Five Reasons to Buy in Bulgaria
by A Place in the Sun
When, in 2008, Bulgaria's boom came to a dramatic end, all the stories about Britons buying cheap beach and ski properties suddenly dried up. You won't have seen an awful lots of adverts for Bulgarian property over the past five years and it's fair to say that the market there has gone awfully quiet.
But... equally quietly, property prices have been slowly stabilising and the government has implemented regulation in the property sector to ensure higher professional standards.
Clearly the Bulgarian market is far from developed yet 2013 might be the right time to reflect on some positives, especially if you are after a low-budget property. Agent Polina Stoykova of Bulgarian Properties suggests five major reasons why she thinks now is a good time to buy.
1. Prices have stopped falling. Annual drops are now sub 5 per cent.
2. After falling 50-60 per cent since 2008, Bulgarian properties are now amongst the most affordable in Europe.
3. Better regulation of estate agents has been introduced by the government to protect buyers.
4. Lifestyle. A cheap cost of living, diverse landscape, good climate, Bulgarian hospitality.
5. Economic and political stability provides a good platform for investment.
"Added to these there is also the fact that Bulgarian is within a three hour flight of the UK, and offers a good mixture of properties, from beach, ski and rural to city apartments," says Polina.
In Bulgaria's most popular ski resort, Bansko, Bulgarian Properties are selling apartments from EUR 19,000 just two minutes from the gondola in a complex of 55 units. Where else can you get a ski pad that cheaply? Just always use a good lawyer to guide you through the buying process.
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Novinite often post these thinly veiled real estate advertisements on here. What is not clearly stated is that property prices in BG are STILL FALLING and have been for at least 3 years, oris that 4? The residential and commercial markets in BG are swamped with an oversupply of poorly built, unmaintained, speculatively built property with limited infrastructure.