Bulgaria loses its allure for UK buyers
British home buyers have disappeared from Bansko, a leading Bulgarian ski resort and until recently a “hot-spot” for people seeking moderately priced holiday properties.
Mihail Chobanov, chief executive of Bulgarian Properties, one of the country’s biggest estate agencies, believes that about 50 per cent of UK investors who took a punt on the Bulgarian market four years ago are now trying to sell their properties. “Speculative buyers want to cash out and move on,” he said.
Rapid development at Bansko and Sunny Beach resulted in an over-supply of lower-priced apartments, putting a severe strain on local infrastructure. An estimated 85 per cent of UK investors bought properties off-plan without having visited Bulgaria.
Actual cover 2006 edition (not "photshopped", this is an existing book)
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