Discovering Bulgaria

Article by John Lindley, 20th June 2006

The rise in investment in Bulgaria, especially in the ski and beach resorts has had the effect of encouraging investment in other parts of the country which is very much largely undiscovered. There are still the mountain regions, rural villages, spa resorts and the lesser known major towns and cities. Many of these places have property and land that is still greatly undervalued. Many potential investors are often put off by having to set up a company to purchase a property or a piece of land. However it is a straight forward process and is getting easier, especially as Bulgaria is moving closer to being a fully fledged member of the European Union which should happen in 2007 at the earliest.

Despite the interest in ski and beach resorts by investors which has seen a phenomenal growth in sales of apartments, especially between 2004 and 2005 the rest of Bulgaria has been largely ignored. The country has definitely a lot more to offer than clean sunny beaches and relatively inexpensive ski resorts. It is very much a country occupied by large unspoilt mountain regions, an abundance of spa resorts, health inducing mineral springs and rural villages that are still largely inhabited by traditional Bulgarians.

The transition from a communist controlled country to a democracy which began in 1989 has not been an easy one, initially there were food shortages and high unemployment. However since then things have been gradually changing for the better. Agriculture which had sharply declined since 1945 is set to make a new impact on the economy, as is the ever growing construction industry and, last but not least the tourist industry which has already started to make a huge impact on the Bulgarian economy.

Many first time buyers of property in Bulgaria have been put off by the legal process in purchasing houses and land because of the different legal system involved. However as Bulgaria becomes more integrated in Europe there will be changes. Already it is now possible to purchase some apartments here without the need to set up a limited company and by 2114 all the restrictions on purchasing land in Bulgaria will have been finally lifted.

Prices of land and properties in Bulgaria are predicted to increase once entry into the European community is confirmed sometime in September 2006. Whatever the outcome Bulgarias joining is not in question, only when. So now is probably the best time to take a look at what is on offer before everybody else does.

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