Bulgaria is just beginning to show its potential for becoming quite the paradise for those interested in buying properties as an investment. Bulgaria has benefited recently from powerful campaigns promoting its travel destinations, its inclusion in the European Union, and now its situation where real estate investments are concerned. Put bluntly, it’s a buyer’s market on steroids.
Since the economic downturn, property purchases now prove to be less prone to significant losses in a climate of worldwide financial turmoil. Therefore, the will to invest is re-emerging, especially where markets like Bulgaria exist.There is no better opportunity comparably in Europe, at least in relative value. The variety of properties available in the country is amazing, and especially given the diversity of landscapes and properties within this market. And then there are logistics and geography to consider. Relatively small areas of Bulgaria cover everything from sandy beaches to snowy slopes, mountainous countryside to metropolitan areas, all within driving distance.
The low prices and wide range of choices that define the Bulgarian real estate market translate into wider market segments to be targeted by investors. The affordability and various choices turn a large audience from across Europe into potential customers, including neighboring countries which fancy vacationing in Bulgaria, foreign investors and the locals.
A great example is tourist hot spot Veliko Tarnovo (above), a small but rich mountain resort, where a three or four bedroom villa is listed for 65,000 Euros. Or, for 80,000 Euros you can get a two-story, six bedroom house if you’re willing to settle for one of the villages that’s located a few miles away.
What is also interesting is that even though the resources of Bulgarians are overall larger than five years ago, the prices for properties are lower and the real estate business is on a more steady incline. Recent data shows that throughout Bulgaria, January 2011 brought as many real estate deals as January 2010, with an increase reported in the country’s capital city, Sofia. According to Quest Bulgaria, “there has never been such a strong January for apartment deals in the capital”.
“Analysis of BULGARIAN PROPERTIES based on data of the National Statistical Institute (NSI) about the prices of Sofia apartments, after deducting the inflation the result is that in 2010 prices of flats in the capital returned to levels that are a little bit lower than those in 2005. Meanwhile, people’s incomes based on the average salary of 1 employed person in 2010, after deducting the inflation, are about 65% higher compared to those in 2005.”
If you’re wondering which are the current prices for Sofia apartments, two bedroom apartment prices start at about 70.000 Euros, and luxury apartments listings range from 120,000 Euros to 300,000 Euros.
Local businesses expand and foreign multinationals come to open up shop, while the country’s leaders invest heavily into promoting Bulgaria and what it has to offer – all this catches the eye of smart real estate investors with an yen for interesting properties to buy.
Enjoy the video below from Invest Bulgaria.