Bulgaria Still in Top Ten on Britons' Property Map - Overseas Portal

Business » PROPERTIES | January 17, 2012, Tuesday // 09:34| Views: | Comments: 0
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Bulgaria: Bulgaria Still in Top Ten on Britons' Property Map - Overseas Portal Bulgaria’s winter resort of Bansko was subject to huge overseas buyers interest a few years ago. File photo

Bulgaria is keeping its standing among the top ten most preferred real estate markets for overseas buyers, according to a new infographic released by TheMoveChannel.com.

The infographic, which is based upon the enquiries received by the overseas property portal in 2011, showed that 2.7% of all enquiries in December were directed at Bulgarian property, making the country the eighth most popular property destination.

The news about Britons' revived interest in Bulgarian property and the country's return to the overseas property portal's top ten for the first time in three years broke in the summer last year.

The portal's director Dan Johnson commented that Bulgaria's real estate sales have been improving all year, with buyers attracted by exceptionally low prices for winter property. According to him it was no surprise that interest has increased.

The news however was derided by the Independent, which claimed it has filled some Britons with fear.

"Perhaps it's because Bulgaria is outside the eurozone and is relatively cheap that it's on the way back into favour? But as far as Bulgarian property is concerned I'm reminded of the saying: Fool me once, shame on you; fool me twice, shame on me," wrote the newspaper editor Julian Knight in the middle of August.

He argued that even before the financial crisis of 2008, it was clear that "there was something badly wrong with buying in Bulgaria"– developers selling property on land they didn't own; running off with people's deposits; sub-standard construction; no services connected to properties.

Owning a second home abroad was once the preserve of the super-wealthy, but in the past decade a heady combination of TV property shows and cheap mortgages has convinced an estimated half a million Britons to buy their own place in the sun.

The value of UK-owned foreign property investments peaked at GBP 58 B in 2008, up from GBP 10 B in 2000.

Recently however British owners of second homes overseas, including Bulgaria, have been selling up due to falling rental income.

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