Overseas property bargains galore

Whether one is looking for a chic city retreat or a rural renovation project, emerging markets have something for everybody.

Traditionally, Brits looking to invest in foreign real estate have concentrated on southern Europe. Property in countries like Spain and France was once viewed as cheap, easily accessible from the UK, and guaranteed to provide a good return on initial investment. But booming house prices in southern Europe, coupled with the predicted property slowdown in both France and Spain, has led British buyers to look elsewhere.

With the European Union seemingly always looking to expand its membership, a good deal of money is set to pour into countries like Bulgaria, Turkey and Montenegro over the next few years. Not only do places like these represent excellent investments, these also possess stunning scenery, rich historical backgrounds and, in many cases, delightful weather. But how cheap can properties be purchased in some of Europe’s less trodden corners?

Bulgaria

With all the hype that has surrounded Bulgaria over the past few years, one could be forgiven for thinking that the chance to purchase a bargain-priced property in the country is now a thing of the past. However, this is far from the case. “While prices in the most popular areas of the Black Sea Coast may have soared in recent years, there are still many areas where the £15,000 that would have bought one a beachfront property in an area like Sunny Beach as recently as two years ago. Anywhere where the tourist industry will flourish is still a bargain area in which to buy and away from Bulgaria’s traditional seaside resorts tourism is only just beginning”, explains Phil Grimes of Select Property Overseas.

While the country’s ski resorts, particularly Bansko, offer buyers reasonably priced property, areas like Veliko Turnovo could also be worth closer inspection. Although Grimes says that this city is yet to become ‘investor-friendly’, he does point out its increasing popularity with expats. Veliko Turnovo, located in central northern Bulgaria, is one of the country’s oldest settlements and was the nation’s capital before Sofia. Its unique culture and varied history – the first traces of human presence in the city dates back to the Bronze Age – is slowly starting to attract more tourists. This in turn, could eventually lead to a flourishing property market in the city. At present one could realistically expect to pay as little as £10,000 for a one-storey property located just outside the city.

Should one wish to buy on the coast though newly-built villa developments in even the most sought-after resorts can be found for around £40,000 although such developments are becoming rare. Bulgaria does offer plenty of cheap properties, but it is important that even the most scrupulous of bargain hunters does not get too preoccupied in how low the price of a particular property is, especially if one is viewing it as an investment, advises Grimes.

“Anything is only worth what someone else is prepared to pay for it”, he warns. “Investors who find a bargain that is ‘too good to be true’ may find the truth in this statement when they come to try and sell it. The process of re-selling is an important part of buying and is often overlooked by investors who get caught up with how cheap a property is and don’t properly consider the reasons why this is the case. In order to re-sell an investor needs to find a buyer who has a reason to buy their property in Bulgaria at a price that is acceptable to the seller”, concludes Grimes.

With Bulgaria set to join the EU, it is primed to be officially declared a member state on 1st January 2007 along with Romania. It is anyone’s guess as to how long property prices in Bulgaria will remain so low. But for now, at least, a Bulgarian bargain is still very much obtainable.

Posted on: Bulgaria

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Overseas property bargains galore

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