AboutLyndon Sheehan Expertise I have lived and worked in Africa, Ireland, England, Spain and now Bulgaria.I am managing director of the Easy Realty Group,we are property developers and agents. Hopefully I can answer on all things relating to this, relocation and living here,purchasing property, building, planning, solicitors, schools, pets, living costs, etc.
Experience Extensive experience, my work involves most of the above, and I live here.
Expert: Lyndon Sheehan Date: 8/10/2007 Subject: buying a property in europe
Question Dear Lyndon,
I have about 170 thousands dollars in my saving. and I am thinking seriously in using this money to invest it for the next ten years in buying property in europe (specially in eastern europe, i.e. Bulgaria, Romania, Portugal, Poland or Cyprus) as the recent research shows them to be favorable places for investment. I really need a good advice on this matter as this is the first time for me to invest in my savings. do you think its better to buy properties in three or four countries, or do you think I should put most of the money in one place?? and is there any particular place that you would recommend me to buy in?
thank you for your time,
aziz
Answer Hi,
Re countries, only 125,ooo euros eliminates Cyprus and Portugal.
Poland has cheap property but limited rental prospects and the rentals can make a big diference to your potential returns.
Romania has a long way to come infra structure wise, property very cheap but once you visit you can see why.
So, Bulgaria, new roads with all of the EU money, new airlines queueing up to get permission to fly there. Lots of the younger population speak english. Cold winters (skiing), long hot summers (35C and more from june 'till october) and a warm Black sea all give excellent rental returns.
Property in different countries is ok if you've got nothing else to do but hop from country to country.
Stay away from old property, whatever you're told about renovation costs they will triple by the time you're finished and when you're done you can't rent it. With 125,000 euros you should buy one property as good as you can get. The capital growth will be better (in Bulgaria about 25%-35% at the moment on good property). Stay away from blocks of 50 apartments and more (the smaller the better). For example if there are 200 on your block and in a years time the builder still has 30 to sell he will undercut your selling price every time making your chance of profit negligible.
Send me an email address and I'll get some details sent to you, lyndon@hotmail,com
