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Recently the Bulgarian property market has been one of the strong favourites amongst emerging market investors. The country has a myriad of different property offer but 3 main areas and strongly promoted to British buyers.
Firstly there is the capital city Sofia where ancient buildings sit alongside the more somber construction of the communist era. Sofia has a history that dates back over 3000 years but the latest Bulgaria property investor are more interest in the future years and what that will bring for investor in Sofia property. Average Bulgarian properties in the capital city are offered for prices around 950 euros per m2. One and two bedroom apartments in Sofia can be purchased for 40,000-60,000 euros.
The next popular choice for investors is the mountain ski resorts of Bansko and Borovets. Here the ski resorts are expanding rapidly and investors and betting on the continued strong growth in Bulgarian tourist numbers. Experts agree that property in Sofia and also Borovets is a good long term bet, however they are less confident about the 3 investment option – The Black Sea coastal resort.
Here there was been serious overdevelopment and most Bulgarian real estate experts advise that there is now an over-supply of property along the Black Sea coast. If you really want to purchase on the coast it is recommended that you pick only top quality properties in the best locations as these will do best when the inevitable shakeout comes.
Whatever you do it is strongly advised that you seek out a professional estate agent and do not deal with small time local brokers as they have a history of not checking the property title correctly and this will cause trouble late. Always take a lawyer to advise on your contract and sale process.