Bulgarian Property - Market Update 26 Jan 2006

UK Investors Snap up Properties in Bulgarian Resorts

The Times in London writes that Bulgaria is now one of the top destinations for ski properties due to factors such as the low property prices and inexpensive ski passes.

"During the summer this sparsely populated, largely rural country offers a wealth of activities such as hiking, fishing and mountain biking, as well as the fabulous beaches of the Black Sea coast. The numerous historic towns, unspoilt villages, castles and churches are also waiting to be explored."

Properties in the popular ski resorts can earn up to 12% rental return according to property investment firm Assetz. This return is potentially double that of coastal properties due to their all year-round attraction.

The number of UK holidaymaker visiting Bulgaria increased by a staggering 36% in the past year. This has lead to an influx of travel companies as the country is now establishing itself as a true holiday hotspot.

UK Househunters "Tempted" by Bulgaria, Turkey

Rather than buying a farmhouse in France or an apartment on the Costa Del Sol, the Daily Telegraph reports that British investors are now tempted to buy properties in Bulgaria and Turkey.

A key factor in determining the new location in which to invest is price and investors have been experiencing enormous returns. For example, a large one-bedroom flat in Ravda, 10 minutes from the Black Sea resort of Sunny Beach purchased two and a half years ago for just under 20,000 pounds fully furnished, would now cost 45,000 pounds.

Marc Todd of Dosop, an international property company based in West London, raises the corcern that some of overdevelopment in the big resorts such as Sunny Beach and suggests that there is a large supply of less desireable properties coming on the market.

This has led to the announcement that construction permits for new developments in Black Sea coastal areas will be issued only of the required infrastructure has been built.

Low-Cost Wizz Air Launches New Routes from Sofia, Burgas

On May 1 2006 low cost carrier Wizz Air will launch flights from Sofia and the coastal city of Burgas to London. They have also announced that flights from Burgas to Budapest will commence on June 15 2006.

A promotional offer has begun with ticket prices set at up to EUR 26.99 (airport fees included). The offer is open to bookings made from February 1 -14, 2006.

Wizz Air has also recently announced the launch of services from Split (Croatia) and Ljubljana (Slovenia) and increased frequency of the Zagreb-London (Luton) flights.

Wizz Air, the first no-frills carrier to enter the Bulgarian market, has carried 17,000 passengers since it started flights from the Bulgarian capital at the end of September 2005.

Bulgarian Property - Market Update 17 March 2006

Brits moving permanently to Bulgaria

It has been reported that many Brits are falling for Bulgaria 's charms with a growing number choosing to move there permanently. In recent years investment has been the main driving force behind the number of Brits buying property in the country but many have decided to buy and live outside the Sunny Beach area and a few miles inland as well as other village areas around the country.

There are a number of factors for those choosing to move but the low cost of living and the seemingly peaceful surrounds are the most likely reasons so many Brits are making the move. Many have also been able to rent out there properties back in the UK , and live very comfortably off the rental income in Bulgaria .

As more companies relocate to Bulgaria to take advantage of the low wages and to strategically place themselves for the countries' expected accession to the EU in 2007, many British employees are expected to relocate with their employers. Tourist areas have seen recent year-on-year growth of between 25% up to as much as 100% however those opting to live in to move permanently prefer to be based inland.

Many Brits are buying around the Veliko Turnovo region with home prices starting as low as GBP 10,000. There are still cheaper homes available however many will require additional funds to provide for renovations. The move is been made by both retirees who find they can make their pension stretch a lot further and younger people looking for new business opportunities and finding it difficult to get on the property ladder in the UK.

EU Final word on Bulgaria to be known soon

Oli Rehn, European Enlargement Commissioner is soon expected to present his report on Bulgaria Romania's accession to the EU in January 2007. It is generally believed that the planned memberships will go ahead however the accession treaty does contain a safeguard clause allowing membership to be postponed by one year if further reforms in each country are deemed necessary.