Bulgaria investors warned of off-plan risk

Investors who purchase off-plan properties in Bulgaria may find their homes are never completed, one expert has warned.

According to Property Wire, executive director of building firm Green Life Nikolai Pehlivanov stated that low prices at a new site could be an indication that the developer is attempting to sell off a project that may remain unfinished.

Predicting that construction on large projects is likely to remain static for the foreseeable future, Mr Pehlivanov explained that large international development countries are being worst affected by the credit crunch, as they are likely to have invested in complex projects that require large amounts of infrastructure funding.

And he told the news source that buyers looking to make "safe" purchases should concentrate on property surrounding the Black Sea, as it is likely to remain in demand in the future.

In related news today, Quest property magazine stated that cheap property in Bulgaria can still be found, providing investors look away from the "predictable" areas.