Black Friday for Bulgarian rural properties purchased by the English.

02 Dec 2023

More than 15 years ago, citizens of the United Kingdom started buying properties in Bulgaria massively. They were attracted by what seemed like a good investment and the dream of owning a beautiful house with land in a quiet and picturesque village or a house/apartment in a developing city, without bothering to thoroughly research the market.

If the properties seemed cheap back then, they probably were truly cheap—hastily built or renovated. A large percentage of the newcomers had never seen the property because they bought it online or visited it once and never lived there. Thus, what appeared to be a good investment at one point turned out to be a burden. The reasons are diverse and inexhaustible:

  • Cheap materials used for renovation
  • Lack of information that property owners should declare it to the local municipality and pay annual property tax after purchase
  • Inability to find a trusted company to maintain the property while they are not residing there
  • Mass burglaries and break-ins of the properties
  • And many others…

So, the lack of awareness transforms the proud property owners into debtors to the state.

Realizing what had happened, the British citizens started massively selling their properties. Unsuccessfully, they tried to sell at the price they had paid. Some managed to sell with a small profit, but most sold at a loss. They unsuccessfully tried to find a company they could fully trust to provide comprehensive services:

  • To give them a real assessment (snag list) of the property’s current condition
  • Determine the actual market price of the property
  • Assist in resolving any outstanding obligations they have towards the state
  • Assist in connecting with a licensed real estate agency to find a buyer for the property, mediating continuously until a buyer is found (24/7 support)
  • Negotiate on behalf of the seller to achieve the maximum possible price, considering the overall condition of the property
  • Assist them throughout the property sale

In essence, they seek a reliable partner to smoothly navigate through the entire sluggish process.

If you own real estate in Bulgaria and are seeking a reliable partner to help resolve property issues or assist in selling, you can contact us!