Real Estate & Investment News in Bulgaria from Propertyshowrooms.com

Bulgarian property values 'down significantly'

Mon, 19 Mar 2012 00:00:00 GMT

The value of real estate in Bulgaria has fallen by approximately 50 per cent since its peak in 2008, with both ski and beach resorts hit the hardest by the downturn in the market.

This is according to chief operations manager of Bulgarian Properties Polina Stoykova, who explained that, despite the slump in prices, there is reason to be optimistic about some regions in the nation.

She highlighted the ski resort of Borovets, which has seen a rise in interest from investors, although prices slipped by an average of 18 per cent in 2011.

Another location that appears to be on the radar of those seeking real estate in Bulgaria is Sunny Beach on the Black Sea coast, where Russian buyers are helping to support the market for holiday homes.

However, the recent Knight Frank Global House Price Index did not record such dramatic falls in property values in Bulgaria during 2011. According to data published earlier this month, the cost of buying a home in the nation fell by an average of 6.2 per cent between the final quarter of 2010 and the same period 12 months later.

Bulgarian property prices 'will experience stable growth'

Thu, 7 Jul 2011 00:00:00 GMT

Real estate values in Bulgaria are set to grow at a steady annual rate of five to six per cent over the coming years, one expert has claimed.

In an interview with Novinite.com (Sofia News Agency), chief executive officer of the Arceland asset management fund Curtis Coward described this as a sustainable figure.

He went on to recommend farmland as a good real estate investment in Bulgaria, commenting that the country has "an enormous potential that is unfulfilled at this point in terms of its agricultural development".

Mr Coward also told the news provider that in time, more residential housing stock will need to be constructed to replace the buildings in poor condition, especially around big cities such as Sofia.

In the Knight Frank Global House Price Index for the first quarter of this year, Bulgaria saw property values decline by 5.6 per cent year-on-year, putting it in 44th position in the table of 50 nations.

Bulgarian prices up 200% over past decade

Mon, 28 Mar 2011 00:00:00 GMT

Over the past decade, residential property prices in Bulgaria have risen by an average of 200 per cent.

New research from Bulgarian Properties has revealed that the last ten years have been particularly successful for the country's market.

It could prompt a growing number of investors to look at property in Bulgaria, with the research suggesting that prices will continue on their upward trend.

The figures are based on data from the Bulgarian National Statistics Institute (NSI) and the Bulgarian Registry Agency.

"We have witnessed a dynamic decade for the real estate market in Bulgaria," Polina Stoykova, operational director of Bulgarian Properties told Overseas Property Professional.

"One which brought an increase in prices, a higher volume of deals, a boom in construction activity … and then a sharp drop in the last two years."

Analysts told the news provider that they expected the number of deals taking place in the country will increase as 2011 progresses, indicating that the recession which has gripped the country is over.

Russians replacing Brits in Bulgarian property market

Thu, 24 Mar 2011 00:00:00 GMT

A growing number of Russian investors are replacing Brits as the primary buyers in the Bulgarian property market, it has been claimed.

The market, which has been insipid of late, has been enjoying a resurgence of interest from holiday-home purchasers from the country, AFP reported.

Wealthy investors are replacing Brits who bought second homes on credit several years ago and are now re-selling at half-price following the economic crisis, Antonia Wirt, Bulgarian section chief of the International Real Estate Federation, said.

"In the past three or four years, over 200,000 Russians have bought property in Bulgaria, worth over a billion dollars (726 million euros)," Alex Romanenko president of the organisation told AFP.

"Bulgaria occupies a dominant position in the real estate market in the Balkans, which has a great potential."

Real estate professionals in the country cite the similarities of the Bulgarian and Russian languages, close cultural ties and religion as being some of the reasons that a growing number of Russians are buying property in the European destination.

Bulgarian property market prices in serious decline

Thu, 27 Jan 2011 00:00:00 GMT

Prices in the Bulgarian property market have fallen to less than 33 per cent of their market peak in 2008, the country's National Statistics Institute (NSI) has revealed.

The figures show just how much the beleaguered real estate market in Bulgaria has crashed over the past few years.

In addition, the organisation revealed that the total number of real estate transactions, building permits and new buildings had also fallen to well below their peak.

