Bulgarian Property on course for more success

Recent data released by the Bulgarian Government Registry Agency showed that close to 311,000 property transactions took place in the country last year.

Of these purchases it is estimated that roughly a third (103,665) of the Bulgarian property sold during 2006 was snapped up by a non-resident buyer, with Brits accounting for two thirds of the overseas buyers.

Data from the Central Bank shows that the sales of Bulgarian property to overseas residents generated over 2.2 billion levs (approximately £760,000) for the country’s economy - a much needed boost as the country continues to improve its infrastructure.

The fact that Bulgarian property is attracting so many overseas buyers, particularly British, should not come as much of a surprise. In recent years, homes on the country’s Black Sea coast, in the ski resorts, and capital city, Sofia has become increasingly sought after by overseas buyers, who view Bulgarian property as being an ideal investment purchase due to the comparatively cheap costs, steadily increasing capital appreciation, and high tourism potential.

However, rural areas of Bulgaria are also beginning to appeal to those interested in a permanent move to the country - particularly retirees, who could see Bulgarian property snapped up by foreigners not necessarily into investment.

“Countryside properties continue to attract their fair share of overseas interest,” Ivan Bakaltchev of Bulgarian Gateway told World of Property. “Many British pensioners choose to relocate to Bulgaria because of the beautiful nature, quiet lifestyle and low cost of living found in Bulgarian villages. An average house with garden in good condition can be purchased for about £20,000 in a village. With another £10,000-£15,000 spent on renovating and modernising it, the property could make an ideal retirement home,” he added.

The development of some brand new golf courses in the country is another factor which could further enhance Bulgaria’s reputation as a property mecca. The country currently has just three golf courses, but five more are planned to open in the next few years, meaning a range of Bulgarian property will be available close to the fairways.

Once such course is being developed at the foot of the Pirin mountains four kilometres from the Bansko ski resort. Designed by Ian Woosnam, the captain of the successful 2006 European Ryder Cup team, the Pirin Golf and Country Club will be a championship class 18-hole course, and the nearby Imperial Golf Club will boast facilities including indoor and outdoor swimming pools, spa and wellness centre, children’s playground, panoramic restaurant, and café-bar to name just a few.

Bulgarian Revealed is currently marketing apartments in this development, with prices starting from £42,468.
So with improved golf facilities and the possibility of more overseas retirees discovering Bulgaria in the near future, there is every possibly that this time next year data will be released showing that even more Bulgarian property has been purchased by overseas buyers.

Posted on: Bulgaria

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Bulgarian Property on course for more success

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