Foreclosures have increased in Bulgaria, so too has the number of foreigners needing to sell in order to balance their finances back home. Buying a Bulgarian property is an investment option as the long term return offers good potential and with the way the market is today, now is the time to buy heavily discounted properties.
With prices decreasing, real estate buyers, particularly those with cash or who can obtain a mortgage, are re-entering the Bulgarian market. When prices nose dive as they have done, buying at a good price is important and easier but it is also just as critical to still buy the right house. Housing recessions come and go and it is sure that this will not be the last, so whatever property you buy you need to make sure you will be able to hold on and ride out the next downturn.
Previous recessions have shown that they are prime moments to buy properties , despite their devastating effects. With more than 30% have decreased the property prices in some areas in Bulgaria. This could be a once in a lifetime opportunity for many buyers.
Slumping properties prices can make you feel like a child in a sweet shop if you are in a position to buy. With star-dust in your eyes, it is easy to forget the fundamentals of condition, location, and whether you even really like the property. We take a look at things to consider before buying your Bulgarian property during the recession.
If you need advice our Bulgarianproperties4all team is ready to help you.