Brits Fall for Bulgarian Charms

Independent Online Edition, 2006-03-15

     Confidence in the Bulgarian property market appears to be on the rise, as growing numbers decide they are prepared to invest their money in properties throughout the country.
     Few would disagree that the market possesses phenomenal potential and it has been commonplace in recent years to compare Bulgaria to Spain in the 1980s. With EU accession to come and the country's infrastructure undergoing a comprehensive overhaul, investors have been flocking to Bulgaria to suss out possibilities for capital growth, while many have been overwhelmed by the country's natural beauty.
     The latter point seems to have led to an influx of holiday home seekers, as highlighted by CNN in an interview with British businessman Dave Hunt.
     CNN argues that while stocks and shares remain popular with some, business travellers in particular are choosing property to raise extra income, not least because it offers both "healthy returns and healthy relaxation".
     The report goes on to say that Mr Hunt purchased his property in the popular ski town of Bansko, with three key factors in mind.
     Primarily, he wanted an impressive holiday home. With views over the country's favourite ski slopes, it is an objective that has surely been achieved.
     Secondly, he hoped for capital growth – something that Mr Hunt has already seen with prices rising from ?800 per square metre to ?1,400 within a year. The third factor was potential for rental income and the choice of Bansko was perhaps particularly inspired in this regard.
     Bulgaria is hoping to host the Winter Olympics in 2014, but whether it succeeds in this bid or not, the attention that it will bring to Bansko will have a huge impact on tourism and on demand for rented accommodation.
     While Mr Hunt may have picked a chalet in Bansko, the Sofia Echo yesterday suggested that Pamporovo is an equally sensible investment choice.
     The newspaper reports that the ski season has been a roaring success, with Pamporovo enjoying average hotel occupancy higher than 80 per cent. It is revealed that English and Irish skiers have been most taken by the resorts, although Russians, Turks and Greeks have also been making regular trips to Bulgaria.
     As the country's tourism industry begins to take off, property investment is becoming an increasingly secure bet, with foreign visitors necessarily impacting on the state of the economy and the country's reputation as a whole.
     The aforementioned parallel with Spain became all the more pertinent today, with representatives from both countries meeting at a two-day Bulgarian-Spanish business and investment forum in Sofia.
     As picked up by the Sofia Echo, the issue has been discussed on the Bulgarian National Radio, with tourism and foreign investment central to the links forged between the two countries.
     Spain is already a keen supporter of Bulgaria's EU membership and Spain's secretary of state for EU affairs has announced that his country is prepared to share its knowledge and experience of the utilisation of EU structural funds.
     If Bulgaria does indeed follow in Spain's example in terms of a sustained property boom, investors who are currently getting their hands on remarkable deals will be set to make significant returns in the years to come.

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