Bulgarias Booming: Investing in That Eastern Promise

by : Elisha Burberry

With property prices going through the roof in the UK, many people are now looking further afield to realise a dream of owning their own property.

Indeed, with the European Union opening its boundaries to even more countries, this has led to a property boom that extends way beyond the cliched European holiday-home hotspots. Eastern Europe is currently bustling with real estate ventures and, as with anything, it's best to get in early to maximise long-term profit potential.

Bulgaria, especially, is ripe for property investment. And, unlike places in Western Europe such as Spain and Portugal which are reaching saturation point in terms of foreign investment, Bulgaria offers a great opportunity to buy quality but comparatively inexpensive real estate.

One of the most appealing aspects of Bulgaria is its diverse landscape and climate. From the Alpine, snow-capped mountains in the west, to the miles of beautiful sandy, sunny beaches on the Black Sea coast in the east, there are a range of opportunities on offer from skiing and snowboarding at one of the many ski resorts, to sunbathing and water sports. Furthermore, Bulgaria is now firmly on the budget airline agenda, with regular flights from a number of UK airports taking around three hours to arrive in the capital, Sofia.

The diverse activities on offer and increased accessibility have led to a vast increase in demand from holidaymakers to rent property in Bulgaria, with an estimated 5-million people now choosing to visit each year. And this growth in tourism is likely to persist, as property development continues en-masse, meaning now is the optimum time to buy property in Bulgaria. Property prices in Bulgaria have been increasing by more than 10% each year since 2002 and with Euro membership expected within the next 3 years, this trend can only continue.

Of course, it isn't just investment seekers who look to buy abroad. Many retired people or those who simply want a second home to spend extended periods of the year abroad are now looking beyond the confines of the UK to fulfil their dreams without breaking the bank. And when they aren't staying in the property, they can also earn a little bit of money on the side by renting it out if they wish, and have the property managed by one of the many estate agents dealing with Bulgarian real estate

With rising property prices in the UK, more and more people are looking to buy abroad either for investment or simply to have a second home. As an emerging force in EU tourism, Bulgaria is becoming an increasingly popular choice for holidaymakers, making it a prime location to snap up affordable real estate before the market peaks.