I have just started researching property in Bulgaria and was looking at off plan developments in Bansko with a longer completion date. I was considering a short investment and selling on the property just before or at completion. However I've heard some comments about a lack of a resale market, and people not likely to get a buyer for their new apartment. Please let me know your thoughts on the matter, or if this would be more suited to another location. Cheers.

First of all you have to ask yourself whether re-selling when you do not own the property (ie before final notary deed) is legally possible?

Secondly, there is no shortage of resale if you bought the right property at the right price.

Thirdly you might want to consider your position together with capital gains tax plus whether the off-plan developer put a false price in the deeds when you purchased.

Hope this is of help
Jain, Quest Bulgaria magazine

Thanks for your reply Jain,

I guess I'd need to consult a lawyer regarding the legal possiblity of re-selling before the notary deed is issued, can you recommend any one?

I've heard of agents putting a false price on the deeds, is this something that you should refuse no matter what situation? As I own no other property in the UK, would capital gains tax be an issue?

Thanks

Hi Laura, Ive always looked at property in Bansko as a five year investment. By that time the infrastructure will be completed and the resort will have stepped up to the next level from where it is now. As regards resale, there are some resale properties available now, in developments such as the monastery which were completed for this ski season. I personally had involvement in a development last year that had a waiting list for property almost immediately after it was sold out, but in my experience this was exceptional and Im not convinced has been repeated in other developments. Like all property purchases, have an eye for resale when you buy, choose the right location first (in Bansko, in my opinion, within walking distance of the gondola), good facilities, and of course price. There are a number of good solicitors around, I'm not sure what the rules of this forum are for posting their names, but if you want email me and I'll send you a list. In Bansko look for good rental income and medium term capital growth rather than flipping. You'll also get the chance to fling yourself down the white stuff and have ridiculously cheap nights of apres ski whilst you own it!

best wishes

Andrew

Hi Laura, sorry for not replying earlier but what with running a full time magazine here I just can't get to these forums sometimes.

For an independent lawyer, we have a firm of lawyers based here in Sofia who are available to our subscribers free of charge on our online advice and discussion board. Our readers tell us they are excellent.

I would absolutely insist on putting the full price in the deeds. Beware those that say this practice is above board - it is not; and can have serious repercussions for you at the time and later.

For capital gains, it depends upon where you are domiciled as to your financial situation. Again, take independent professional advice from someone who is acting for you (not the agent, seller or anyone else)

Hope this helps?? :)
All the best, Jain