property market is still suffering from an oversupply and as such sales do take time and miracles such as a really high price in within a week rarely happen so please do be realistic.

If you own a property in Bulgaria that you are considering selling Appreciating Assets can sell it for you.

Please Contact Us.

 

Mar 092018
 

We are delighted to offer this fully furnished two bedroom, 115 m2  property for sale in  Sunset Resort Bulgaria. The property is located on the sixth floor of Building A in Sunset Resort. In addition to offering the much sought after sea views that most buyers on the Black Sea are searching for, it also offer a very spacious balcony to enjoy it from.

The property is for sale with an asking price of €115,000 and viewing is strongly recommended.

Please Click Here for a full description and photographs of the property.

Background Information on Sunset Resort

Sunset Resort is located in the town of Pomorie, with a great south west orientation. It is only 15 minutes away from Burgas International airport and less than 20 minutes from the city of Burgas itself, the second biggest city on the Black Sea coast. Sunny Beach, the most famous resort of the Bulgarian Black Sea is also less than 15 minutes away as is the ancient and historical town of Nessebar, which is rightly famous for its architecture and archaeology

Sunset Resort is located right beside a 400 metre long (quarter-mile) beautiful natural sandy beach in the new quarter of Pomorie. It is close to the main motorway for Burgas to Varna, which connects the hotel compound with the city of Burgas, the antique Nessebar, as well as with the largest and most popular holiday destination on the Black Sea Coast, Sunny Beach.

The South Beach of Pomorie stretches down a quiet gulf in the Black Sea coast. Remarkably, it is one of the safest beaches in Bulgaria, having very slight surf and almost no tide. It has a total length of approximately 1 km and width of up to 100 metres in places, so very wide and long.

The luxury five-star Sunset Resort comprises 5 Aparthotel and 6 deluxe waterfront villas, on a total built up area of 115 000 square metres. The four outdoor swimming pools offer various water attractions and include two pool bars, all expanding on a total area of more than 3 500 square metres.

Sunset Resort has a huge range of facilities in addition to the wonderful swimming pools, including; cocktail bars, restaurants, shops, outdoor cafes, and so on with the added benefit that all are set in extensive private grounds. There are beautiful views of the sea and, indeed, towards the Stara Planina Mountain. This is a luxurious resort that is the envy of many in Europe with all the leisure facilities and services you could possibly wish for – a great choice for a high class vacation.

The quality of the Sunset Resort development is evident from the moment you arrive and is mirrored by the quality of build and finishes in these lovely apartments. This resort complex overlooks the crystal blue waters of the Black Sea, and these apartments make for great summer homes or alternatively as rental properties to the booming holiday market.

 

Pomorie – Background Information

Pomorie was founded by the Ancient Greeks under the name Anchialos (Greek: Αγχίαλος), deriving from Ancient Greek “anchi-” (“near, close to”) and “als-” (either “salt” or a poetic and uncommon word for “sea”). In Latin, this was rendered as Anchialus. The Bulgars called the town Tuthom, though it’s more common name in Bulgarian was Анхиало, Anhialo based on the Greek name. During the Ottoman rule, the town was called Ahyolu. In 1934 the town was renamed to Pomorie, from the Bulgarian “po-” (in this context “by, next to”) and “more” (“sea”), corresponding to one of the two etymologies of the original Greek name.

Mar 092018
 

We are very pleased to offer this 54.5 m2 (600 sq ft approx) one bedroom property for sale in St Ivan Rilski Bansko at the attractive price of €25,000.The property is located on the ground floor of  Block 3 and comes to the market fully furnished.

Viewing is highly recommended as a property for sale in St Ivan Rilski does tend to sell very quickly.

Please Click Here for full description and photographs of the property.

St. Ivan Ski Aparthotel
The Bulgarian hotel chain FPI Hotels & Resorts selected the best and the most swiftly developing ski resort in Bulgaria – the beautiful Bansko for the location of its winter holiday site – the four-star St. Ivan Rilski Spa Hotel, which was officially opened at the end of 2008.

One of the indisputable advantages of this hotel is its location. It is situated on the outskirts of the Pirin Mountain close to the lift and near Bansko’s ski tracks.