According to local real estate agents, there are no signs of this downward trend abating, with prices expected to continue to fall throughout the first half of 2011.

NSI said that the average price of real estate last year was 964 leva per square metre with the most expensive prices in the capital city Sofia and the cheapest in the town of Kyustendil.

However, real estate agents Investor said that low prices has attracted buyers with interest increasing by 50 per cent in the first half of 2010 and in some areas prices are rising again.

Inland Bulgarian property recommended

Tue, 21 Dec 2010 00:00:00 GMT

Those looking to buy property in Bulgaria have been advised to look inland for bargain deals.

According to the Daily Mail, foreign buyers often overlook inland and rural properties in the country, instead heading straight for the coast.

However, Stephane Lambert, of Bulgarian-based Stara Planina Properties, tells the news provider that the price of rural property has now bottomed out after declining in recent years and are likely to start rising soon, making it a good investment.

"Prices have fallen by 50 per cent on the coast, in ski resorts and rural areas," he says. "But in urban areas, such as Veliko, capital Sofia and Rousse, close to the Romanian border, the fall has been around 20 per cent."

"Prices have reached rock bottom; I don't think they can go much lower, so now may be the time to buy."

He also says that property in the country, particularly in urban areas, can make a good return from rental income.

"I have apartments rented out to students and locals and the yield is four per cent to five per cent. In Sofia, you might get five per cent to six per cent," says the property expert.

Bulgaria set for property revival

Wed, 20 Oct 2010 00:00:00 GMT

Low real estate prices in Bulgaria have lead one organisation to describe the country as being one of the most attractive foreign investment destinations in Europe.

According to research conducted by Ukrainian business magazine UBR, an increasing number of speculators are turning to the European market to enhance their portfolios.

The news provider predicts that real estate values in Bulgaria are set to shoot upwards after remaining the lowest in Europe during the recent economic downturn.

Indeed, currently for just EUR 40,000 a prospective investor can pick up a nice apartment in a good location in the country.

UBR also highlighted the relatively low cost of land in Bulgaria, which ranges from EUR 30 to EUR 120 per square metre.

The news is likely to be welcomed by individuals who are looking at property in Burgas, property in Dobrich or Smolyan property for sale, with the opportunity to make impressive returns.

Falling prices make property in Bulgaria attractive to investors

Thu, 9 Sep 2010 00:00:00 GMT

Property prices in Bulgaria are experiencing a significant fall, which could help people looking for property in Dobrich or Sofiya property find a bargain.

According to research from Colliers International, some regions have seen prices drop by as much as 19 per cent year-on-year and when coupled with the strength of sterling against the Bulgarian lev, this creates a real opportunity for investors.

As well as providing good value, Bulgaria is also a popular destination with property buyers, ranking in Prime Location's top ten searched-for countries by UK residents.

It was recently reported that people looking to buy property in Bulgaria may soon have more choice, with figures from the National Statistics Institute highlighting that the property construction industry grew 46 per cent in the second quarter of 2010.

Bulgarian property building permits rose by 46 per cent, while actual construction of homes in Bulgaria increased by 70 per cent, according to the report.

Property sales continue to fall in Bulgaria

Sat, 21 Aug 2010 00:00:00 GMT

The number of property sales taking place in Bulgaria continued to fall in the second quarter of this year.

According to Balkans.com, however, the fall in residential sales was negligible - good news for investors with property in the country.

Sales actually dropped by 0.8 per cent during the three months to the end of June.

This rate of decline is a marked improvement on the 2.3 per cent fall witnessed in the first quarter of the year.

The slowing decline of investment property sales in Bulgaria could signal a recovery in the country's property market.

Balkans.com, claimed that many investors are unwilling to buy off-plan residential properties in Bulgaria at the moment, which in turn is driving demand for apartments on the country's "second-hand market".

According to Moneycorp, one in four first-time buyers are looking to invest their cash in overseas property as opposed to a home in the UK.

Bulgarian property prices continue to fall

Thu, 8 Jul 2010 00:00:00 GMT

Individuals interested in purchasing real estate in eastern Europe may be interested to learn that prices in the Bulgarian capital of Sofia have continued to fall throughout 2010.

According to a report by Colliers International, the rate of decline has slowed when compared to 2009, but still makes up an annual fall of 17 per cent.

