Brits look for property in Bulgaria
Assetz Property News, 2006-02-24
Though the UK property market continues to show signs of recovery, investors seem to be keener than ever to look further afield, with Bulgaria the country of choice for those looking for something a little different.
For people looking to invest in residential property, Bulgaria currently offers a number of popular regions and house prices remain extraordinarily low. It is a fact that has drawn many to the country looking for a second home purely for holiday purposes, but it has also attracted part-time and professional investors looking for capital appreciation in the coming years.
EU accession is the big issue here, as it will undoubtedly instigate a rise in house prices in line with a strengthening economy and better relations with a number of other European countries. Most experts expect this to happen within the next couple of years which has led thousands of investors to take the plunge and buy properties in anticipation of the event.
While France and Spain will always attract interest from Brits looking to expand their property portfolios, the lure of a more adventurous option is clearly a trend that is capturing the imagination of an increasing number.
Currency specialist HIFX, for instance, made the observation this week that Australia is becoming a hotspot for some UK investors, and this is representative of a modern investment philosophy.
According to Home Overseas magazine, Eastern Europe in particular has emerged in recent years as a prime destination for gay couples looking for a holiday home abroad. Kate Hamilton, editor of Home Overseas magazine, told PinkNews.com that a welcoming environment and culture of tolerance makes the likes of Bulgaria ideal for gay couples looking to invest in property.
"It has never been a better time for gay couples to invest in a home overseas. With the increased tolerance in Eastern Europe, which has an ever-growing gay community, the choice of where to buy has grown enormously in the past few years," she said.
The thriving ski resorts in Bansko and Borovets are giving Bulgaria a real edge over many other European countries, not least because a five star development just metres from a ski lift can be obtained for less than ?50,000. Rental yields are also impressive in a number of the ski regions, making buy-to-let investment a similarly lucrative alternative.
Residential property investment is far from the only option in Bulgaria, however, and commercial investment projects are becoming more and more common as EU accession draws nearer.
Demand for modern, quality office space is not only concentrated in Sofia's central business district, but also along the main boulevards with easy access to the main parts of the city, as well as the business centres that are already shaping up.
Rental yields for office space are better than competitive, while Sofia's rising status in the European community is likely to boost this even further.
It is clear that Bulgaria is currently offering a wide range of investment opportunities while the prospects of bringing the Winter Olympics to the country and joining the European Community will only make it a more attractive choice.
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