Property In Bulgaria

 

Property in Bulgaria

Bulgaria has for the past few years been considered as a ‘rising star’ of the European property investment market, and whilst it may be difficult to still view the country as an emerging market, it undoubtedly still offers huge potential for the overseas property investor.

 

As with many markets with a strong demand for property investment, the main focus for the increasing demand for property in Bulgaria surrounds its rapidly expanding tourism market. In 2006, Bulgaria was visited by an estimated 6 million tourists. By 2007, the number of tourists visiting the region had increased to just under 8 million, a growth of 33% in just twelve months.

 

This market for tourism in Bulgaria falls into two distinct categories. Firstly, the major skiing resorts of Bansko, Bovorets and Pamporovo, which for many years have provided a more cost effective solution to the fashionable ski resorts found in France, Switzerland and Austria. More recently, Bulgaria has presented itself as a summer holiday destination, with the growth of its Black Sea coast resorts such as Sunny Beach, Golden Sands and Sozopol.

 

As well as the demand for property in the resorts, Bulgaria has also seen a growth in demand for property in Sofia and the other major cities. Increasing demand across both the residential and commercial sectors has been fuelled by Bulgaria’s strong economic performance of recent years, and with the regions GDP growth estimated to be approximately 6%, this trend shows no signs of slowing.

 

Coupled with the increasing levels of tourism in Bulgaria, the other major factor which is worthy of consideration is Bulgaria’s accession to full EU membership in 2007. Having already benefitted from significant EU aid prior to membership, Bulgaria is now set to benefit from a further €4.6 billion in economic aid from the European Union up to 2009. This influx of EU revenue has allowed Bulgaria to make significant investments in its infrastructure which would otherwise have not been possible.

 

Despite the strong growth levels witnessed in recent years, the price of property in Bulgaria is comparatively cheap by European standards. With growth forecasts in the region ranging between 8-13%, it is likely that the demand for property in Bulgaria is only set to continue for the foreseeable future.

Summit Lodge

Summit Lodge - Two bedroom Apartments in Bansko£82,160

The development itself, rising 4/5 storeys high and located on the West side of the Glazne River, comprises: 119 one bedroom apartments, 99 two bedroom apartments all with Master en-suite bathrooms, and three 3 bedroom apartments all with Master en-suite bathrooms.