Distressed Property Sales…..Acquiring Investments

Following on from publicity surrounding the article on my experiences with Bulgarian Dreams and a recent article published in the New York Times ‘Raising the Roof’ Blog, again focusing mainly on my problems with Bulgarian Dreams and subsequent property purchases in Bulgaria, I have been contacted by a number of people trying to sell their properties quickly and for fairly low amounts. These properties are mainly in Bulgaria, but also Croatia, Spain and France.

With property prices around the world down is now a good time to invest in that holiday home you have always wanted or a couple of cheap renovation projects for your retirement fund?

Certain larger scale investment companies seem to think so and are targetting these sellers in order to acquire large numbers of distressed properties at very low prices. Presumably with the intention of holding on to them for a few years and selling on at good profit once the market recovers. One Irish based firm that I know of, recently offered a friend less than a third of what she had paid for an apartment near Sunny Beach in Bulgaria. As her circumstances have changed and she had various troubles with the building company and selling agent, she has accepted their offer.  Realistically the studio apartment is probably now worth only a few thousand Euros more than she has been offered and she is the first to admit that she paid over the odds for it a year or two ago.

So should savvy investors be taking a leaf out of this company’s book and looking to acquire their own bargains while the market is low and people are desperate to sell. Of course, you need the liquid funds to be able to do this, as you are highly unlikely to be able to get a bank to fund a mortgage on distressed Bulgarian apartments, but for those with some surplus cash and a long term plan, there could be some good profits to be made five to ten years down the line.

And this strategy does not need to be limited to those looking purely for investments. Now is a great time to locate and buy that holiday home in the sun that you have always dreamed about. Properties in Spain are down 50%,  prices in Dubai are down a whopping 70% and the list could continue.  Below is a selection of property for sale at good prices for those looking for a nice holiday home or investment properties. As I mainly write about the Bulgarian property market and have most knowledge there, properties featured in my blog posts tend to be in Bulgaria, but I will aim to bring some good offers from around the world and you can of course visit the free property listings on this site.

Investment Property/Holiday Home for Renovation

This red brick house has the potential to be renovated into a lovely 2 bedroom property with 1900 sqm plot and only a 2 minute walk from the train station. Now reduced to offers around 12,000 Euros.

Bungalow with Field

This sweet bungalow consists of a central hall, 2 large rooms and a small kitchen room with internal sink. In front of the house there is a small garden with vines and fruit trees and behind the house there is a field of 2000 sqm. 

Now reduced to offers around 9,500 Euros and an ideal cheap investment property with the potential to sell of the field separately in the future.

Renovated, Ready To Move Into 2 Bedroom House

This house is owned and lived in by British. It consists of 2 bedrooms, a lounge, storage room, bathroom, kitchen and large conservatory and has magnificent gardens. In order to facilitate a quick sale, the property has been reduced to 59,000 Euros from 69,000 Euros.

You only have to look on ebay or the free listings here to see many properties for sale in Bulgaria and other countries but do ensure you do your research first, check out the country and the area where the property is located, spend at least a few days there and view several properties for sale in a given area.

For more information on the properties featured above please visit TheTravelBug