It is great that you have decided to buy or invest in property that is in Bulgaria, but you may not know what to expect. When buying in Bulgaria, you can expect a lot of things, from great priced real estate to a variety of types of real estate to buy. Bulgaria is a land full of property waiting to be invested in, that is what you can expect when buying in Bulgaria,
Depending on what city in Bulgaria you are choosing to get property in can vastly change the type of property available. For instance, if you were to get property in Sofia, the capital of Bulgaria, then you would most likely be looking for apartments or maybe a house, since Sofia is the most developed property market in Bulgaria. Now, there is a broader range of what to expect on a real estate market through out Bulgaria and is as follow:
Beach apartments: One area in Bulgaria is known as Sunny Beach, it is an international beach resort. There is private land hear to build apartments or holiday villages. Of course, this means that there are apartments available for rent or you could buy one and rent it out. There are other beach resorts in Bulgaria where the same sort of real estate market is, just not to the same potential as Sunny Beach.
Ski Resorts: Of course there are ski resorts in the mountains of Bulgaria. These are probably the most difficult to obtain property in, but it is possible to find it in some resorts. Your best bet here is to buy some residential property in one the neighboring villages and rent or live in it there.
Let's not forget to mention the properties available on the Black Sea. This does fall under the category of beach apartments, and Sunny Beach is one of the resorts on the coast of the Black sea. The reason in mentioning this is that you may be able to find some great summer houses along the coast of Bulgaria. If you do not want to visit it yourself, you can always rent out your summer house.
Residential Real Estate: there are houses, apartments, condominiums, and more. Depending on your current citizen status, you could even buy some land and build a house in Bulgaria. All of these types of residential properties can be for sale or for rent, heck you can even buy your property and put it up for rent. It all depends on what you are looking for and what your needs are.
When buying in Bulgaria you can expect a wide range of property to be available, some at reasonable prices and others a little high priced. It all depends on what you want and where you want it. Rest assured, your real estate dreams can come true when you are buying in Bulgaria because of the vast number of properties and property types that are available. When buying in Bulgaria you can expect anything.
Buying Property In Bulgaria
Property in Bulgaria is a strong favourite with British overseas property buyers who have been buoyed by the potential for high capital appreciation. Whilst there has been undoubted capital growth, 42% in 2005 according to international surveyors Knight Frank, the property market had its problems like any developing country should therefore be treated with caution.
Some of the property in Bulgaria has been of a sub-standard quality and property rental potential has been overblown. Overseas property buyers have invested predominantly in the areas of Bansko, Sunny Beach and Sofia. In the main, these areas have been overdeveloped where supply outstrips demand. The prices of many properties in Bulgaria are out-with the budget that can be afforded by local residents and are reliant on overseas property buyers who buy for investment or lifestyle reasons.
Overseas property buyers hoping to rent out their Bulgarian property should ensure that their property has agreements with travel companies as Bulgaria is not the sort of country where tourists turn up and rent holiday apartments on impulse. Rental potential in many areas should be estimated at approximately 3%-4% net and not the 10% that is quoted by some. Genuine guaranteed rentals schemes are an attractive option to many investors as it gives peace of mind with regard to relying on a rental income, if necessary, and saves having to spend time marketing the property. Guaranteed rentals are not always genuine and are sometimes merely the result of the price increase in the property. Genuine guaranteed rentals can be given where the developer has agreements in place with tour operators and is therefore assured of occupancy levels.
Property in Bulgaria is still appealing for property investors. EU entry and the associated levels of investment as a result of membership will no doubt assist capital appreciation. Additionally, tourism levels are increasing making buying a ski property, golf property or beach property all the more appealing. The main consideration when buying property in Bulgaria is to focus on areas that are not over-developed. We can only recommend property in Bulgaria where our analysis has shown that there is good growth potential and importantly, the possibility to sell or rent at a later date.
Both Arthor Pens & Ewan Mcgarrie are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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