Bulgarian Purchase Scheme Extended (2009-Nov-04) « Back to all news

UK agency, Property Sales Bulgaria, has extended its new Bulgarian purchase scheme. The company is now looking for overseas investors with property investments anywhere in Bulgaria. The approach is simple, it matches willing sellers with buyers who are still seeking to purchase property there. It is the first overseas property scheme of its type in that it provides a real exit strategy for investors in Bulgaria.

The scheme was first launched in Ireland at the turn of the year, initially just for properties on the Black Sea. Since then the company has experienced a huge response from people wishing to sell their properties, with sales of over 200 properties completed. Following this success it is now being expanded to include properties in Bulgaria’s major cities and famous ski resorts. It is also to be launched in Britain.

Property Sales Bulgaria has been a developer of logistics and industrial property in Bulgaria for the past five years. They have a well-established network of contacts that include Russian agencies, whom still have clients who are looking to purchase properties in Bulgaria.

A spokesperson for Property Sales Bulgaria, said: “In recent years Irish purchasers bought a huge amount of property in Bulgaria, mostly fuelled by the low prices on offer there. In the current economic climate it is proving difficult for many investors to sell their properties, but we have buyers available that are looking to purchase there.

“People wish to sell their overseas property for various reasons, but one reason that is becoming more and more predominant is that they feel that they can get better value at home now than they could do in the past. So we’re asking anyone with a property that they would like to sell, to get in touch with us today.”

The buy-back scheme addresses the major flaw in the overseas property market in countries such as Bulgaria, where investors have difficulty in selling on their properties due to the absence of an established second-hand resale market and the high level of new build properties. It’s especially difficult to sell to when potential buyers are from abroad and speak a foreign language.