It is hard to avoid the topic of Bulgaria property, these days. It
seems that you can purchase a spectacular mansion for little more
than a month’s salary. But is all of this fact or fiction? Surely
the whole thing seems simply too good to be true?
Actually, Bulgaria has well and truly earned its reputation as the
hidden gem of Europe. Last year alone saw property prices increase
by an average of 25 percent, with some of the fastest growing areas
seeing rises of over 100 percent.
So have you missed the boat?
Absolutely not! Many experts believe that the best is yet to come
for this magnificent country.
Stability
One of the main reasons that Bulgaria has suddenly been seen as the
place to invest is that it has achieved considerable stability,
politically, economically and socially, in recent years. So much so
that Bulgaria is set to become a member of the EU in 2007. Entry
into the EU is likely to add fuel to the housing and tourist market,
with foreign investors being able to purchase property directly,
instead of having to purchase by setting up a Bulgarian company, as
is the case at present. Those looking to buy in the country should
note that there will be a considerable transition period and
purchasing directly will not be available, immediately. Prices,
however, are likely to begin rising, particularly from 2007 onwards.
Natural Surroundings
Bulgaria has one of the most varied terrains of all European
countries. Most noticeable is the extensive Black Sea coast which
has attracted a great deal of interest recently, with literally
hundreds of opportunities for investors looking for a luxury
beachside apartment at minimal cost.
As well as the traditional beach offerings, there are also some
sprawling country areas that are practically untouched by modern
technology, offering purchasers the possibility of a real bargain to
renovate or a tranquil escape from contemporary living.
Skiers are also incredibly well catered for, with some of the best
pistes in Europe, not to mention one of the longest skiing seasons
in the world. When skiing is over for the year, the mountain areas
offer wonderful scenery and a refreshing break from every day
pressures.
Economic Investment
Another driving issue for Bulgaria is that international companies
such as Kraft, Nestlé and SAP are starting to invest heavily in the
country. These large companies benefit from a qualified workforce at
a fraction of western costs, in the country’s capital, Sofia. As a
result, employment is at an all time high and prospects are
improving, every month, for the younger generation.
This increase in employment opportunities has led to a very healthy
rental market for upmarket city apartments.
Tax advantages are also huge in Bulgaria, with some of the lowest
taxes in Europe driving investment and growth.
Tourism
Of course, one of the driving factors in terms of rental potential
is always going to be the tourist market. Last year, westerners
quite literally flocked to the country to take advantage of the
cheap costs of living and speedy transport links. Bulgaria boasts
four international airports, all of which allow easy access to most
parts of the country. A flight to Bulgaria from the UK takes, on
average, less than 3 hours, making a quick getaway a very real
option.
Travel companies are also flocking to the area, due to the country’s
cheaper labour costs and favourable climate, meaning that they can
offer luxury holidays at rock bottom prices.
Traditionally, the only real downside of investing in Bulgaria was
the risk of instability. With EU accession imminent, however, it
seems that this worry has all but disappeared.
As a politically and economically sound country, Bulgaria seems to
be very much on the up.
Investors would be wise to give this hidden gem careful
consideration!
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.
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