Among the districts which saw the greatest falls in prices are Manastirski Livadi, Vitosha, Buxton, Krustova Vada, and Gotse Delchev, down 19 per cent an annual basis.

The study cited a large increase in supply and greater willingness from sellers to negotiate as the primary reasons for the decline in values.

Tatiana Emilova, manager at Colliers International Bulgaria, confirmed that the "increased choice of [housing] supply, together with alluring price tags and the readiness of vendors to offer flexible solutions with suitable credit conditions," was bolstering the market.

The news is sure to have an influence on the number of potential investors looking to buy Sofiya Property and capitalise on its current bargain prices.

Russia replacing UK as popular buyer of Bulgarian real estate

Mon, 28 Jun 2010 00:00:00 GMT

Russia is taking over from the UK as the chief purchasers of available real estate in Bulgaria, it has been suggested.

Property Wise reports of information displayed on private Bulgarian television channel bTV, which suggested that Russian investors were proving particularly keen to buy property for sale in the country.

It was noted that over 100,000 Russians had bought properties along the Bulgarian coast, with the television station's report highlighting that accommodation in small villages were also being purchased.

Although demand for real estate in the country has typically come from the UK and other locations which speak English in the past, this has now changed.

The news provider reports that real estate agent Stefan Atanassov told the bTV: "Many Russians are seeking to buy single family homes facing the seafront or flats in the cities."

Leading Bulgaria real estate consultancy, Address, recently pointed out that the value of houses in the country had grown by in excess of 300 per cent in the last decade.

Overseas investors look for urban properties in Bulgaria

Mon, 31 May 2010 00:00:00 GMT

Individuals looking for property in Dobrich, Bulgaria, may be interested to hear that the country is seeing renewed attention from overseas investors seeking real estate in metropolitan areas.

According to Bulgarian news website Novite, a new study conducted by GreenLife has pointed to the revival, with apartments proving a popular choice.

However, investors are aiming to purchase only attractive and promising plots, whose owners want and need cash, which allows cheaper property to be purchased.

Because of the recent economic crisis and subsequent property crash in the country, many sellers are now conducting a thorough background check of the investor before signing the contract, including asking for bank guarantees, GreenLife claimed.

Real estate consultancy Address claimed earlier this year that the demand for smaller homes and apartments in Bulgaria could be set to grow this year.

The company claimed that studio flats are making up 34 per cent of its total sales and it predicted that because of the lack of supply of new, small properties demand will continue to rise.

Bulgaria offering attractive discounts for investors

Tue, 30 Mar 2010 00:00:00 GMT

The Bulgarian property market is worth a second look from potential investors it has been claimed.

According to property portal BuyAssociation.co.uk, experts have stated that the European destination is ripe for investment, with the opportunity for some bargain real estate to be purchased.

The website recommends potential buyers look to take advantage of "expat" sales within the country, which could offer discounts of up to 50 per cent on already renovated properties for those who take the time to look.

In addition, investors are advised to conduct necessary research into popular regions before parting with any money.

"This not only offers some reassurance in the area's infrastructure, but also that the region's economy will continue to strengthen with employment, industry and consumerism," the article explains.

Buyers can take solace in the fact that despite the country suffering an economic setback after the economy crashed, financial stability is predicted to occur soon and it is expected to become part of the Eurozone by 2013.

Online property and lifestyle magazine Quest Bulgaria, recently stated that the property market in the country currently favoured the buyer thanks to its low prices.

Delay to ban cash purchases in Bulgaria likely to present investors with bargain properties

Tue, 16 Feb 2010 00:00:00 GMT

Property investors should act quickly to take advantage of the delay banning cash purchases in Bulgaria, it has been claimed.

House Sales Bulgaria has said that prospective buyers in the country will be able to get their hands on bargain properties in the next few months before the property law is ratified.

The law - which is based upon the system used in France - aims to add transparency to the housing market, as well as increasing civic revenue, which can be poured back into infrastructure and help boost property sales in the country.

But due to the Bulgarian parliament's failure to pass the law before Christmas, it is unlikely that it will come into effect until May or June of 2010.

Something which House Sales Bulgaria believes will be of benefit to buyers, the organisation states that many home sellers who wish to receive part-payment for their properties in cash are likely to reduce prices in order to do so.

