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01/06/10 BULGARIA - a major increase in activity in the Bulgarian property market, as Russia's enter to pick up bargains on properties in popular tourist locations
According to reports there has been a major increase in activity in the Bulgarian property market, as Russian's enter to pick up bargains on properties in popular tourist locations.
Bulgaria property has always been famed for being among the cheapest in the world, and as such reports suggested that it would fail to benefit from the bargain buyers currently active in the market.
However, Bulgaria's property market suffered badly from over-supply and sellers outnumbering buyers in the latter half of 2008. Now that almost every European property market has some problems with oversupply or stunted demand, the playing field has been levelled and Bulgaria property has a chance of coming out of the crunch in better shape than it went in.
Bankso has become somewhat of a dirty word in overseas property investors minds, but there are currently a lot of good opportunities on off plan properties in Pamporovo, and other new emerging markets. The coast at Sunny Beach has retained its popularity as a bargain holiday home destination among eastern Europeans.
There are also literally thousands of fixer-uppers in Dobrich, Yambol, Kavarna and throughout the country, priced from £7,000 upwards. These could easily be done up into very rewarding residential buy-to-lets. However, these are very time costly investments and not for the faint-hearted armchair investor. |
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Bulgaria has turned to golf, a sport not too popular in the country until now, looking to attract affluent tourists, AFP reported on February 14 2008
"Without quality golf courses Bulgaria will remain a cheap destination. It will continue to attract tourist flows, but without any major impact on the economy."Bulgaria has turned to golf, a sport not too popular in the country until now, looking to attract affluent tourists, AFP reported on February 14 2008.
"Golf tourism development is very important - the regular tourist usually spends from 50 to 100 euro a day, while the golf tourist would rather spend from 400 to 500 euro," according to Kuncho Kunchev, an investor in the Black Sea Rama golf complex in Balchik, quoted by AFP.
"Without quality golf courses Bulgaria will remain a cheap destination. It will continue to attract tourist flows, but without any major impact on the economy", he said.
Bulgaria's Black Sea coast and its mountain resorts are popular among more "modest" tourists from Western Europe and those from the former Soviet countries. At the same time savvy investors have anticipated Bulgaria's strong potential as a golf destination.
Climate and nature are similar to those in Spain, one of the most popular golf destinations in the world. Only three golf courses are now functioning in Bulgaria, but 15 are in the pipeline. |
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Bulgaria Leads Balkan Property Boom
Twenty years ago, few Brits would have been able to find Bulgaria on a map, let alone tell you anything about the country. Today, hundreds of Brits own property there and thousands more visit this Balkan gem every year.
Bulgaria has undergone an investment revolution over the last decade, meaning that property buyers looking for a good return and a holiday home are very keen to purchase in this former Communist state.
But what makes Bulgaria so attractive to investors; after all, isn't it possible to find similarly priced property in other Balkan countries such as Romania, Croatia and Serbia? Well, Bulgaria has led the way by building a number of high quality residential complexes that are available at low prices, in areas that are very attractive to tourists.
Bulgaria has become more and more established as a tourist destination for the Brits; both in the summer, for the black sea resort coastal regions which have a Mediterranean like temperature and beaches and internationally renowned golf courses; and also as a winter destination to the mountain regions of the Pirin, Rila and Rhodopa which offer skiing from 2000-2500m and have a ski season that lasts from December to May.
Bansko, now Bulgaria's premier ski resort has been well received by British ski tourists who are looking for a great value ski trip which is vastly cheaper than going to France, Austria or Switzerland, and also a more culturally exotic destination. The fact that Bankso is now a well marketed and well known ski resort which is frequently featured in the ski press and national papers means that more and more skiers and snowboarders are heading out there. Bulgaria also has an enviable stretch of coastline along the Black Sea which attracts both holidaymakers and those looking to buy property in Bulgaria alike.
Cheap flights have also assisted Bulgaria's rise in popularity, creating a quick, easy and affordable route for Brits. Demand for real estate is also coming from the increasing number of international buyers who are working for multinationals in Bulgaria's capital, Sofia. This demand is helping to push up the design and build quality of new developments in the city.
As a well-marketed holiday destination with increasing tourist numbers for both winter and summer seasons, newly built infrastructure and cheap, quick connections to the UK, it's no wonder that Bulgaria leads the Balkans by offering one of the best property investments in Europe |
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Bulgaria's residential property market is showing unexpected resilience to the impact of the credit crisis.
