Bulgaria Property Investing The Way Forward

A nyone with any interest in                                         property investment abroad      Tourism is also a growing          would have been hard pushed     industry with approximately 4      not to have heard about the           million tourists visiting, last    potential growth area of              year, an increase of 13.5 percent  Bulgaria. During the last 12          on the previous 12 months.         months, property prices have          Interestingly, last year, the      risen, on average, by around 25       number of British tourists         percent. But remember, this is an     increased by over 60 percent. One  average and some savvy investors      of the main reasons that Bulgaria  have achieved a gain of 100           is so popular with tourists is     percent, in the last year!            that it offers such a wide range                                         of holiday types including, ski,   This is not to say that the           mountains and beach holidays.      market has hit stagnation. On the     This year-round appeal means that  contrary, Bulgaria has a very         tourists flock to Bulgaria every   rosy future with further gains        month of the year, perfect for     predicted. Currently, property is     the buy to let investor.           the fastest growing asset in the                                         country and is still showing          At the moment, foreign             considerable growth.                  individuals are not allowed to                                           own land in Bulgaria. Rather       Bulgaria has become increasingly      confusingly, foreign investors     stable over recent years,             are allowed to own buildings but   economically, politically and         not the land! This will change     socially. The country is going to     when Bulgaria joins the EU in      join the EU in 2007, which            2007, as property laws will have   suggests that property prices         to harmonise with the rest of      will continue to rise, over the       Europe, therefore allowing         coming years.                         individuals to purchase land in    Bulgaria. The relaxation of these     around 60 Euros per square metre.  rules is likely to lead to a          A conservative expert suggests     considerable boom in foreign          that a property could be built     ownership and consequently in         (including the land costs) for     property prices. If you want to       400 Euros per square metre. As     get in before the rush, it is         you can see, the figures           possible to purchase property         certainly stack up if you can      through setting up a Bulgarian        cope with project managing a new   company which costs approximately     build in a foreign country.        £650.                                                                                                          A real winning point that          New build prices in Bulgaria          Bulgaria has to offer is the       currently start at approximately      sheer variety of resorts. Beach    £20,000 for a brand new studio        lovers will be delighted with the  apartment; up to £120,000 for a       choice of resorts, namely Albena,  luxury three bed apartment with       Golden Sands, Sunny Beach and      superb views. Individual              Duni. Bulgaria has a Black Sea     properties that require               coast that is served by two        renovation vary dramatically in       airports, Varna and Bourgas. It    price and vendors are often up        is the beach resorts that have     for negotiation so do your            seen the largest surge in          research and get haggling!            property building in recent                                              years, with most off-plan          Buying land is also a very good       apartments being available on the  way of maximizing gains in            coast.                             Bulgaria. Consider that a new                                            build, off-plan apartment will        As well as the beach resorts,      sell at around 900 Euros per          Bulgaria has internationally       square metre, but that land with      renowned ski resorts, which        planning permission would sell at     double up to offer wonderful       mountain hiking opportunities,        large international companies are  during the summer months. The         investing in Eastern Europe, due   Balkan Mountain range is the          to the cheaper yet dedicated       backbone of Bulgaria and offers a     workforce. More jobs mean more     range of ski resorts for both         employees requiring central        beginners and experienced skiers.     accommodation, a dream for         Bansko is currently considered to     property investors.                be the main resort; however,                                             there are many other smaller          Bulgaria has so much to offer the  resorts to choose from, should        international property investor,   you want to get off the beaten        with something for every taste     track.                                and budget. With a wide range of                                         resorts and a growing economy,     Sofia is the capital city of          Bulgaria justly deserves a second  Bulgaria and offers wonderful         look!                              investment opportunities. Many                                        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. Read more articles by: Tem Pearson This article is distributed by: www.iSnare.com