Overseas investment company Property Venture recently named Bulgaria as one of its top investment choices for the UK buyer in 2010.

Bulgarian property market's success 'depends on the banks'

Thu, 4 Feb 2010 00:00:00 GMT

The banks hold the key to the success of Bulgaria's property market in 2010, it has been reported.

According to a report by Bulgarian news provider the Sofia Echo, one of the country's leading real estate companies, Address, has claimed the banks' decision whether or not to implement a foreclosing policy will have a major impact on the property market.

Alongside foreign investors, banks have played a major part in the real estate boom seen in Bulgaria in the previous five years.

Experts have predicted that foreclosures would lead to a significant drop in real estate prices, similar to the situation in the US.

The Sofia Echo quoted Address as saying that by holding onto defaulted loan properties they risked losing investors.

Bulgaria also benefits from not being a eurozone country and current exchange rates between the Bulgarian lev and the GBP are very favourable towards UK buyers, allowing them to get more for their money.

Property prices in Bulgaria could stabilise in 2010

Thu, 28 Jan 2010 00:00:00 GMT

Property prices in Bulgaria are likely to stabilise in the next year, it has been claimed.

According to Tatyana Emilova of real estate consultancy firm Colliers, house prices in the country will fall by a further ten per cent in the first six months of 2010.

The ongoing drop in value in the first half of the year is expected to be succeeded by "stabilisation in the market" in the second half, she told the Bulgarian newspaper Dnevnik Daily.

Experts believe that there will be a rise in demand in the housing market alongside greater flexibility from lenders as a result of the lower prices meaning that investors would be more willing to negotiate.

The news may interest investors looking to pick up a bargain and with Bulgaria falling outside the eurozone individuals can take advantage of the favourable exchange rate.

Overseas investment company Property Venture recently named Bulgaria as one of its top investment choices for the UK buyer in 2010.

Delay to cash purchase ban in Bulgaria

Tue, 5 Jan 2010 00:00:00 GMT

Bulgaria is delaying a ban on cash purchases of property until the summer, which means buyers seeking a bargain still have a chance to pick one up in the next few months.

Quoting a Sofia News report, Balkans.com stated that such an embargo was due to come into force this month, but has not done so as the country's parliament failed to get the necessary legislation passed before Christmas.

Head of the house's judicial committee Iskra Fidosova was quoted as saying: "The best case scenario is for the bill to be approved by parliament at a second reading at the end of January."

She added that this meant May or June is the most probable time for this legislation to come into effect.

The new rules will state that purchases must be made via commercial banks rather than private arrangements, with the system being modelled on that used in France.

Last month, the chair of the Bulgarian-Dutch Business Club Koos Schouten suggested in an interview with Novinite.com that the country offers better value property investments than rival destinations.

Bulgaria 'offering best value for investors'

Wed, 9 Dec 2009 00:00:00 GMT

Bulgaria offers better value for overseas investors than its rivals, it has been claimed.

Koos Schouten, the chair of the Bulgarian-Dutch Business Club, stated in an interview with Novinite.com that Dutch investors have been smart in taking a "very conservative" approach to real estate in the country.

As a result, he said, "they had a very low exposure to the collapse of the mountain and beach property markets", while they are now the only nationality coming back into the market in any significant numbers.

He added: "They always seem to like to see the wave go by and take the next wave."

Such an approach may work for investors from the Netherlands by ensuring they avoid making the mistakes some buyers made in recent years, a move that Britons keen to invest now could decide to copy.

Bulgaria offers a number of bargains for Britons keen to downsize and emigrate, Quest Bulgaria noted this week.

The magazine focused on the story of British couple Paul and Wendy Jones, who swapped their GBP315,000 UK home for a GBP90,000 residence in the country and have enjoyed a low cost of living ever since.

Bulgaria downsizing 'can work for older people'

Wed, 9 Dec 2009 00:00:00 GMT

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.

Bulgaria 'getting better'

Wed, 25 Nov 2009 00:00:00 GMT

Bulgaria is offering investors some promising prospects, it has been suggested.

According to Property Abroad, evidence that the market is emerging from its slump has arisen in the form of Russian investors snapping up bargains in tourist resorts.

