Impoverished Foreigners Sell Bulgaria Black Sea Properties

Impoverished Western Europeans are reported to have been forced by the crisis to sell their holiday homes in Bulgaria cheaper than they bought them. Photo by BGNES

Impoverished foreign citizens have started to sell the properties they recently bought along Bulgaria's Black Sea coast.

Because of the economic crisis that has affected them, Brits, Germans and Scandinavians have begun to list their holiday homes for sale at what is described as "scandalously low prices" by the real estate agencies in Bulgaria's Black Sea city of Burgas, cited by BGNES.

For instance, a studio apartment in the town of Sozopol bought for EUR 90 000 in 2008 is now on sale for EUR 40-50 000. A two-storey house in the city of Burgas can be bought for about EUR 50 000, which is a substantial decrease from last year's prices.

 

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