5 min drive to the ski-lift
15 min walk to the centre of Bansko
160 km away from Sofia
50 km away from the Greek border
The luxurious St. Ivan Rilski Spa Hotel is an excellent choice for your winter ski holiday, green summer holiday, for organizing conference events, corporate trainings, and corporate events of various formats, weddings and family celebrations.

Architecture, design and capacity

The “St. Ivan Rilski” complex was built on an area of more than 16 000 m². It consists of a new modern four-star hotel, a large SPA centre and 4 exquisite apartment houses. The exterior is based on the typical Alpine architectural style, skilfully combined with traditional Bulgarian elements. The interior is marked by a significant presence of wood, natural colours and modern design furniture solutions.

The hotel guests can use 107 rooms, apartments and maisonettes, and another 162 apartments in the apartment houses. The hotel offers:

5 comfortable single rooms
98 vast and stylish double rooms
50 Deluxe apartments
4 luxurious maisonettes.
All premises in the hotel part have cable TV, mini bar, direct telephone line, high-speed internet, luxury bathroom with a bath and hair-drier, hypoallergenic soft blankets, electronic door-locking system. A large portion of the rooms and apartments have balconies with a view of the mountains. The common parts of the hotel offer free Wi-Fi internet access.

Should you require any additional information on this property please contact us.

 

 

Mar 092018
 

Lucky bansko

We are very pleased to offer this property for sale in Lucky Bansko. The property itself is a very spacious studio apartment. At 37m2 it is very similar to many one bedroom apartments currently for sale in Bansko although few other developments are as desirable as Lucky Bansko.

This 3rd floor property comes to the market fully furnished with a very reasonable asking price of just €18,000.

If you are considering a property for sale in Lucky Bansko or indeed any Ski development you really do need to view this property before making a decision.     Please click to see the full description of this property.

 

Key Information on Lucky Bansko

Location: Lucky Bansko complex is located at the entrance of Bansko, at the foot of the Pirin Mountain. The complex offers 67 studios and 47 apartments plus 1 Presidential apartment, in addition to a wonderful pool and spa centre as well as a 150-seater conference room and of course a beautiful restaurant and bar.

GPS coordinates: 41° 50′33′′N 23°29′6′′E

Bansko lies 160 km (including 120 km motorway) south of Sofia (or about two hours’ drive from Sofia Airport).

Accommodation: The Studios and the Apartments at Lucky Bansko Aparthotel are furnished luxuriously and stylish, with comfortable and practical furniture. All residences are equipped with TV sets, telephones, wireless Internet, mini-safe box and fully equipped and furnished kitchenette with coffee machines, ceramic plates, toasters, hot water jugs, refrigerators, microwave ovens, cutlery and dishes. The bathrooms are with bath tub, shower, and hair dryer and are supplied with bath cosmetic, slippers, full set of towels and bathrobes.

Wine & Dine: Lucky Bansko Aparthotel offers a Le Bistro restaurant, a lobby bar, as well as round-the-clock room service to accommodate you. If you don’t want to leave your home atmosphere behind during your holiday you can prepare your favourite dishes by yourself. A fully equipped kitchenette, a rich variety of products and drinks in different sizes are offered at the Aparthotel store.

Spa & Wellness: Lucky Bansko spa centre offers a variety of whole body massages, aromatherapy, peeling massages, cosmetic facial and lux therapies and electrotherapy. Fitness, steam bath, sauna, solarium and indoor swimming pool are at guests’ disposal.

Additional Services & Amenities:

  • Wireless Internet in all premises;
  • Room service
  • Laundry and ironing;
  • Internet stations in the lobby bar;
  • Office services (fax, telephone, copying, printing, etc.);
  • Free transport to the lift every 30 minutes;
  • Ski wardrobe with heating for ski boots;
  • Daily cleaning of apartments;
  • Care for small children by professional baby sitters and children’s corner for 2-6 years old;
  • Underground covered parking and parking lots in front of hotel;
  • Electronic game room;
  • Excursions to tourist sites;
  • Wine tasting;
  • Bicycles for rent.