Commenting that the country's property has "always" been among the cheapest but suffered from an oversupply situation in the past couple of years, the portal stated that this situation should even out between countries, as other nations also have oversupply issues.

It listed coastal locations such as Pamporovo, Dobrich, Yambol and Kavarna as places with plenty of investment potential, noting that some lots could be bought for as little as £7,000 and can be turned into buy-to-let homes, provided buyers have the time to renovate them.

Such purchases should be undertaken as long-term prospects, it was advised.

Buy Association recently tipped Bulgarian prices to start rising again as early as next year.

However, its recommendation was for buyers to focus on long-established towns and villages instead of coastal resorts.

Property investors 'should make legal checks'

Tue, 4 Aug 2009 00:00:00 GMT

Those considering investing in overseas property should ensure they carry out all the necessary checks and precautions before they finalise a purchase, an expert has stated.

Christopher Chadd of Property Frontiers noted that buyers can make considerable savings on foreign homes if they target repossessed real estate, but recommended performing "all the necessary legal checks" prior to completing the transaction.

"Make sure the property has an absolutely clean land title, and that when you purchase, you own it in its entirety," he stated, advice that may be of use to those looking to buy property in Bulgaria.

Provided this is done buyers could be able to find themselves a bargain, he stated, noting that some repossessed real estate is available for up to 30 per cent less than its true value.

According to recent research by Currency Index, the price of property in may counties has fallen in the past 12 months, with the cost of purchasing a home in Bulgaria falling 19.7 per cent.

Foreclosed Bulgarian market emerges

Thu, 18 Jun 2009 00:00:00 GMT

Bulgaria is starting to provide a market for foreclosed property, with the advent of a new site for such homes.

The country's Chamber of Private Enforcement Agents website has launched a portal for this kind of sale, the first one of its type in the country, Novinite reports.

Investors in Bulgaria may find they are able to access bargains in the same way many in the US look to do in places such as Florida and California.

At present, 190 homes and 20 other assets are available on the site, although the law requires that all 163 enforcement agents must put properties up for sale, something only 20 have done yet.

However, the rest are expected to follow suit by the end of June.

Earlier this month the same news provider reported on comments made on Darik Radio, by chair of the National Real Property Association Lachezar Iskrov.

He said that property prices in the country had fallen close to their correct market value.

Bulgaria sees increase in affordable home popularity

Wed, 18 Feb 2009 00:00:00 GMT

The vast majority of real estate transactions in Bulgaria in the last four months have been for low-cost, affordable property, new figures have suggested.

Data released by ERA Real Estate has shown that 86 per cent of homes purchased between October and January were valued at up to 70,000 EUR (62,000 GBP).

According to the firm, many banks in Bulgaria are refusing to lend more than 60 per cent of a property's value, which has forced buyers in the country to focus on cheaper homes.

However, chief executive of ERA Teodora Dimitrova also revealed that the cost of new-build Bulgarian properties has fallen by 15 per cent since the start of 2009, news that may be welcomed by property investors considering making a purchase in the eastern European country.

The news follows a recent report by the Sofia Echo, which stated that the cost of real estate in Bulgaria has fallen in 23 of the country's 28 regions.

Sofia: Prices of apartments on Sofia go down

Wed, 28 Jan 2009 00:00:00 GMT

For the first time in several years apartments in Sofia are listed for sale for about or even under EUR 500, the 24 Chasa Daily reported on Wednesday. 1, 2, or 3-room apartments in residential buildings under construction can now be purchased for EUR...

Sofia: 25000 new homes in Sofia are waiting for a buyer

Wed, 28 Jan 2009 00:00:00 GMT

About 25000 new homes in Sofia are waiting for a buyer, shows the yearly analysis of Forton - a realty consultative company. These apartments are now under construction and their total area is around 2,2 million sqm. Fierce competition among investors...

Fractional ownership 'will increase in popularity'

Wed, 28 Jan 2009 00:00:00 GMT

The popularity of fractional property ownership schemes is set to increase during 2009, it has been claimed.

According to one foreign property specialist, the concept - which involves buyers purchasing a percentage of a property and sharing use of the home with other owners - will become more popular over the coming months as purchasers begin to choose this option over full ownership.

