Bulgaria property market
|Europe property market - Bulgaria|
The Bulgaria property market is going through a growth spurt fuelled by the country’s recent ascension as a full member of the European Union. Along with its booming tourist trade and its ever-growing community of expats, the Bulgarian real estate sector is seeing some of the strongest activity in its history.
To date, 2003 was the single best year for the Bulgarian property market. In that one year alone, housing prices doubled. Since then Bulgaria’s real estate sector has been holding steady and is now slowly starting to creep up. In fact, analysts expect prices to rise by about 25% in 2007 and to rise by a full 100% within the next several years. Investor’s are so positive that they have begun scooping up property in all of Bulgaria’s prime locations.
The most popular areas right now in terms of speculation are along the country’s exquisite coastlines as well as the northern areas. The coastlines are ideal for the construction of holiday villas and beach resorts while the northern parts of the country are already home to some of the best ski resorts in Europe and investors are hoping to cash in by building around these resorts and eventually adding to them.
Another big trend in the Bulgarian property market currently is the building of golf courses. The country already has three world-class facilities with more already in the planning stage. Bulgaria has understood that they have a lot to offer tourists and expats and so the government is encouraging real estate development and speculation in order to boost the amount of foreign money they collect through tourism.
The rapid rise of foreign interest in the Bulgaria real estate market shows just how well the government’s push to increase tourism is working. Bulgaria is now considered one of Europe’s fastest growing tourist markets with the tourism sector growing by an average of 22% per annum. Most analysts agree that the next few years are sure to continue seeing double digit growth and long-term gains.
The Bulgarian property market is still considered an emerging one, which is another big fact in its favour. As it is, the market saw sharp increases in the price of property earlier this year just after the country became a full member of the European Union. Bulgaria offers investors a better value for their money than most other European destinations because it is not over-developed yet and because the prices are still relatively low compared to what they are in other countries.
The prime real estate areas in Bulgaria right now are the Black Sea Coast Region, the Ski Resort Regions, the city centres and the village regions. The most expensive real estate in Bulgaria is naturally found along the coast and in the ski regions, but they are still very affordable. The city centre is slowly gaining on the other two regions in terms of price while the village areas are still extremely inexpensive. It is not unusual to find beautiful farm houses set on an acre of land selling for roughly €8,000 – prices that are unheard of elsewhere.
Naturally as the Bulgaria property market is still just an emerging one, prices will have to eventually rise to match those in more mature markets across Europe. However, for the time being, Bulgaria is an exceptionally good place for getting an excellent return for your investment dollar.
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