Buying Property in Bulgaria

by Tina Andlaw

“World Officials predict that Bulgaria´s Property Boom is Set to Last”Many investors are focusing their attention on Bulgaria where some of the most exciting real estate prices are still on offer. With so many temptingly cheap properties still to be found, how could you resist snapping one up? Are you tired of the poor value for money you are getting back home? Bulgaria is the name hot on the lips of many a shrewd British investor, making the most of the great deals still available.There is no doubt that, invested in the right location, good money is now to be made in Bulgarian property and if you decide to invest there.The Facts:1) The average price increase for an off-plan apartment in Bulgaria is currently 50 upon completion.2) Bulgaria broke with Communism in 1989 and has long left its old ideals behind. 3) Investors´ faith is further strengthened by the fact that Bulgaria will join the EU in 2007, with the introduction of the Euro set for 2010. 4) Bulgaria´s infrastructure continues to be greatly improved to serve a huge growth in tourism and its newly privatized industries, all in readiness for 2007. Standards in Bulgaria are well on the way to match those of any modern Western European country. 5) If that´s not enough, economically, Bulgaria is, as you might imagine, “on the up”. Economic growth is predicted by the World Bank to continue by some 6 between the years 2005 and 2006 – further good news for investors.6) The cost of living remains much lower than in Western Europe. A breakfast may set you back £1.75 and a typical 3 course lunch a mere £3.50!7) After intensive investment in tourism over the past 4 years, it´s no wonder foreign tourism in Bulgaria has already increased by 50. Your investment could serve an ever increasing demand for holiday homes in Bulgaria.8) You can travel from London Heathrow airport to Bulgaria in just 2 ½ hours. Holidays For All Tastes:Although not yet the traditional location we Brits dream of for snow, Bulgaria offers some great skiing. There are 3 main ski resorts: Bansko, Pamporovo and Borovets, and property development in all three is in full swing. If you prefer the beach, summer temperatures reach 30 degrees and the non tidal sandy beaches at the Black Sea resorts such as Sunny Beach, Sveti Vlas, Varna and Golden Sands are all popular. Again, there are still many good buys to be found in the coastal resorts. Then, of course, there are historical sites, culture, golf, mineral spas, water sports, mountain trekking, luxury hotels – you name it, Bulgaria has it! How Much Would You Invest?£50,000 could now get you an off plan 2 bedroom apartment in a popular resort. Remember, prices are rising steadily (typical price increase of 50 on off-plan purchases), so you would be well advised to act soon before the prices go up. While shopping for off plan purchases, don´t forget to compare prices with those of already built new properties in the area. If they are no cheaper, then you are gaining nothing from buying off plan.Off plan purchases require little initial investment – anything from 10–30 of the purchase price - so around £5,000 will buy you a deposit on a 2 bedroom apartment. Before final completion, you could re-offer your contract for sale and, like many other investors, pocket a healthy 50 profit. Be careful you are sure of the stance taken by the developer in selling on your off plan contract, as terms can vary. Be aware also that developers normally charge 1-2 to transfer the names on the sales contract, but this is normally paid by the buyer.Rent And Earn More From Your Vacant Property:3 year guaranteed rental agreements are widely available for many of the newly built properties. Management services are also commonplace, so you can effortlessly rent out the property for the time you are not using it. This leaves nothing more for you to do but enjoy your property, and/or sit back and watch your investment grow while gaining valuable income from rentals in the meanwhile.The Bubble Will Burst!People are investing now, while prices are still temptingly low, before the bubble inevitably bursts in 2007.

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