"We're still selling some property but certainly nothing like the scale we were doing. The market for full ownership is not what it was," marketing director of Select Property Helen White stated.

She added that the firm is launching a new shared ownership scheme to give potential buyers the opportunity to invest in overseas real estate, noting such models are likely to gain in "prominence" during this year.

Fractional real estate schemes may appeal to investors looking to make a purchase in Bulgaria, where, according to recent figures from weekly publication Stroitelstvo Gradut reproduced in the Sofia Echo, the price of real estate it falling.

Real estate prices in Bulgaria are officially sinking

Mon, 26 Jan 2009 00:00:00 GMT

The Bulgarian real estate market is affected by the financial crunch. Prices are declining in 23 out of the 28 regions in the country, with the region of Veliko Turnovo registering a drop of 11.7 per cent, Varna a significantly smaller drop of 1.3 per cent and Sofia with 0.5 per cent. Bourgas is the only region in Bulgaria that has recorded a rise of 2.1 per cent, weekly Stroitelstvo Gradut reported on January 26 2009...

Investors reminded of Bulgaria mortgage differences

Tue, 13 Jan 2009 00:00:00 GMT

Property investors considering making a purchase in Bulgaria have been urged to be aware of a number of differences between the country's mortgage market and that of the UK.

According to Quest Bulgaria property magazine the two are largely similar, however the publication has noted that Bulgarian lenders are more cautious than their UK counterparts, meaning those applying for a homeowner loan must have no marks on their credit history.

And banks in the country often value properties at less than the price that is being paid, meaning it is unlikely purchasers will be able to obtain a mortgage at more than 70 per cent of the lender's valuation.

Repayments also differ than from those in the UK, the publication noted, as any cuts in mortgage rates - while being passed on - mean borrowers simply repay their capital at a faster rate rather than their monthly amount being reduced.

Quest recently described Bulgaria property as being a good choice for investors in 2009, as prices in the country have remained "incredibly cheap".

Britons 'could choose Romania' as 2009 destination

Fri, 9 Jan 2009 00:00:00 GMT

Romania has emerged as one country that British tourists could choose to flock to during 2009.

The eastern European destination is, according to the BBC, one region that could attract the attention of British holidaymakers who are looking to forego traditional destinations in favour of taking a cheaper break during the economic downturn.

It was joined by Bulgaria as being a country that may see an influx of Britons during the coming months.

"Bulgaria has the coastal resorts - once beloved of Soviet leaders - on the Black Sea," editor of Conde Nast Traveller Sarah Miller told the BBC.

She added that a trend for so-called 'far near' destinations is also emerging, defining these as "places that are close by - either they are beyond the iron curtain or they didn't crop up on your radar".

Property investors considering investing in Romania or Bulgaria may be encouraged by the news, which follows a recent report by Financiarul that stated that real estate firm DTZ Echinox has predicted rental supply in Romania will increase in 2009.

New housing complex to sprout in Plovdiv

Mon, 5 Jan 2009 00:00:00 GMT

Plovdivbased property developer and investor Yazov announced it will break ground on January 5 2009 on a 21building residential complex in Bulgarias third largest city.The project, named Sky Buildings is valued at 50 million euro, according to the investor...

Bulgaria property a "good long-term bet"

Wed, 31 Dec 2008 00:00:00 GMT

Property in Bulgaria will continue to offer good returns for investors making purchases in the country in 2009 it has been predicted.

According to Quest Bulgaria Property Magazine, returns will fall slightly from the average annual price increase of 30 per cent the country has been experiencing for the past five years, but will still remain a "good long-term bet" for those looking to invest.

The publication also noted that property in the country "remains incredibly cheap" and that the credit crunch has had "little effect" on what is a "stable" property market.

These two factors may further attract investors who are looking to make purchases overseas but currently have limited mortgage options available to them.

Areas such as Yablanitsa, Stara Zagora and Rousse were recently identified by Quest as being ideal for those looking for cheap property, with the magazine stating that buyers are currently a "highly sought-after species" among the country's estate agents.

Bargains 'can still be found' in Bulgaria

Wed, 24 Dec 2008 00:00:00 GMT

There are still a number of Bulgaria property locations that could provide bargains for investors, despite the current poor currency exchange rate, it has been suggested.

