Bulgaria is turning into a black hole for some

The IT is getting very snooty, for an organ that wrote many articles cheering on the canny Irish investors in Bulgaria.

That reminds me of the property porn show a few years back where some shill was flogging apmts in Bulgaria saying it was a great up and coming place and that locals were crying out for high quality apmts to rent.
The camera pans than to the background and you see this old fella with a donkey and cart walking by. That should have sent alarm bells off for most people.
It still makes me laugh, my mates saw it too and we always joke if that fella and his donkey ever got his 2 bed in Bansko.
Have to say theres some nice looking Ass in Bulgaria.

That reminds me of the time when travelling in the states I happened upon a National Geographic magazine and there was an article about Ireland…Inside was one of those John Hinde type pictures of Ireland with the typical Irish scene… A Farmer in the west with his ass and cart loaded up with turf… The caption said “A typical Irish peasant” I kid you not… :frowning:

While historically there were part of the Eastern Bloc, patently Poland is not Bulgaria, Budapest is not Sofia.

It is lazy and simplistic journalism to lump “The Eastern Bloc” together with Bulgaria.

Hey don’t you have an investment property in “The Eastern Bloc”

IT uses Clowen defence.

“We knew all about Bulgaria but we got high.
We were going to warn our readers, but we got high.
Now their money is all gone and we know why.
Because we were high
Because we were high
Because we were high”

The possibilities with this “We got high” thing are endless.
MadPad, you’re a genius.

-Rd

The clue is in the article…

I dont think its possible to over-emphasis the importance and accuracy of this post.

Absolutely spot on.

Yes I do.
I purchased a 1 bed studio in district 7 for 55K in late '03.
It has been rented out continuously every month since at a gross yield of ca. 300e
(its located between 2 universities)

I could probably shift it now for about the same price or take a 5K haircut if I was in a rush.

In contrast my mate got greedy and purchased a lovely apartment for > 100K in Uri Utca (the equivalent of Grafton St).
He was focussed on capital appreciation instead of rental yield.
While it looked good value it is a sh*t renter - he will probably have to sell it and take a serious haircut (20-30%)

Do I regret my purchase ?
That depends - I would have done much better buying in Belfast, but on the other hand had I invested in Irish property or bank shares !?!?!

Anyway, the point is Budapest is a capital city and if you bought in a good location at the right price there is no comparison to buying out in the sticks somewhere.

Aren’t these two statements inconsistent.

And also Harare and Pyongyang are also capital cities, doesn’t mean you would buy property there though, does it?

The following is about British investors in Bansko, but there’s probably a few Irish in there too, and it’s probably happening to other investment schemes as well.
But read the article carefully, the agent is named Rockarch Estates, not Cockroach Estates.

+1

An update to this story: