You should realize much of the hype is thanks to aggressive Bulgarian real estate agents, agents whose commission has increased from 5% to 15% in 5 years!
Many developers are trying to sell off plans to novice investors. The supply of apartments in the resort areas far outweighs the demand.
Bulgaria is beautiful and contains friendly people, but it's a poor country. Many buildings should be knocked down and rebuilt.
On the other hand, the country's economy has been steadily increasing since the fall of communism. Bulgaria has vowed to tackle prostitution and corruption, and the EU has promised to boost their economy and rebuild their infrastructure. New jobs are also being created which results in higher income for the Bulgarians.
Do you know what has created the greatest demand for property?
The financial industry is offering credit to the Bulgarians. People are taking out more mortgages and loans so they can purchase consumer goods and cars.
If you're looking at Bulgaria property investment, you should be aware of the four most popular areas:
Black Sea Coast
Village Regions
Ski Resorts
City Centre
Black Sea Coast
This area contains thousands of empty apartments and many under construction to accommodate the expected tourists. The locals think foreign investors are crazy to invest here.
Do you know why?
Bulgaria only gets 12 weeks of summer. The area is desolate the rest of the year, thanks to FREEZING temperatures. Bulgaria is a budget holiday destination, and tourists are also choosing to visit countries that offer them cheaper, complete packages.
Village Regions
Regions such as Kavarna, Elhovo and Rouse contain hundreds of empty houses because of Bulgaria's suffering economy. Many people have emigrated to more stable countries seeking employment, leaving many villages deserted. You should invest elsewhere unless you want to learn to speak Bulgarian, deal with bureaucracy and freeze in the winter!
Ski Resorts
Aggressive real estate agents have also hyped Bulgaria property investment in these areas. There is limited demand for the ski resorts which are located almost 2 hours away from the airport. Ski enthusiasts prefer a much shorter drive to the slopes if they're on a short trip.
City Centre
Bulgaria's principal investment occurs in the capital of Sofia, Varna, Plovdiv and Bourgas on the Black Sea Coast. Many locals and foreign investors are purchasing land in these areas.
Suburban family homes are becoming more popular with foreign workers and families relocating to the country. Many luxurious embassy suits are being constructed for business people and embassy workers who wish to live in a secure, gated community.
Do you want to know what I believe is the best Bulgarian property investment?
