Bulgaria has gained a great deal of press recently as being a
location ideal for property investment. Much of the information
relates to the rapidly growing Black Sea coastal resorts.
The Black Sea area, as a coastal holiday destination, is seen as
among the best in Europe and possibly even in the world. Bulgaria is
ideal for families, as the sea is renowned for being hospitable for
swimmers and paddlers of all ages and abilities. The sea is calm and
clean with gently sloping beaches, allowing for easy access and safe
shallow bathing. As well as being particularly calm and inviting,
the Black Sea is also half as saline as the Mediterranean.
Water temperatures in the area are extremely favourable. With more
than 240 hours of sunshine during the months of May and September
and an impressive 300 hours of sunshine in both July and August, it
is hardly surprising that the temperatures rarely drop below 17
degrees Celsius and are often closer to 25 degrees Celsius.
Anyone looking to invest in a coastal property will not be short of
choice, as the coastline extends for more than 378 kilometres and
offers a wide range of property opportunities. The fastest growing
areas are currently the luxury four and five star resorts with
well-appointed apartments, although there is also no shortage of
village- style properties for purchasers looking for something a
little different.
Resorts
As a foreign purchaser, it is most likely that you will head towards
the large resorts that offer financial benefits and excellent
infrastructure. The most notable of the resorts are Golden Sands,
Albena, Sunny Day, Sunny Beach and Dyuni Holiday Village. All of
these offer the ideal holiday base and most include sports
facilities, a wide selection of entertainments and family-friendly
hotels and restaurants.
Other resorts that are well worth a visit include Kiten, Sinermorets
and Shabla. These are smaller resorts that may not offer the same
extensive facilities but nevertheless have the benefit of a
relaxing, quiet stay away from the mainstream tourist trail. An
advantage of purchasing a property in these resorts is that many of
the holidaymakers will rent such properties for several weeks, thus
reducing the costs of servicing your property.
Prices and Rental Prospects
Prices on the Black Sea coast have sky-rocketed, recently, and this
is likely to continue when Bulgaria joins the EU in 2007. A one
bedroom apartment in Golden Sands could cost anything from around
20,000 Euros upwards, depending on the facilities that the
individual property offers.
One of the huge advantages of purchasing in this area is the
structure that exists for the rental market. Many of the developers
are acutely aware that most of their clients will be looking to rent
their new apartments to tourists, during the peak months, in order
to recover a healthy profit. With this in mind, there are a wide
number of guaranteed rental schemes in place, which offer investors
the security of knowing what their return will be for the first year
or so. When looking at these schemes, it is important to conduct
your own independent research, as the guaranteed return may not be
similar to what you would achieve in the long run, when the
guaranteed period ends.
Pay
particular attention also to issues such as servicing costs.
Amenities including pools and indoor entertainment areas are a
wonderful selling point to tourists; however, they do come at a
price. If you are planning on using the company from which you
purchase to let and manage your property, you should be certain that
you obtain exact details of communal expenses. A management company
will invariably take a percentage cut on your rental income; find
out if this cut is taken before or after such essential costs are
paid.
As with all foreign purchases, it is vital that you obtain
independent legal advice; this is particularly important when buying
off-plan or using just the one company as vendor, rental agent and
management company.
The Black Sea is tipped as the
next Costa del Sol, which doesn’t seem impossible; however, make
sure that you do not get caught up with the holiday atmosphere and
end up parting with more cash than you ever intended!
About The Author
Providing essential information on buying Bulgarian property,
Tem Pearson is dedicated to offering all the necessary information
for people looking to buy property in Bulgaria. Visit
www.buying-property-abroad.info/Bulgaria for full details.
©2006.
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