November 9, 2007
BULGARIAN PRICES SET FOR STEADIER INCREASE
It is predicted price of properties in Bulgaria will continue to soar. However, the rise will be at a slower rate compared to that in the years 2004 or 2005. According to the head of the Bulgarian National Real Property Association, Orin Vladikov, in an interview with the Bulgarian news agency BTA, the increase of prices will be greatly influenced by build-quality and infrastructure. He adds that only very top-end real estates in Bulgaria will reach property prices prevailing in more established European nations.
Bulgaria, a country in Southeastern Europe, is becoming a hotspot for property investors. The country borders Romania, Macedonia, Greece and Turkey. The country’s recent accession to the European Union opens many doors for Bulgaria. Its property market is currently changing for the better.
Posted on: Bulgaria
November 7, 2007
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.
Posted on: Bulgaria
November 3, 2007
Bulgarian Real Estate Market Starts to Mature
Analysts are seeing the maturity of Bulgaria’s real estate market into a slow growth/high quality market, specifically in the residential and office space segment.
A report presented on October 30 by the Oxford Business Group also mentioned that the underdeveloped holiday homes and retail segment remained strong but potential problems persist. According to Andrew MacDowall, editorial manager of the Emerging Bulgaria 2007 report, the less developed retail market in Bulgaria is a function of Bulgaria’s population which is considerably smaller than other neighbouring countries.
Posted on: Bulgaria
October 31, 2007
Where do the experts think will be hot in overseas property in 2007?
Although Bulgaria is gaining so much attention from the overseas property market because of its highly anticipated EU membership, a recent report from investment specialists Assetz says that Bulgaria is not considered to be a leader in the list of the hottest property markets in 2007.
In spite of the fact that Bulgaria will receive its long anticipated accession into the EU, the investment specialists believe that the country’s real estate market will take a hiatus in the next 12 months and that “instant gains are over for the time being”. However, Assetz predicts that investing on Bulgarian homes will still generate huge financial gains.
Posted on: Bulgaria
October 24, 2007
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. read more
Posted on: Bulgaria
October 23, 2007
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.
Posted on: Bulgaria
October 5, 2007
Discovering Bulgaria’s Black Sea coast
Golden sands, Sunny Beach and Varna are not the only destinations on Bulgaria’s Black Sea coast.
Just five years ago Bulgaria’s Black Sea coast was still an unknown destination for Brits looking to spend their holidays away from the UK. Today, however, the merits of the country’s coast are well known. Boasting over 80 miles of gloriously sandy beaches, average summer temperatures which easily exceed 20 degrees Celsius and a cost of living that puts other popular European locales to shame, it’s no real surprise that in a relatively short space of time many of the resorts located along this stretch of coastline have gone from being popular retreats for holidaymakers from former Eastern European communist nations to hotspots for holidaymakers from all over Europe. Brits in particular have found themselves increasingly drawn to the Balkan country. In 2002 just over 100,000 British tourists visited Bulgaria while last year in excess of 400,000 are estimated to have visited the country.
In May, research from currency exchange specialists HIFX revealed that Bulgaria was the third most popular country for Brits looking to buy a holiday home abroad, behind Spain and France, whilst in June investment experts Assetz announced that the country is currently the world’s number one property investment destination, offering investors potential financial gains of 137 per cent in 12 months.
While areas like Sunny Beach and Golden Sands still have a very long way to go before experienceing the sheer amount of development that has occurred in Spain’s Costa del Sol, the scale of work carried out in the most popular Bulgarian coastal resorts in recent years has certainly given these areas enough of a facelift to ensure visitors would now encounter a very different looking place to what they would have as recently as half a decade ago.
Strange as it may seem, given Bulgaria’s status as an ‘emerging’ property market, it could already be wise to start looking at properties on offer in some of the more secluded destinations of the country’s Black Sea coast. Christophe Gater of Bulgarian property specialists New Estate certainly thinks that Brits looking for a longer-term investment bet should consider searching for a home in one of the coast’s less traversed areas. “Like everywhere, in Bulgaria investors have to constantly balance the level of development and quality of infrastructure against the tranquility and unspoilt nature of the local area”, he explains. “Unfortunately, this is hard to do as developed areas have a habit of expanding rapidly. Simply looking at Spain as a model we can see areas that were spoilt by overdevelopment have, on the whole, stayed that way, while areas that took longer to come into the public eye have been better planned and as a result live up to the high market growth rates which are talked about in the media. These are not places where you can make a quick buck, but long-term it’s definitely best to go for places with charm, quality and character”, he adds.
