Buyers Market in All of Bulgaria

Hi Johnavann, that's good news for some!  How long do you predict this buyers' market to last?  We're hoping to buy sometime in the next 9 months, or sooner if we find something we like.  Are you sure we won't get laughed at if we offer 65% of the price?  And I'm interested in knowing why you don't recommend villages.  We're not interested in the beach or the mountains, but hope to get a house in a reasonable size village which shouldn't be located too far from a city (not more than 40-50km).  Well, looks like the adventure is ahead of us!  :-)
Edit to add:  we're not looking for an investment property, but a place to live all year round.

Glad to hear from you.  I do not know if 40-50 Km is good or bad.   I think a 30 minute drive places you in a good area.  As for laughing, I have been here too long to worry about getting laughed at.   Go for the 65%  and be sure you understand how the local real estate brokers work. 

We live in St. Vlas for the summer and want to buy in Sofia for the winter.   i am not sure there is such a thing as a year around home unless it is in a major city because Bulgaria is sea to Ski in 4 hours with four different climates.

I would have thought the same but it's doesn't seem to be the case for me. I struggle to get a response from some agents. If it's a buyers market you would think that they would reply.

Hello
        We are thinking of buying in bulgaria next year. We are a english couple. Do you think prices will go up when you are in the euro?  And just to check, are you saying to offer 65% of the asking price

It all depends on where you want to buy property.
Location is king.
I've read that, during the pandemic, real estate prices will drop...

There are tens of thousands of properties in rural Bulgaria that are worthless, literally worthless.

The agencies selling these properties do not say who owns the properties, and ask prices around a few thousand euros at the minimum, which of course is not expensive but it is a few thousand too much. For ruins - that are worthless.

Can you find a way to get these properties cheaper, or is it so that you pay or you cry and pay. The corruption existing, which is huge in Bulgaria, both moral and economic, mandates you to pay at some point.

''I read so many mails about buying in villages that are far from civilization.  That dream is a farce.''

-what is this claim based on?

Civilization in itself, is an impossible construct, that has been proven over and over in history.

Unless the people of Europe can change the current trend of urbanization, Europe has no future. It is the same everywhere else, not only in Bulgaria. From a real estate agent's point of view (and a developer as well), it is of course better to sell properties than not to sell, but what does the client want, and why does he want what he wants? Why do people want to live in the countryside of Bulgaria, and should not a developer help them to live there if they so want.

Bulgaria does not have a lock on the market of LAZY Real Estate Brokers.   20% of the local brokers do 90% of the business.   They,  in Bulgaria like every place in the world want to capture a client, lock into a contract to represent and hope for a transaction.    Real Estate Brokers are not known for being responsive or energetic, but the few that are  aggressive, control the markets--The trick is to find that energetic broker.   For example, there are several hundred brokers in beach cities yet in each locale it is no more than 3 that dominate the business.   

There is a saying that that the grass is always greener on the other side of the fence till you get there and find artificial turf.

It is a rare person that can adapt to the small village life, however for one who has limited funds it could be  a godsend.   Learning the language is a must as many villagers do not know English as they have never had to.   It is rare that a dream of a village retreat will satisfy the typical person.   That is why young people leave villages.  Note that I refer to "small" villages.   There are many good size towns that have access to shopping, medical and can be a good solution.   They might not have jobs!   

If one is not financially independent or has a skill that is in demand then Bulgaria is only a dream as local wages are dreadfully low.   

Back to the original purpose of my first post on this topic.   Real Estate is overpriced globally, not just in Bulgaria.  Economic cycles are real and Bulgaria has been riding the crest of the post 2000 growth wave and is very much overpriced.   Patience is required.!  I see many unfinished, foreclosed projects in Sofia and Beach cities.  The buyers are no longer shopping.  If they are not restricted by Covid then many that support the "boost phase" of a market rise are absent because they have lost their jobs.   Many jobs will not return.   The golden days of starting a successful restaurant, farm, business on a shoestring and making a success are in the past. 

I do not want this to be a "downer" as I have chosen to retire in Bulgaria.  For me, the circumstances are right.   For others the entire Baltic area may look inviting but it can be a harsh reality if one has no game plan.

Great information, my husband and I have a friend that recently moved to a town outside of ruse she says it is 35 minutes drive to Ruse. however the properties seem to all be in need of restoration in someway or the other.
I would most definitely offer 65% due to the amount of work the one we like needs.
Is their any places you would recommend that would be close to the city. we prefer not to be rural but like to be somewhat in a quiet area.our friend is definitely rural but is happy with what she purchased.
Also if we are looking to not pay the full amount in cash what other options for financing are their?. we are in  our 60's and prefer not to put all our eggs in a basket at once due to the properties we see needing alot of work.

Hi, do you mean offer 65% on the high side or the low side?. If the property is say 65 thousand asking price we would offer 45 thousand?

If the house is listed for €100,000 I would start my bid at €65,000 particularly in the villages and the beach cities.    The beach cities are dramatically over built with substantial inventory available

My 65% advice is for Previously owned property rather than new developments

I recently gave an example of a property that a Russian investor paid 250,000 for in 2010 and sold for 80,000 last fall

I declined to purchase the property because there was deferred maintenance on the entire building and I understood that the seller was highly motivated because of the three things that we are all aware of :

The first  is Covid the second is the sanctions
And the third is the decline of the Russian currency.   That is on top of the entire Geo political uncertainty now and many sellers are highly motivated.   Also some investors in real estate may have been with laundered money and could have overpaid on purpose.

Purchasing in villages sounds romantic but realize that you may be the only one who makes a purchase and you never may never find a buyer for it when and if you decide to sell.

Sofia Is a different market and still expanding with reasonably good demand yet is beginning to appear to also be overbuilt

As for a new units , some developers  have taken their units off the market and Are renting them .   Developers will wait until things get better so you will not have as good a deal  on new properties Unless the developer is in financial trouble

So I imagine our looking at Ruse is not the best idea as Sofia would have more to offer and not so many run down houses screaming for renovations? The couple of houses we have looked at require work, some are just not even worth the effort. I am not a romantic and would be scared to death of being in some remote village and then wishing I never went there.  We are looking for old world charm and some distance from neighbors with access to amenities in the city.