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Huliq.com: The Bulgarian property boom shows no signs of slowing |
Rise of real estate prices in 2007 was between 20% and 30%.
The Bulgarian property boom shows no signs of slowing; but Bulgaria's expected adoption of the Euro in 2011 means investors need to move quickly to snap up the best deals. Bulgaria's recent ascension in to the European Union has vastly increased its attractiveness to British holidaymakers as well as investment property buyers, and real estate experts predict an even greater demand for property when Bulgaria adopts the Euro in 2010.
Bulgaria's recent ascension in to the European Union has vastly increased its attractiveness to British holidaymakers as well as investment property buyers, and real estate experts predict an even greater demand for property when Bulgaria adopts the Euro in 2010.
Investors are particularly interested in Bulgaria as it is believed the European Union money will be spent on improving the country's infrastructure. Bulgaria has also seen a great deal of political reform since its former communist dates, and the government has shown solid commitment to economic improvements, with GDP growth the highest in Eastern Europe.
The growth in economy has also caused vast escalation in the land values, which have risen from just 20 euros/ square meter, to around 350 Euros in some places. The promise of high profits has lured many from Britain, Ireland and Russia to buy ski and beach chalets, which can be purchased for a fraction of the price of similar properties in more traditional holiday haunts such as France, Spain, Austria and Switzerland.
The high price of UK properties and the recent rises in interest rates have also led UK investors to search further a-field for better deals on real estate, and again property investments in Bulgaria have come up trumps. The country continues to excite investors as it is an emerging market that currently offers property at prices that are not obtainable in other parts of the world. It's possible to pick up property for as little as 30,000 Euros, a sum which would buy little more than a garage in the UK.
The fact that prices are steadily rising and are predicted to continue to do so means that investments in Bulgaria provide excellent return on investments, especially if money is spent purchasing property in areas that are predicted to rise in popularity over the next decade or so.
Tourism in Bulgaria is steadily on the rise, with numbers increasing by 50% between 2000 and 2004 - which is the fastest growing tourist trade in Europe. This popularity helps to ensure good rental potential, especially for property located around popular Black Sea resorts and ski resorts such as Bansko and these areas provide a strong buy-to-let environment for investors.
The fact that Bulgaria is well connected to the UK via low cost airlines has also aided its desirability as both a holiday destination and investment area; flights leave from London Stansted and land in Bulgaria's capital Sofia, taking around 2.5 hours, and there are rumours of more routes opening in the not too distant future.
With so much on offer for both tourists and investors, it's little wonder that Bulgaria is the gem of the Balkans.
