Contrary to recent rumours that the Bulgarian real estate market is not so attractive to foreign investors any more, Andrew Regan, a Scottish online freelance author, comments that the Bulgarian real estate boom shows no signs of abating. “Bulgaria’s expected adoption of the Euro in 2011 means that investors need to move quickly to snap up the best deals. Bulgaria’s recent accession to the European Union has vastly increased its attractiveness to British holidaymakers as well as investment property buyers. Bulgarian real estate experts also predict an even greater demand for Bulgarian property when Bulgaria adopts the Euro in 2011,” the author said.
Investors are especially interested in Bulgarian real estate, as it is expected that EU money will be spent on improving the country’s infrastructure. Bulgaria has seen a great deal of political reform since the Communist era, and the government has shown solid commitment to economic improvements, with GDP growth the highest in Eastern Europe. Economic growth has also caused a vast escalation in land values, which have risen from just 20 euro a square metre to around 350 euro in some areas. The prospect of high profits has lured many individual and business investors 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 areas 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 widen their search for better real estate deals. Bulgarian real estate continues to excite investors as it is an emerging market that offers real estate at prices that are unobtainable in other parts of the world. It is still possible to pick up a Bulgarian property for as little as 30 000 euros, a sum which would buy little more than a garage in the UK.
Rising prices – and the likelihood of this trend continuing – mean that investments in Bulgarian real estate provide excellent returns, especially if the Bulgarian properties are bought in areas that are predicted to become more popular over the next decade.
Bulgaria’s connection to the UK via low cost airlines has also added to its appeal as both a holiday destination and investment area. Flights from London Stansted to Sofia take around three hours. More routes are expected to open up soon.
Source: PropertywiseBulgaria