Of course, this isn’t to say that Sunny Beach, Golden Sands and all the other already established Black Sea resorts that are heard of don’t still offer extremely good investment potential. These undoubtedly do. Property prices rose by over 30 per cent in Sunny Beach last year and are expected to grow by a similar amount again this year, while more and more tourists are arriving in such resorts annually, enhancing the rental potential of properties located in these areas. Moreover, Bulgarian newspaper 24 Chasa also recently announced that Sunny Beach ranks highest in the list of the country’s resorts attracting property investment from overseas. Although the paper also warned that some coastal regions already faced problems with construction density. “I think that the Bulgarian coast has all the ‘resorts’ it needs, and that the local authorities will sensibly encourage the development, restructuring and renovation of coastal towns, not create whole new resorts”, comments Gater.
For those who are prepared to gamble somewhat and not follow the crowds, there are a number of lesser known towns and resorts dotted along the Bulgarian coast which have not yet experienced such high development levels, and may just offer the kind of long-term investment potential mentioned by Gater.
Northern notables
“Two of the less obvious resorts for purchasers which are fairly well established nevertheless are Albena [situated 25 kilometres north of Varna – the biggest city on Bulgaria’s Black Sea coast] and St Constantine and Elena [ten kilometres north of Varna]”, says Helen Craig of Bulgaria Varna Property. “The suburban areas and villages surrounding these resorts are very much sought after.” Craig continues, “Both of these resorts were established in the 1960s and were once the holiday areas for the wealthiest of the Russian hierarchy at a time when Bulgaria was still very much under Communist rule. As a result both resorts are now very well established and elegant.”
Posted on: Bulgaria
September 29, 2007
Bulgarian ski resorts are proving popular
One of the strengths of Bulgaria is it offers a bit of everything. The Bulgarian ski resorts are being promoted as having year-round tourism appeal. You could buy off-plan in a Bulgarian ski resort for just one sixth of the amount of say a one-bedroom ski resort in France or Switzerland worth £150,000.
Michael Cain and his wife bought an apartment at The Bell Tower 2 in Bansko not only for enjoyment but also for investment. “Bansko is set for major investment due to its candidacy for the 2014 Winter Olympics, yet it is still a relatively unknown resort. I believe that Bansko has to be the best value compared to any other European ski resort,” said Michael. But with the coming EU membership, buyers might consider purchasing even before the potential staging of the Olympics, and not just for Bansko.
Bansko was a late developer in the 1990s, unlike Pamporovo or Borovets which were purpose-built as ski resorts in the 1960s and 1970s. It was just a small town set at the foot of Vihrin mountain, the highest peak in the Pirin range. But the original town can still be distinguished today, with its winding cobbled streets, traditional stone-and-wood architecture and numerous mehanas (traditional restaurants). read more
Posted on: Bulgaria
September 19, 2007
Rogue Bulgarian estate agents
According to a Bulgarian magazine, properties in Bulgaria have been victimized by several dishonest real estate agents preying on British investors. The Quest Magazine reports that several overseas property investors have been conned to buy real estate at a price that is three times more of its market value. To encourage Brits to invest on homes in Bulgaria, a new campaign has been initiated.
With the campaign, it is hoped that the sale of unregulated land and the practice of exorbitant pricing on deeds will be put to a stop. Dual pricing on Bulgarian versus UK internet real estate web sites will also be prevented by creating a code of conduct in line with European standards. The mission statement for the campaign is “Quest for real estate ethics in Bulgaria; honesty, integrity and transparency”.
“We receive hundreds of emails and letters from buyers, agents and lawyers regarding real estate transactions – the good, the bad and the ugly of what’s been happening,” claims Chris Goodall of Quest Bulgaria. “It is clear there is a desire for change.” Quest Bulgaria is leading the campaign. The group is also encouraging the public to join in the drive. The code also aims to generate support for a non-governmental group in the next six months to align the real estate agency industry.
Posted on: Bulgaria
September 8, 2007
BULGARIAN PRICES SET FOR STEADIER INCREASE
Orlin Vladikov, head of the Bulgarian National Real Property Association, , has predicted that prices in Bulgaria will continue to rise but at a markedly slower rate than in 2004 or 2005. Speaking to the Bulgarian news agency BTA, Vladikov said that the drivers of prices now would be build-quality and infrastructure, pointing out that only very top-end properties in Bulgaria would approach the prices prevailing in more established European locations.
read more
Posted on: Bulgaria
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