A number of UK investors are already selling the real estate properties on Bulgaria’s southern Black Sea coast that they just bought two or three years ago, reports local news agency.
The news was announced Tuesday by the Bulgarian business newspaper Pari, which cites the manager of the Lux Real Estate Agency Nikola Stoyanov. Most of the UK owners are registering losses as they bought property in the Sunny Beach resort for €1100 per square meter, and are now selling it for €850-900 per square meter.
According to Stoyanov, only the weak pound saved them from losing a lot of money, because they somewhat compensate the difference when they converted the euros into the British currency, which was now weaker than at the time purchase deals were made. Stoyanov also predicted that abandoned construction sites would be seen in Sunny Beach within a couple of years because the re-sale of real estate property was hurting the prices of the newly constructed apartments. (Novinite)