Bulgaria Ski discussion board
buying a house ? beware
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posts : 13 (Beginner)Date : 07-05-04 10:02buying a house ? beware
We have been looking at buying a property in Borovets for some time now, but keep coming up with a major problem. The Bulgarian govt are apparently going to be redeveloping Borovets and the latest rumors from there are that up to half the restaurants are to go, and the current owners /lease holders are facing a lot of uncertainty. How certain am i of these rumours? well they come from the horses mouth, we are fortunate enough to have quite a few friends there, and this has been going on for ...
We have been looking at buying a property in Borovets for some time now, but keep coming up with a major problem. The Bulgarian govt are apparently going to be redeveloping Borovets and the latest rumors from there are that up to half the restaurants are to go, and the current owners /lease holders are facing a lot of uncertainty. How certain am i of these rumours? well they come from the horses mouth, we are fortunate enough to have quite a few friends there, and this has been going on for some time. Now the really BAD news. The main stumbling block for us buying a property, and im talking in the resort now, is the question of who actually owns the land, a lot of property has been sold on land that only has a few years lease, and will revert back to the govt. Whilst you can own the property you wont own the land!!! And on reversion anything could happen including losing the property or facing a large large bill for a new lease. Please be very careful if considering this option. Feel free to send me any queries
all the best
FRaser and Sarah
all the best
FRaser and Sarah
re: buying a house ? beware
There is land available to buy though in Borovets, 'from the horses mouth' although being in the right place at the right time is a totally different matter. My understanding is still very much its not what you know but who you know. And then in Bulgaria how much influence these people then have.......re: buying a house ? beware
true, but its the ownership of 'said' land thats in query, you can buy as much as you like, just doesnt mean youre going to own it. Title is very hard to prove, and thats why there is a lot of confusion at the moment, it really is a case of 'caveat emptor'. If the govt really are considering large scale redevelopment of the resort then a lot of land will be 're aquired' and not just from foriegn investors either.re: buying a house ? beware
we were told by Kiril who owns the Blue Bar that all the land in Borovets is actually classed as some kind of national park, you can't buy any land at all, just the buildings. Kiril owns the Blue Bar building but he has the land surrounding it on ten year lease and then it reverts back to the government. we would love a have a ski chalet there but it was proving difficult - Kiril told us to get someone Bulgarian to do the negotiating for you as they automatically charge much higher prices to ...
we were told by Kiril who owns the Blue Bar that all the land in Borovets is actually classed as some kind of national park, you can't buy any land at all, just the buildings. Kiril owns the Blue Bar building but he has the land surrounding it on ten year lease and then it reverts back to the government. we would love a have a ski chalet there but it was proving difficult - Kiril told us to get someone Bulgarian to do the negotiating for you as they automatically charge much higher prices to foreigners. Any tips welcome though!
Allie
Allie
re: buying a house ? beware
my company just spent two years and $5m buying some land in equatorial guinea (west africa) so they could build a new base. the government there has announced the site of a new capital city that will be right on top the land we bought. well i found it funny even if no-one else did...re: buying a house ? beware
Allie, I think youve got the problem, the land is owned, but the well wed call them forestry commision i suppose, and the govt are still fighting each other over the land ownership, but your right you cant own the land at present, and a lot of people whove purchased there dont realise this. It was meant to have been sorted by the spring, but still hasnt been resolved. Weve been looking for some time for a chalet and or a restaurant with some friends, but are very wary about getting our ...
Allie, I think youve got the problem, the land is owned, but the well wed call them forestry commision i suppose, and the govt are still fighting each other over the land ownership, but your right you cant own the land at present, and a lot of people whove purchased there dont realise this. It was meant to have been sorted by the spring, but still hasnt been resolved. Weve been looking for some time for a chalet and or a restaurant with some friends, but are very wary about getting our fingers burnt. Looks more likely well settle for France now, dearer but more transparent
all the best
all the best
