Friday, December 30, 2005 

Property Market in Bulgaria to see Further Growth

Bulgaria’s property market is going to experience further growth in investment next year. An indication of the expected development is the increased number of real estate investment funds in the Southeast European region. Experts said these funds would compete for the execution of projects such as vacation villages, apartment buildings, as well as trade and industrial constructions.
Bloomberg agency reports that in 2005 more property companies have been registered in the London stock exchange than the total number for the past seven years. From the at least 20 funds, seven operate in Bulgaria. The expected EU membership of the country has increased the price of property, Bloomberg reports. Bulgarian experts said more investors will work on major projects in the future, as too many companies already offer vacation villages and apartment buildings.

Source: SofiaEcho

Tuesday, December 27, 2005 

Britons find Bulgarian prices are right for holiday homes

Bulgaria was confirmed yesterday as the hot spot for Britons buying a holiday home abroad.
An industry study, by currency specialist HIFX, shows the former communist state has risen to third most popular destination for foreign boltholes, behind only Spain and France.
Bulgaria leapt ahead of Florida, Portugal, and Dubai after marketing the Black Sea coast for summer holidays and inland mountain ranges for skiing.
The country is currently being touted as the best place to buy, a country where you can get more for your money than in Spain, Portugal, or Greece while enjoying the kind of lifestyle that was affordable in Mediterranean Europe 30 years ago.
With the Black Sea coast averaging nearly 300 days of sunshine a year and a good meal for two with wine costing less than £8, Bulgaria has also been voted the UK's favourite holiday hot spot by First Choice, and the Association of British Travel Agents expects UK visitor numbers to have reached 200,000 this year.
The cheap prices mean it is ideal for holiday home buyers or investors with limited budgets. But when Bulgaria joins the EU in 2007, second home owners can expect the value of their properties to soar.
Bulgaria has been criticised, however, for failing to tackle organised crime. A British man was recently taken hostage there by bogus estate agents, who demanded £44,000 for his release.
Chris Fanos, 59, was picked up at Sofia airport by an Iranian man who had offered to show him property. Instead, he was bundled into a car and driven to a hideout. Police laid siege to the building for 48 hours and Mr Fanos was eventually freed after a gun battle.
The latest study also showed Florida's attractiveness is falling after a year in which the dollar rose against the pound forced prices up in the sunshine state.
Alex Wright, HIFX director, said: "Bulgaria is booming. The resorts are reminiscent of Spain 20 years ago; investors are buying in their droves and there is similar activity in some of the ski resorts."
Jake Mason, from Validus, an international property specialist, added: "Britons are looking at the Eastern bloc countries that have recently joined the EU, such as the Czech Republic and Poland. There are many tax incentives. For example, VAT on new build property is only 5% instead of the normal 19%."

Where Brits are buying property abroad and if the trend is up, down or staying the same:

Property hot spots
Spain - 26% (falling)
France - 24% (falling)
Bulgaria - 8% (increasing)
Australia - 7% (unchanged)
US - 7% (falling)
Dubai - 6% (increasing)
New Zealand - 4% (falling)
Cyprus - 4% (unchanged)
Canada - 4% (increasing)
Italy - 2% (increasing)
Turkey - 2% (increasing)
Portugal - 2% (falling)
Switzerland - 1% (increasing)
Brazil - 1% (increasing)
Others - 2% (increasing)

Source: The Herald - Glasgow,Scotland,UK

Thursday, December 22, 2005 

BBT - real estate in Bulgaria

BBT - real estate in Bulgaria

Sunday, December 18, 2005 

Investment Property Guide in Bulgaria

At present, Bulgaria is one of the least populated European states. Although approximately the size of England, Bulgaria has a population of eight million people. As well as eleven blue flag beaches, Bulgaria has 354 km of Black Sea Coastline, 37,000 km of hiking paths in the mountains and a series of almost unpublicised Roman, Greek and Thracian historical attractions, including nine UNESCO world heritage sites.

Investing in Bulgarian Property

As one of the most rapidly advancing nations in Europe, Bulgaria has become a byword for international property investment, with an average property price increase in 2004 of 47.5 per cent. To concentrate exclusively on Bulgaria’s reputation as a destination for sun, sand and skiing does however risk underrating this beautiful country. The property market in Bulgaria is set to turn current comparative advantage into future potential, moving towards more exclusive developments and consolidating Bulgaria’s place as an attractive destination for investment.

Bulgaria has proven to be ideally placed to take advantage of the recent development of a strong market for emerging market property investment. 40 percent of property buyers now claim to be tantalized by emerging markets because of lower costs and higher opportunities for capital appreciation.

In the mountain and coastal regions, high quality, branded golf resorts and spa health centres are in development which will create year-round rental potential.

The property market in Bulgaria is undergoing rapid change moving towards higher quality developments; only granting planning permission to the highest quality projects, and taking care to protect the national parks and natural resources which have proven such an attraction. Over the past four years the number of foreign tourists to Bulgaria has increased almost 50 percent, with numbers from the EU growing by nearly 90 percent.

The world trade organisation forecasts that by 2010 Bulgaria will be visited annually by 20 million tourists – the forecasts make Bulgaria one of the world’s most promising international tourist destinations. Married to the strong economic growth and political stability described below, Bulgaria continues to be a strong investment prospect in 2006.

Property Buying Process in Bulgaria

Foreign nationals can buy freehold, but have to set up a company in order to purchase a property with land. In April 2005 a law was passed in order to bring Bulgarian property legislation into line with the rest of Europe: however, this legislation will not enter into force until 2007.

Most developments will be sold as freehold – and can be bought in the customer’s name. Alternatively, it is not difficult to set up a shell company in order to purchase property for a minimal cost; the process takes about two weeks in total. The standardisation of Bulgarian land law in 2007 will provide an additional boost to the property market contemporaneous with European Union accession.

The Bulgarian Property Outlook Report

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