Irish Investment Fund Snapping up Bargain Bulgarian Property
Irish Investment Fund Snapping up Bargain Bulgarian Property<< Back to list of articles
Times maybe hard for many UK based Bulgarian property owners as a result of the credit crunch in Great Britain and the West but where there is economic strife, plenty of opportunities can be found as Appreciating Assets have discovered. The Irish based firm are currently purchasing new apartments in Bulgaria's prime resorts from Irish and UK owners at extremely low prices.
"You've got a number of people who agreed to buy property off-plan [pre-construction] and the people can't come up with the remaining balance of funding," said the company director Dylan Cullen.
Cullen's group has raised â¬7 million for its Bulgaria-focused fund (about $9 million), he says. And so far there has been no shortage of interested sellers. Since mid-December the group has completed on 22 purchases and another 15 are pending, Cullen says.
Typically they are paying in the EUR 60,000 to EUR 70,000 range for "good size apartments in a good development with close proximity to the beach."
The company's plan is to collect the rental return on the units over the next 5-7 years before reselling the property on in better times.