According to Bulgarian property magazine Quest, the country still offers a "good stock" of inexpensive property that may tempt buyers looking to invest in overseas property.

The publication highlighted villages surrounding the areas of Yablanitsa, Stara Zagora and Rousse as being sites where bargains will still be available in 2009, along with the locations of Yambol and Vidin.

And buyers may be boosted by the fact that they are currently a "highly sought after species", which the magazine states should improve their leverage when haggling over prices.

"Bulgaria has much to offer to those searching for a cheap property if they undertake a bit more research and look outside the predictable spots," the publication stated, adding that searching for property further away from airports can yield cheaper asking prices.

Quest recently issued advice to buyers looking to purchase a Bulgarian property, urging them to employ a translator before signing contracts.

Property magazine issues Bulgaria buying advice

Fri, 12 Dec 2008 00:00:00 GMT

A Bulgaria property magazine has issued "essential information" for those looking to purchase homes in the country.

According to Quest Bulgaria, real estate agents in the eastern European country are not regulated, so buyers need to ensure they act cautiously when acquiring a property.

Purchasers are advised to employ a registered translator before signing a preliminary contract, as it is important buyers "understand everything" in the document as it forms the basis of any transaction.

The publication also urges those buying property to ensure they have the services of a lawyer during conveyancing, as the civil servants whose job it is to verify facts and signatures will not act on the buyer's behalf during the process, which can - Quest states - be "very speedy".

Currency specialist Hargreaves Lansdown recently stated that Bulgaria is one of the countries benefiting from the weakening pound, as the faltering exchange rate is causing investors to seek property in a wider range of locations.

Veliko Turnovo: Sunny Home complex in Veliko Tarnovo ready in August 2009

Mon, 1 Dec 2008 00:00:00 GMT

Sunny Home complex in Veliko Tarnovo will be completed by Aug. 2009. Design for landscaping of the territory is to be prepared. The investor of the project is Ilstroy Ltd., the design was prepared by Matis and Lyubomirski bureaus, the developer is Ilstro...

Bulgaria investors 'must factor in renovation'

Fri, 28 Nov 2008 00:00:00 GMT

There are a number of factors property investors need to consider when purchasing an old house in Bulgaria, it has been claimed.

Bulgaria property magazine Quest has produced a list of top tips for those thinking of buying property in the country.

The publication explained that it is "all too easy" to succumb to the charms of old homes in the country - especially when prices can be very cheap - but noted that investors should take into account factors such as renovation costs when considering a purchase, stating that they "can cost more than you think and eat away your hard-earned cash".

It also remarked that it is "absolutely vital" all documents are translated accurately and urged buyers to not sign anything until they are fully aware of what it states.

In related news today, Paul Dimambro of currency specialist Hargreaves Lansdown has revealed Bulgaria is becoming subject to increasing attention from investors as they seek alternate locations due to the pound's weak exchange rate against the dollar and euro.

Bansko: Demand for real estate properties in Bansko ski resort plummets

Mon, 24 Nov 2008 00:00:00 GMT

So far 197 construction licenses have been issued in Bansko , which is twice as low as last year. Data of brokers indicates that most plots appropriate for construction of properties or hotels have been sold and over 80% have been built up. It emerged...

Sofia: Sofia will looking like Manhattan because projects for skyscrapers have been frozen

Thu, 20 Nov 2008 00:00:00 GMT

The world financial crisis makes investors shelve plans to erect malls and skyscrapers in Sofia as big construction projects prove to be no more cost-effective. " There were many ground-breaking ceremonies but the projects have been frozen now ," Chief A...

Bulgaria property 'set for a comeback'

Thu, 20 Nov 2008 00:00:00 GMT

Bulgaria is set to make a comeback in the international property market next year, it has been claimed.

According to Property Wire, the country's winter sports destinations are set to become popular over the next 12 months, with a Daily Telegraph report noting that resorts such as Borovets are likely to be popular due to their affordability.

One such investor who purchased a property overseas is Samantha Emery from Watford, who bought it as an investment to help her purchase a home in the UK in the future.

"The property I bought at the Pirin Golf and Country Club in Bansko is an investment through which I gain my profit from renting," she was quoted as stating, adding that the five star development is one of the best ski resorts in the country.

