Balkan bonanza for overseas property seekers?

Romania and Bulgaria finally joined the EU. This recent development will encourage British overseas property buyers to purchase properties in these areas.

With resorts on the Black Sea coast, in the mountains, and the capital Sofia, Brit overseas property seekers have been attracted to the country over the past five years. Romania is following suit. The Black Sea coastal and inland city destinations are drawing in interest from overseas buyers.

MRI Overseas Property reported that even before the two balkan nations joined the EU, 13 per cent of overseas property buyers had already expressed interest buying properties there.

2007 could see more overseas property seekers than ever before make purchases at Romania and Bulgaria with EU accession likely to make the purchasing process easier than it is already. EU accession will also make these countries easier to access. With the Eu on their side, budget airlines like Ryainair and Easyjet will be given more scope to start operating services in these Balkan countries.

“Bulgaria and Roman’s official inclusion in the European Union is a key opportunity for property investment in these emerging markets,” comments John Triton of MRI Overseas Property. “Based on the past history of other Eastern bloc countries joining the EU, where property prices have risen significantly these markets look set to become strong areas for capital growth.

“With major tour operators now increasingly starting to focus on Bulgaria and Romania, the tourism boost will in turn feed the rental market so second home owners have the opportunity to generate a rental income.” Triton adds that the new EU status will benefit the existing and future investors. “We expect growth to continue to increase for several years to come.”

Posted on: Bulgaria

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Balkan bonanza for overseas property seekers?

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