Sat, May 26 2012

"BULGARIA HAS BEEN A DISASTER FOR INVESTORS"- ROMANIAN PROPERTY AGENTS

Thu, Jul 05 2007 09:06 CET

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"BULGARIA HAS BEEN A DISASTER FOR INVESTORS"- ROMANIAN PROPERTY AGENTS

In the past 30 years, Britons "have transferred their failed colonial spirit into the purchase of holiday cottages in foreign countries," forming expat communities in Spain, Italy  France and the sunny beaches of Bulgaria.

Still, David Cosgrave, representative of Romanian real estate company Off-Plan, said that "Bulgaria is over." The country had been "a disaster for investors in the UK and Irish markets," he said, as quoted by the Romanian magazine The Diplomat.

Property prices in Bulgaria "have not grown and rental yields are low."

Winter resorts in the country have very short season and a number of apartments remain empty. "We believe agents have massively oversold Bulgaria," Cosgrave said.

Romania, on the other hand, was attractive to property investors, because demand outstripped supply, mortgages were available and prices were low.

Michael Beckerman, director of Romtrade Consult, said that unlike in Bulgaria, where vacation villages have pubs and other attractions, Romania could offer "a retreat from modern trappings."

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