Overseas property investors are just started to realize the potential for winter tourism in the Bulgarian property market. The country is currently one of the top property investment destinations in Europe. The ski resort of Bansko and Borovets have updated their ski facilities and accommodation and are now hoping to bid for the 2014 winter Olympics.
Bulgaria is fast becoming the new ski holiday location in Eastern Europe and Bulgarian property prices are rising as a result, with prices up over 100% in the last 2 years. However prices for property in Bulgaria are still much lower than surrounding countries such as Greece and Slovakia. The market has just started to offer mortgage finance which has lead to a boom in property demand.
Property investors from the UK are turning their backs on the more popular locations of France and Spain and looking for better profit in Bulgaria real estate. The recent article in the Telegraph highlights that that growth of low cost flight to Bulgaria will further drive up investing in Bulgaria. Prices for Bulgarian properties have risen dramatically driven by strong demand from UK buyers trying to snap up cheap properties in a country soon the join the EU.
Joining the EU has convinced UK investors that Bulgaria is a safe investment option although the language and local bureaucracy can be a challenge at times. Property prices in and around Bansko, have increased sharply in the last quarter larger due to their new bid to host the 2014 Winter Olympics. The Ski Club of Great Britain has started to promote both Bansko and Borovets as ski resorts suitable for UK skiers. As a result real estate prices in both locations are rising in line with the increased number of tourists visiting the resorts.
For those investor not so keen on the cold climate of the ski resort, the Black sea coastal resorts are also booming with Sunny Beach being particularly popular. For commercial property investments it is recommended to focus mostly on Sofia and perhaps also Plovdiv.
By buying now in a good location, you can expect to resell your property in Bulgaria at a much higer price after four or five years. Increased availability of mortgage finance will also drive up prices as properties become more affordable for local Bulgarians.
A recent survey in the Times newspaper showed that Bulgarian properties currently yield a 12% return per annum and with ski resort popular both in the winter and summer they offer the possibility of higher returns.
The recommended ski resorts are Borovets and Bansko. Borovets is located in the Rila mountain which hosts the highest peak in all the Balkans. The tree lined slopes offer an amazing winter playground for all type of winter sports. Borovets started life as the hunting lodge for Bulgaria’s king in the 19th century but has developed in a modern ski resort with a bustling night life.
You can also try Bansko the other main ski resort in Bulgaria. It is further from Sofia and located in the Pirin mountains. Whichever you choose the experts currently suggest that you snap up one of these cheap Bulgarian properties while you can.