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, Nestlè(c) 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!
Bulgaria Property To Buy
Why here? It's not just the good value of the land. Take a walk through a blizzard in Sofia, the capital city, like I did last winter. The snow is falling thick and fast and cars fly past me down the boulevard seemingly trying to break the world land speed record. Realising that I have a free afternoon I turn my head and through the falling snow and over the rooftops I can make out the looming white shape of Vitosha mountain. Let's time this. Forty-nine minutes later I am looking down on the city with a snowboard attached to my feet flying down the mountain at death defying speed. What a place to live; work in the morning, snowboard in the afternoon. A lazy countryside, yet more rugged mountains and quaint villages lie a few kilometres beyond. Beaches stretch along the coast further out.
Of course there is more to Bulgaria than a few mountains and beaches. The countryside is varied and spectacular, littered with pretty villages. The people are warm and friendly and will invite you to drink a rakya with them, not caring that you don't speak a word of each others language. On semi-major roads it is not uncommon to see a top of the range BMW overtaking a horse and cart. Eating out in a fresh seafood restaurant is cheap and the fresh fruit you find at road side stalls along the highway is some of the most delicious I have ever tasted. The country is also a major exporter of quality wine.
This mix has become a magnet for discount holiday seekers, and the Bulgarian property dealers - like myself - that follow. The Bulgarians have risen to the occasion, dropping what they're doing and setting out their stalls to sell any property that they can.
Of course it wasn't just the hot Bulgarian properties that put me in competition with the locals. On my way back from a reconnaissance in June 2004, I arrived early to the airport to be in plenty of time to reserve my favourite window seat. To my utter dismay there was no window on my aisle and I was lumbered with a ?wall seat.? The Bulgarian girl next to me found it amusing, commenting ?nice view!? Within 3 months we were living together in Sofia. Three more months and we were married. Daniel Brailsford was born 5 months after that. Fast work.
So I went online with everyone else and found many punters would prefer a cheap little cottage set in beautiful mountains or seaside areas. However, due to decrepit properties that often are worth nothing more than the land they are built on, money may be spent better elsewhere. Many of these rural Bulgarian properties have ownership complications hanging over them to boot not to mention being nigh on impossible to get to during some of the most brutal winter months. It became apparent that new-built developments are a far more sensible Bulgaria property investment.
The capital is one destination many foreign investors are missing. While the coastal market has grown at an unnatural rate, and this may be of concern to the speculator, a capital city is the fairest measure of the true nature of a property market. Bulgaria will join the European Union in 2007. This will further cement stability and lead to further investment on all levels. All this combined and you have the perfect ingredients for steady and sustained urban market growth. It isn't a bad investment for those willing to up the stakes and gamble on an apartment in the capital, especially new construction.
All things considered, in a foreign country with different laws and language it's foolish to embark on anything without a good lawyer. English nationals can register a Ltd. company in Bulgaria when purchasing the equivalent to an ?English freehold? of land, or property with land attached. The law will change in this respect to bring property ownership in line with other European countries. When land is not part of the parcel - for example when purchasing an apartment - company registration is not necessary to gain freehold of the property. The daring are not finding these things to be much of a barrier.
The tricky thing is finding a trustworthy agent among the crowd, and that is where new investors in the region are stumbling. With my father as a former estate agent now specializing in surveying and having worked for him within the constraints of professional rules and ethics, with a civil engineering degree under my belt and construction experience, I was more than a little shocked at what I found in the Bulgarian property market. Enforcement and good professional associations have not cleaned up the mess that high demand is spurring.
I spent a few months working with a Bulgarian estate agency of questionable ethics and following a failed coalition with some other wannabe estate agents, I discovered anyone can be an estate agent here and have heard various stories of people being considerably mislead. That's not to say that all agents are sharks, but it does pay to shop around.
Unfortunately there are no numbers, nor a professional watchdog to say how much of this money might find its way into dubious transactions, but English investors might do well to check out their potential agents before leaping into the market. If regulation of the Bulgarian estate profession can be implemented, perhaps through EU accession everyone will be better off. If it all works out, more Britons will be flying the flag in the balmy Balkans, broadening the pool of pub-goers, and just maybe walking with a Bulgarian wife hanging off their arm. The Bulgarian property I can find for you; a wife you have to find yourself.
Tom Brailsford has sinced written about articles on various topics from Property Investment. Thomas Brailsford has a degree in Civil engineering from Manchester University, with experience in surveying Project management and real estate on the UK market. Currently Managing Director of Imotite OOD specializing in. Tom Brailsford's top article generates over 880 views. Bookmark Tom Brailsford to your Favourites.
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