UK Househunters Tempted by Bulgaria

www.novinite.com, 2006-02-09

     British investors are being tempted by countries such as Bulgaria and Turkey after years on end they looked little further than a farmhouse in France or an apartment on the Costa de Sol, the Daily Telegraph reported.
     One attraction is price. A large one-bedroom flat in Ravda, 10 minutes from the Black Sea resort of Sunny Beach, for example, bought two and a half years ago for just under 20,000 pounds fully furnished, would now cost 45,000 pounds.
     And don't bother trying to get a Bulgarian mortgage. Lending criteria are strict and the interest rate is around 7 per cent.
     People can also re-mortgage their UK property and buy with cash instead. With membership of the euro penciled in for 2009 (Bulgaria will join the EU in 2007), local interest rates should fall.

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