Bulgaria leads the charge in European property investment

Assetz News, 27th July 2006

Bulgaria is fast becoming the hottest European property destination thanks to a raft of factors which are making it difficult for British investors to ignore this Eastern European gem.

With a range of beautiful landscapes spanning the cultured capital of Sofia and the ever-popular ski resorts of Bansko and Bovorets, Bulgaria is tempting more and more Brits with its endless buy-to-let possibilities.

And it seems many investors would do well to enter into the Bulgarian property market before its planned entry into the EU membership occurs and prices are pushed higher.

Mike Wellings, a British property developer based in the ancient city of Sofia, explained the benefits of entering the Bulgarian market sooner rather than later. He told the Independent: "If Bulgaria gets EU membership – widely tipped for sometime in the next three years – the city will become a viable option for firms to base their central European HQs. That'll be a major benefit to the economy and demand for homes."

And aside from the anticipated inclusion of Bulgaria into the EU, there are other plans afoot that will have shrewd investors running to line-up viewings in the area. Just last week, the Bulgarian government announced plans for a new road linking the Sofia city centre to the newly-built passenger terminal at the city's airport. With connections to the region experiencing such rapid development, many potential buy-to-let investors will be tempted by the ease with which travel to Bulgaria can be made.

There are also a number of useful tips for investors looking to develop a portfolio of properties in the region. Key areas for consideration are that investors looking to the region should ensure they are buying for the long-term rather than relying on the possibility of short-term gains - Bulgaria is also becoming an increasingly popular choice for development over more time-honoured options such as Spain and France.

Bulgarian ski regions such as Bovorets and Bansko are luring many Brits due to the great buy-to-let potential and quality European skiing facilities located around the 65km of Pirin Mountain. There is also scope for further development in these regions, particularly given the recent announcement that Bansko will install year-round skiing facilities, thus lengthening Bulgaria's season.

Jeremy Casey, spokesman for property firm The Right Move Abroad, said that given the relatively short length of the Bulgarian ski season, the key for investors was to select properties which are "very closely situated to the ski gondola".

And should investors hit the nail on the head in the Bulgarian market, there are serious returns to be made on buy-to-let properties – prices in the skiing area of Bansko alone have increased by 30 per cent in the last three years.


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