Bulgaria downsizing 'can work for older people'

Bulgaria is a good destination for those keen to downsize their homes and leave the UK, it has been stated.

In a feature on the subject, Quest Bulgaria magazine focused on the case of British couple Paul and Wendy Jones, who sold their house for GBP315,000 and bought a smaller Bulgarian property for GBP90,000, unlocking large amounts of equity cash.

Mrs Jones told the publication: "Releasing this kind of money means we've got added financial protection for our retirement and can give each of the children some money towards a deposit on a property."

She added that while many of the couple's friends disagreed with the idea, they now "envy" them due to the scenery and low cost of living they enjoy.

Those buying Bulgarian property now may get a bargain as the country is still in recession, with the possible prospect that prices could start to rise when the economy begins to grow again.

In the 12 months to the end of the third quarter of this year, Bulgaria's economy saw a 5.8 per cent contraction.

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