Category: Bulgaria

Bulgarian Property Market Slumps

Bulgaria is one country which is already feeling the effects of the credit crunch with prices and sales of Bulgarian property declining. The market is so tough at the moment that some property developers are selling off their land or putting projects on hold until the market picks up again. Others are adopting a ‘wait and see’ policy, stopping work on their projects but not investing or completing projects. Many believe that the property downturn will be short lived and there is optimism that the market will pick up again in 2010.

Bulgarian property: Still a good place to invest?

At the start of 2007, many people in the foreign property industry predicted that Bulgarian property prices would slow. However by September 2007, the average property price in Bulgaria had risen by 32%, the largest national increase of any country in the world.

Investors – both foreign and home – played a massive part in the Bulgarian property market with over 11.3 billion Euros invested during 2007, over 2.3 billion Euros more than was invested in 2006. 40% of the foreign investors buying in Bulgaria came from the UK, closely followed by 38% from Russia.

Sofia: The cheapest European capital city

Investors looking to buy property in a European capital city should take a look at the Bulgarian city of Sofia. Latest research by ERA has shown that Sofia is the cheapest capital city in Europe for property meaning there could be bargains to be snapped up.

Recent figures from the National Statistical Institute (NSI) show that across the whole country, property prices are rising with the first two quarters of 2007 showing growth of around 5-6%. Prices in Sofia are around 1, 648 leva per square foot – that’s about €78,000 for an apartment; A similar apartment in Luxembourg would set a property buyer back around €485,000.

Bulgaria prices continue to rise

According to recently released figures from the National Statistical Institute (NSI), apartment prices in Bulgaria are continuing on an upward trend.

In the two quarters of 2007, the average price for an apartment in Bulgaria rose by 5.4%. For the first time in history, floor space for an apartment has risen over the 1,000 leva (approximate US$690) per square metre mark to 1,041 leva per square metre. At the start of the year, the average price per square metre was just 988 leva.

Arabian Nights in Bulgaria

Bulgarian Dreams, a luxury real estate developer with offices in both London and Bulgaria, has launched a new €100 miliion development aimed at investors from the Middle East. The site chosen is situated on a cliff which overlooks the Black Sea and is set to be one of the most luxurious coastal resorts in Europe. 135 luxury apartments are planned, each with bespoke garden villas based loosely around ancient Arabia. Ten special three-storey villas will then be built in the cliff side to enable to the occupants to have amazing, unobstructed sea views. Community facilities include a luxury spa, gymnasium, golf course and swimming pools, some of which will be cut into the cliff. Glass lifts will traverse the cliffs to enable the residents fast access to the beaches below.

Snow lovers flock to Bulgaria

Thousands of snow-lovers are changing their holiday plans. Instead of visitng the more traditional Alpine resorts, many are choosing to switch to the Eastern European countries such as Bulgaria.

Many resorts in Austria, France and Switzerland have failed to see much snow this winter. Some snow has come so late that many resorts have been forced to shut, or change the type of activities they traditionally offered. In stark contrast, Bulgaria is in the perfect position with cold winds coming in from the North bringing lots of snow. Popular resorts are Borovets and Pamporovo and each receives about 15cm of snow every day. Tourism is at an all time high and it is predicted that by the end of the season, nearly 1 million tourists will have visited Bulgaria for it’s snow.

A guide to buying property in Bulgaria

Property prices in Bulgaria are rising significantly in the more desirable and established tourist hotspots, particularly sea, coast and ski resorts. There are some radically cheap properties on the market, but do not be tempted to rush in – the prices are not guaranteed to increase. Cheap properties are often cheap for a reason – the infrastructure and services may not be very good and there is no guarantee that these will improve in the near future.