Reasons to buy Bulgarian property
Bulgarian property investment is big news in Europe. Last year alone, some 23% of the 220,000 officially registered Bulgarian property deals were made by foreigners. Many of these were probably attracted by the investment potential of property in Bulgaria.
And no wonder. Bulgarian property prices rose by an estimated 40% in the last two years, and are forecast to increase by 10-15% during 2006 and into 2007, yet they remain among the lowest in Europe. Such excellent returns make Bulgarian property investment an attractive financial proposition, whether you are looking for sun or ski holiday apartments and chalets or seeking to retire to a traditional property in Bulgaria´s peaceful and beautiful countryside.
Whatever your motive for buying overseas, here are some reasons to consider buying Bulgarian property….
Booming tourist numbers are great news for owners of property in Bulgaria
Having hardly registered on the tourism radar only a decade ago, Bulgaria is a booming visitor destination with tourist numbers growing at an estimated 60% year on year. All the major British tour operators now have a presence here. As tourism grows, rental prices of property in Bulgaria are expected to increase. Greater awareness of the country will also raise the numbers of people seeking to make Bulgarian property investments, either for second or permanent homes, which will help to stimulate a resale market.
Imminent EU membership will boost Bulgarian property investments
Much of the current boom in Bulgarian property investment is linked to the country´s imminent accession to the EU. This is scheduled for 2007/2008 but may be delayed. Construction costs, sales prices and incomes from property in Bulgaria are all expected to jump after membership is confirmed. It will also relax the current requirement for foreign buyers of property in Bulgaria to form a limited liability company before they can buy land.
The growing economy will create a new generation of Bulgarian property buyers
Bulgaria´s economy has improved significantly in recent years and is forecast to grow by over 5% in 2006. Foreign investment is flowing in and will increase conspicuously with EU membership. This will create new employment opportunities and have a positive impact on the prosperity of locals. Wealthy locals are likely to become a new market for Bulgarian property investment in the future.
No-frills flights will make visiting your property in Bulgaria easier and cheaper
Only three hours from most UK mainland airports, the first no-frills flights to Bulgaria started in summer 2006 and more budget airlines plan to introduce routes after EU membership is confirmed. These developments will bring an even greater boost to tourism as well as benefitting owners of property in Bulgaria who fly back and forth regularly.
And to top it all, Bulgaria´s costs are about 30% less than in the UK!
As everyone who visits or retires to Bulgaria is happy to relate, costs of most everyday items are about 30% less than in the UK. Labour costs are also appealing low for anyone intending to renovate or let out their Bulgarian property.
So that´s five good reasons for investing in Bulgarian property
Bulgarian property investment looks likely to produce lucrative returns. Entry prices for property in Bulgaria are low but rising, and the country´s huge tourism potential is just beginning to reach the mainstream. Whether you are seeking a new life or a holiday home in an emerging destination, Bulgarian property could be just what you are looking for.
