Britons living in Bulgaria. Guide to Bulgaria, Sofia and Varna

Protector: Thunderclouds harvest ended fantasize seats in the sun - Center Information

Protector: Thunderclouds meet in excess of vision seats in the sun - Center Information Two years ago it seemed wise to snap up cheap homes in countries like Bulgaria and Cyprus. But many owners are now in deficit and development has largely ground to a halt, The Guardian reports. This time last year, Chandra Gosavi's property portfolio looked like an A to Z of shrewd investment. The doctor from Leicester has two homes in Bulgaria bought for a total of EUR 118,000, two in Egypt costing EUR 100,000 and one in northern Cyprus bought in sterling for GBP 70,000. He has also bought in Mumbai and owns land in Alicante, Spain, where he plans to build his own property.His choices seemed canny at the time. Bulgaria had just joined the EU, there was a possible reunification of Cyprus, and Egypt was maturing as a major tourist destination. Those factors will all boost values, surely?But neither he, nor most other Britons buying abroad, expected a global downturn to spark house price falls in almost every country in the world. Today his properties have dropped in value by tens of thousands of pounds and his investment perspective has had to move to the long term. He and his wife Rashmi, also a doctor, say some of their homes will be for their personal use and they do not intend to sell any for up to 15 years from now, by which time they believe the markets will have more than recouped any current losses. Prices in Black Sea resorts and ski towns such as Bansko and Pamporovo have seen 20% falls since the autumn. But the biggest falls are in mainland Spain, where many sellers have reduced prices by more than 30%. However, according to Knight Frank's Nick Barnes, "there's not the slightest sign we're even remotely near the bottom of the market," suggesting that ballsy buyers can negotiate even lower prices if they have the guts to bargain. Reproducing this website’s contents requires obligatory reference to FOCUS Information Agency! Сватба