Key facts on Bansko

Bansko enjoys a picturesque location in a valley surrounded by Pirin, Rila and the Rhodopi Mountains. Bansko is considered to be the most developed Ski Resort in Bulgaria and Eastern Europe with a total length of 70 km ski runs. Bansko is not only a winter resort – today Bansko is all seasons Resort offering wonderful conditions for winter and summer tourism. Whether visiting Bulgaria for business or leisure purposes, Bansko is the perfect place where you can work or explore all that Bulgaria has to offer. Considering its architectural and historical value, Bansko becomes the pearl of all Bulgarian resorts. Being the biggest Bulgarian ski resort, Bansko offers great variety of luxury hotels, holiday apartments and family hotels.

Mar 092018
 

The Irish Independent recently started a two-part series looking at the former overseas property ‘hotpspots’ where people bought in the boom. Written by the renowned property journalists Mark Keenan, the pieces examine what was said about the prospects of the countries during the boom and how they’ve performed since. The first country that the series focused on was Bulgaria and Mark asked our founder and MD Dylan Cullen to comment on how Bulgaria has performed. An excerpt of the article relating to Bulgaria can be read below, or the full article can be viewed direct on Independent.ie

The ten most popular destinations that enticed Celtic Tiger Irish buyers In the first of a two-part series Mark Keenan looks at the ten most popular destinations in which boom-era Irish buyers made over 200,000 property purchases and discovers just how the investments panned out.

IT was mid-2006, the Celtic Tiger was roaring (albeit with early signs of a frog in its throat) and Dublin taxi drivers were busy re-mortgaging their homes to buy holiday home apartments in Cape Verde, Dubai and along Bulgaria’s Black Sea coast.

Some were even investigating Jonestown-like enclaves hacked out of the jungle coast of Brazil as well as apartments on the other side of the world in New Zealand.

At a point in time when it was estimated that we Irish were spending over a billion euros per year on overseas properties, the foreign home market was experiencing a huge injection as the first tranches of €14bn, released under the Special Savings Incentive Accounts (SSIA), were awash in Irish pockets and with Irish property prices at an all-time high, much of that was being used to buy property abroad.

In June 2006, Prestige Properties, the leading seller of overseas bricks and mortar to Irish investors at the time, brought out its first ‘International Hotspots Index’ indicating the best places for Irish buyers to acquire second homes. Warsaw topped the table followed by Florida, Cape Verde, the Algarve and Sofia. Also included were the Costas in Spain and Cape Town in South Africa. France and Britain (cities like London, Leeds and Manchester) were also hugely popular with a sea of Irish investors.

So, eight years after the dust has settled on a world economic crash, a massive Irish property crash and the near bankruptcy of the country itself, how did the taxi man’s SSIA investment fare?

BULGARIA

In 2008 the Bulgarian property market collapsed. Reliant on overseas purchasing from Russia, the UK and Ireland, it stuttered and stopped when buyers from the latter two dried up. Property prices fell by 30pc in two of the three most popular locations – the Black Sea and in Sofia, the capital. The ski resorts saw values collapse by 50pc by the time the market reached bottom last year. They have been static since.

Dylan Cullen’s company Appreciating Assets runs an office in Dublin and three in Bulgaria in the areas where it is estimated that the Irish bought 50,000 properties, largely between 2003 and 2007. He has spent a number of years offloading properties on behalf of stricken Irish – mainly to Russian buyers.

“The funny thing is that most Irish buyers I have talked to recently were glad they bought in Bulgaria. Because the loans were taken out here in Ireland, they were not impacted by any issues with the Bulgarian banks. It also meant that although they might have sold for 30pc less than they purchased, they were getting cash to bring home in a market where values fell by 60pc. So if they reinvested at home, they did well,” said Dylan.

“There are two types of buyers. Lifestyle buyers appreciate going to a country with lovely beaches or ski resorts where the locals get paid five grand a year and it means that they can live like kings on their holidays. 

These don’t really care. Investors are looking to get their money out and are taking a hit. At the moment Russians are buying because they fear capital acquisition sanctions.

“But in the medium-term, development has started again, the Bulgarian economy is flat and it still has 100 miles of virgin coast to develop. My advice is, if you’re a lifestyle buyer, then you don’t need to worry. If you’re investment driven then prices are likely to remain flat for many years to come, so you’d be better getting your cash back to Ireland.”