HI, WE ARE OFF IN EARLY NOVEMBER TO VIEW A NEW DEVELOPMENT BEING BUILT IN KAVARNA, BULGARIA. THE DEVELOPMENT IS BEING CONSTRUCTED BY A SPANISH COMPANY CALLED GROUPO MANGLE. FROM INFORMATION WE HAVE GATHERED SO FAR THEY SEEM TO BE A RELIABLE COMPANY (UNLESS YOU KNOW DIFFERENT?)
THE COMPLEX WHICH IS TO BE CALLED KAVARNA GARDENS, LOOKS VERY NICE FROM ARTISTS IMPRESSIONS HOWEVER, BEFORE WE PART WITH OUR HARD EARNED CASH WE WOULD WELCOME ANY COMMENTS REGARDING THIS COMPANYS BUILD QUALITY, RELIABILITY ETC., OR ANYTHING ELSE YOU THINK MAY BE OF INTEREST.
Bulgaria has been over supplied with property and as a result there are 2 issues:
1) Rentals are very very poor
2) Investors are complaining there is no second hand market as there is so much supply of new build
Add to this the very short season and fact you have to set up a Bulgarian Limited company if you want to receieve rent and it looks a poor investment.
Morocco is much more trendy and is attracting reputable interntational developers. The season is year round. Evryone from Richard Branson to the World biggest developer 'Emaar' and 'Sandals Resorts' are building in Morocco.
Its only a 2 - 3 hour flight as its just a few miles from Spain.
The best resort is Saidia - this is the premier resort and IMO will be the best resort in the Med. 60 properties were bought by an England football consortium.
You will probably get year round rent given the weather and fact there are 3 top golf courses being build in the one site ON A 6KM BEACH.
Aso a mega marina on a breath taking scale is almost built, these just dont come along everyday.
EXIT ROUTES: People are already 'flipping' property so there is a genuine second hand market for Saidia. You dont have the complexity of foreign language as everything is made easy for the Brittsh market. Also you dont have to set up a company!
Anyway, good luck in Bulgaria and dont be swayed by me, its all just opinion.
If your visit is being organised by a vendor, rather than yourselves, then I would always be wary. Even the most intelligent and level-headed people can find it hard to resist being sold to in these circumstances. Even the most responsible developer/agent is going to have a job understanding why you might not want to buy, given the trouble and time you're taking to visit. In the main, they are always going to sell what they have. They aren't going to suggest other options elsewhere which might be better-suited to your needs.
I know that this is obvious, but I would only visit once I've narrowed-down the choice through research first. And even then, I'd go 'undercover' and not step into an agent/developer's office until I was fairly certain the location was right.
Make sure you see something that the developer is building elsewhere. When I visited Karvarna Hills in January, the standard of building finishing was appaling. If you cannot or not allowed to see anything previously constructed, keep your money in your pocket - some of the stuff in Bulgaria will fall down with the next stiff breeze!
I Bought near Sunny Beach and the development looks amazing the quality of build is of a very high standard also in a great location.
I bought it with 4FrontPropertyInvestments from what i can see they also sell Grupo Mangles properties as well as the Oasis Beach and Golf Resort mentioned above in Saidia.
The difference is these guys rent out the properties for thier clients i have recommended a few friends to this company and have all been very happy with thier service.
They are selling a property in Kavarna "The Moy Holiday Village" which appears to be an amazing investment with little down and guaranteed rentals, i would like to know if anyone has information on Kavarna as I have purchased previously in Sunny Beach.
Please do a little more research before you commit yourself even to a guided tour of the sort of BS you will get from the developers agents. Are you sure you want a new development and not buy a used home. There are thousands of them out there, dumped or waiting to be dumped by the people who went out for a visit this time last year. I wonder how much profit they made this year? Read some of the other posts on Bulgaria on this forum - most tell a sorry tale. REPEAT THIS MANTRA MANY TIMES - THERE IS NO SUCH THING AS GUARANTEED RENTAL - NEVER HAS BEEN AND NEVER WILL BE. Start your negotiations from that point. If you were a client of mine I would tell you to turn up at Gatwick and get on the first plane you can find to anywhere - it will almost certainly give you a better return than Bulgaria. I wish you well - just take a little time out and re-consider.
Originally posted by BTLOptingOut: Blatent plug by MikeMan pretending to be a happy consumer.
No problem with agents plugging their wares but these sort of posts are so transparent.
Just be careful and don't trust an agent where a property is displayed in beautiful colour etc.,make more enquiries, find a lawyer or local people through a Chamber of Commerce and they are there, before risking a penny!
