British Property Buyers in Bulgaria up 77% y/y

www.novinite.com, 23rd December 2005

An increasing number of Britons are buying second homes in Dubai and Bulgaria, according to a recent report of the British consultancy company HIFX.

The number of Britons buying homes in Dubai is up 60 per cent on last year, while 77 per cent more people are buying a property in Bulgaria.

"Although France and Spain remain the most popular destinations to buy abroad, due to their proximity and the cheap price of travel, British citizens are starting to look further afield," Alex Wright, director of HIFX, commented.

"Bulgaria also is booming and the Black Sea resorts are reminiscent of Spain 20 years ago; investors are buying in their droves and there is similar activity in some of the ski resorts.

"Supply is in danger of outstripping demand from a rental perspective so investors should be wary; capital growth is what most speculative investors are chasing at the moment. Traditional areas such as Spain and France are still popular with families looking for a holiday home and retirees who plan to spend the majority of their time abroad but the younger generation are becoming more adventurous."

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