Bulgarian real estate prices have increased by 20% over the last 12 months, according to the latest research from London real estate agents. Only real estate in Latvia grew at a quicker pace last year. The growth is put down to increased economy output, improving infrastructure and legal frameworks and of course Bulgaria’s plan to join the EU.
Many UK citizens are becoming disappointed with life in the UK and opting instead to move to Bulgaria where life is easier and the cost of living is significantly lower.
A large percent of these buyers are planning to buy in rural areas, where they plan to settle down and live for their retirement. The climate in Bulgaria is an additional attraction. Some people are even moving their family and children to the new country where they feel there is less of a nanny state and you are free to raise you children in a more open and nature environment.
More than 50% are also choosing older properties which they can renovate themselves and thus save some further costs, although it should be noted that often renovation costs can exceed the actual cost of new construction. Bulgarian property agents expect that this rush to purchase rural properties will drive up prices in these areas by a further 20% in the next 2 years. Their advise to buyers is to always check the property before you sign any contracts and always us a regulated broker.