I work with Bulgaria, the country is part of our Balkan Bridges NGO, and what I have seen and heard on building and selling to British people, the heart-aches, the deceits, I wish I had listen and checked out, researched more etc. comes across time and time again.
We never stay in Bulgaria in a hotel unless we can lock our car away in a garage,if you would not do that you will find bits.. of a car the next morning! That always says a thing or two! Do more research, Good luck though, it's a lovely country!
Originally posted by BTLOptingOut: Blatent plug by MikeMan pretending to be a happy consumer.
No problem with agents plugging their wares but these sort of posts are so transparent.
Just be careful and don't trust an agent where a property is displayed in beautiful colour etc.,make more enquiries, find a lawyer or local people through a Chamber of Commerce and they are there, before risking a penny!
I work with Bulgaria, the country is part of our Balkan Bridges NGO, and what I have seen and heard on building and selling to British people, the heart-aches, the deceits, I wish I had listen and checked out, researched more etc. comes across time and time again.
We never stay in Bulgaria in a hotel unless we can lock our car away in a garage,if you would not do that you will find bits.. of a car the next morning! That always says a thing or two! Do more research, Good luck though, it's a lovely country!
Great post Anke. Should be mandatory reading on a notice board at Gatwick airport to make all the lemmings re-consider.
Hello... just joined the Saidia chat. Most are talking about the Le Jarden de Fleur resort. I have put my deposit and 20% down for Villa 63 Type C at the Oasis Beach and Gold Resort. I would appreciate to hear from those who are also buying there and their thoughts and experiences negative and positive. Has anyone actually signed the main Contract - any additional clauses or amendments needed? My solictor tells me the hold up on construction is due to licences, apparently some work started prior to these being issued on the LJDF resort, but was risky as they may have to amend their build etc Hence Oasis have learnt from them and are holding off now, like everyone is. Is this right, or is this a flog off and the real reason is £££ and not selling enough units? I bought my villa back in December 06 and there still are units available. This chat room sends nevousness though camp with talk about companies going bust... Oh the joys of off plan, why we do it to ourselves we never know!! Thanks for any feedback in advance, Olivia
I'm new to this forum, and i've been drawn to the off-plan buying in Kavarna! It seems some people on here are giving sound advise and others don't have a clue. Firstly, I have spent a lot of time in Bulgaria over the last 3 yrs, and i'm still here right now- the comment of high car crime is ridiculous! This is 2007, not 1997! I have never seen any crime in Bulgaria and I feel more safe in BG than I do in the UK. Women can walk round late at night in cities like Varna and Sofia and feel perfectly safe. Also insurance of a vehicle in BG is very cheap nowadays because car crime is so low. I don't know if you were very unlucky or just paranoid!
I have an apartment in the town of Sozopol on the southern black sea coats and I am very pleased with my investment. I was worried about buying off-plan in BG when I 1st arrived and managed to buy an apartment almost complete which gave me great peace of mind. Since speaking to people over hear though my fears of off-plan seem to have gone, as long as the contracts are checked by an independent lawyer and the developer is reputable, you will be fine. You always hear horror stories but these are usually down to the lack of dudilligence from the buyer.
I agree with the poor rental potential in some areas of BG and I also think re-sales are almost impossible in areas like Sunny Beach and Bansko. This was obvious from the outset though i think and it doesnt mean BG is a bad place to invest. Its just important that people see the investment as a long term (3-5 yrs) investment and know when they buy it they will not be able to make any money until building has stopped and demand is high. The reason I invested in Sozopol was because the hight restriction on building is 10m and you can only build on 25% of your land. This dramatically affects over crowding and therefore increases the value of property once all the land is built on. If you are front line especially you will never loose in my opinion.
With regards to Kavarna- I think the good thing is the golf courses being built in the area. The golf will attract a lot of buyers and rental income on apartments close to a golf course will be high and occupancy rates should be good too once the golf courses are finished. I have been thinking of buying close to the Gary Player Tharician golf course because of this reason but still cannot decide what to do. The only company I have found was through the furniture company i used to furnish my apartment. It seems they have a partner company call lets build in bulgaria that plan to build a complex close to this course. They are not ready to release the project yet but the views look fantastic. If anyone else has been in touch with this company let me know. Or likewise if anyone knows of any interesting complexes close to this course i will be happy to take a look
Anyway, for my 1st post on here this seems like more of an essay! I welcome thoughts and opinions.