Home owners in many parts of the world have reason to worry about the implications of the international credit crunch. In Bulgaria they do not. Bulgaria's residential property market is showing unexpected resilience to the impact of the crisis thanks to investment by east Europeans and increasing numbers of local buyers.
Interest from foreign investors remains high as they are aware that Bulgaria still has the lowest property prices in the European Union, says Michail Chobanov, chief executive of Sofia-based Bulgarian Properties.
Investors from Russia and Romania have started to replace the British and Irish buyers who were the first to put the Black Sea coast and Bansko, a ski resort south of the capital Sofia, on the international second-home map.
"The credit squeeze has had an impact mainly in the US and the UK, while the market in the past six months has been driven predominantly by investors from Russia, Romania, Poland and Ukraine," says Rossen Dimov of Rockarch Estates, a London-based property consultancy.
Russians and other east Europeans, who filled Bulgaria's Black Sea resort hotels in the communist era, are returning as buyers of holiday homes. While no official statistics are available, local estate agents say sales to east Europeans, whether of low-priced apartments or high-end villas in gated developments, have shown a significant increase this year.
"I chose Bulgaria because it's close enough to drive to if I want, and I feel at home - all the older people speak Russian. And it was affordable, unlike the prices here," says Pavel Sinelnikov, a businessman in St Petersburg who bought a two-bedroom apartment at Golden Sands, the second-largest Black Sea resort.
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Bulgaria Europe's Third Biggest Property Hotspot
A new research has ranked Bulgaria as the third most attractive residential investment destination in Europe.
The study carried out by Global Property Guide (GPG) compared several factors, which were judged to contribute to the attractiveness of buying residential property.
Bulgaria came in third with 10.6% gross rental yields, reform on track, low prices, but very high transaction costs on purchase.
Slovakia grabbed the first spot with inexpensive house prices, very high GDP growth, low rental income tax and no capital gains tax on long-term property holdings.
Second came Turkey, whose major attractions are the strong GDP growth and the dynamics of the housing market. |
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2010 has been described as a "realistic date" for Bulgaria to adopt the single European currency.
The year 2010 has been described as a "realistic date" for Bulgaria to target adopting the single European currency.
Use of the euro in Bulgaria could be good news for Bulgarian property investors, as it is likely to add stability to currency exchanges and strengthen the economy as a whole.
The 2010 target was set by Yavor Dimitrov, representative of the Bulgarian National Bank, the Sofia Echo reports.
Mr Dimitrov was taking part in a forum on Bulgarian finance being incorporated into a "united Europe".
During the meeting the National Bank head said that the country''s economy is currently stable and enjoying growth â€" activity that has been supported by widespread interest in the Bulgarian property market.
There are certain factors that still require work, Mr Dimitrov said, such as the acceptance conditions pertaining to the euro and the political aspects of a single European currency.
He expressed hope, however, that when these issues are resolved Bulgaria will be able to make an efficient transition into the eurozone.
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Bulgaria the latest European hotspot for British investors hoping to buy an overseas property.
Bulgaria has emerged as the latest European hotspot for British investors hoping to buy an overseas property, a new report has revealed.
According to Moneycorp's new Foreign Focus Index (FFI), 12 per cent of Brits buying abroad are seriously considering Bulgaria and are spending around 90,000 EUR (61,000) on a typical property.
The popularity of this eastern European country has been attributed to a number of factors including cheap flights, winter skiing and summer sun.
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Bulgaria is as popular as France on the property investment market
Bulgaria is as popular as France on the property investment market, the British magazine "This is Money" claims.
A new report of Moneycorp Company shows that 12% of the investors want to purchase estates in Bulgaria and only 2% more choose France as an investment target.
Bulgaria's popularity has been increased because of its sunny seaside and the development of Bansko ski resort.
The developers from North Britain, West Midlands and Wales prefer to buy properties in Bulgaria because it is much cheaper. |
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More young people than ever are turning to overseas property investment as a more affordable and potentially lucrative investment option.
Steve Langan, UK managing director at Hiscox, said: "More young people than ever before are finding their route into the UK property market blocked and are turning to overseas property investment as a more affordable and potentially lucrative investment option.
"In the 1980s, Yuppies started to push UK property prices up and the signs are that 20 years later the BARBies could do the same for property prices abroad.
"We are already insuring thousands of homes abroad and we are seeing a strong rise in the number of foreign properties being bought."
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