FT: Investors Be Wary of Bulgarian Resorts

Financial Times analysts advise potential property investors to steer clear from Bulgarian resorts regardless of the lucrative prices. Photo by BGNES

Real estate analysts are advising potential investors to avoid Bulgaria's beach and winter resorts, Financial Times writes Saturday.

In an article, titled "Hot or Not Spots" for property investments, Bulgaria and Cyprus are listed among the countries to stay away from when it comes to such investment and advises purchase of real estate in Florida or Brazil.

Here is what experts say about Bulgaria:

"Avoid Bulgaria:

Bulgarian seaside resorts were being promoted at the property investor show, but property analysts say investors should steer clear.

Pre-credit crunch, the country experienced a holiday home boom, with ski resort developments in Bansko and seaside apartments in Sunny Beach, the Black Sea coast resort. But the country is now suffering a severe housing price crash, with a massive oversupply of incomplete developments.

"It remains very risky despite property remaining cheap. The ski resorts have been a disaster and are to be avoided for the foreseeable future," says Lewis."

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