UK property firm Miller Developments recently purchased a shopping centre in the Bulgarian city of Varna, an investment which chief executive of the company Keith Miller described as an "impressive addition" to its overseas portfolio.

UK firm makes Bulgaria investment

Tue, 18 Nov 2008 00:00:00 GMT

Miller Developments has announced the purchase of Bulgaria's Mall Varna for EUR120 million (GBP101 million), it has emerged.

The 33,000 sq m site, which is the country's largest new retail and leisure development, is located in Varna, Bulgaria's second biggest city.

Keith Miller, chief executive of the Miller Group, stated that the firm expects the retail market in the country to grow, despite the current economic climate.

"Mall Varna is an impressive addition to our portfolio and the investment is part of the group's ongoing strategy to expand its presence in Europe," he explained.

Property investors may wish to follow Miller's example and also invest in property in the city, which has a population of 460,000 and is the country's leading tourist destination.

Elsewhere in the country, holiday homes in the Super Borovets ski resort could be of interest to overseas property developers.

The site has been singled out by BuyAssociation as an ideal location for making a property purchase.

Bulgaria ski resort 'could tempt holiday home investors'

Thu, 13 Nov 2008 00:00:00 GMT

Those considering investing in property in Bulgaria have been advised to consider locations away from the most popular areas.

According to BuyAssociation, properties in the country's skiing and city areas are ideal sites for investment, with the Super Borovets resort being singled out by the firm as one such development which could attract attention.

The site is less than 50 miles away from Sofia and features a skiing season running from December until May, while golf courses may attract holidaymakers during the summer months.

Properties at the Borovets Gardens development can be purchased on a special pre-release offer for £37,000, which could attract overseas investors looking to capitalise on the rented holiday home market.

The country was recently hailed as an exciting emerging market by British investor Greg Marshall, who told Property Wire that Bulgaria has potential for growth and enables him to make a return on his apartment investment.

Pomorie: New mega complex to pop up in Pomorie

Thu, 2 Oct 2008 00:00:00 GMT

As most investors are sending out negative signals about the seaside property market , a Russian company started a luxurious mega complex in the town of Pomorie , on the southern Black Sea coast . The Rich Daddy project will deliver about 20 flats on a...

BLD to shed winter, seaside projects in Bulgaria

Tue, 23 Sep 2008 00:00:00 GMT

Residential property developer Bulgarian Land Development BLD said it has put up for sale its holiday projects Riverland in the western ski resort of Borovets and July Morning in Kavarna, on the northernmost Black Sea coast.The fund is pressed to sell by shareholders demanding bigger profits and better return on equity, BLD executive director Dimitar Savov said, adding that the projects have attracted prospective buyers from Russia and the Middle East...

Eco projects beginning to take off in Bulgaria

Sun, 21 Sep 2008 00:00:00 GMT

Eco property projects are taking off in Bulgaria with two major developers announcing environmental complexes...

Estonian Arco Vara starts second housing project in Sofia

Thu, 11 Sep 2008 00:00:00 GMT

Arco Invest, a unit of Estonian real estate group Arco Vara, started construction on a six million euro gated complex in Sofia. The complex, set to be the companys biggest investment so far, will rise in the upscale Manastirski Livadi district. It will have three residential buildings with a combined floor space of 35 000 sq m, hosting 300 flats and 25 retail outlets. Arco Invests first Bulgarian project, Boulevard...

Sobering on Bulgarian real estate market

Tue, 2 Sep 2008 00:00:00 GMT

Real estate brokers expect in the next months sobering of the salesmen but no crisis in the country...

Spanish developer to invest 500M euro in residential property near Sofia

Mon, 1 Sep 2008 00:00:00 GMT

The Bulgarian residential property market still has a potential to grow, Nikolina Nikolova, CEO of the Bulgarian arm of Hercesa International, said during a news conference on September 1 2008 at the Hilton Hotel. Nikolovas statement contradicted the tone set at the general discussion with real estate agency executives, that the market is near saturation. Nikolova announced plans of the Spanish developer to...

Bulgarian property market tamed

Mon, 1 Sep 2008 00:00:00 GMT

The fact that the force with which the Bulgarian residential property market has been developing is beginning to subside was officially confirmed by real estate company executives during a press conference on September 1. In 2008, the market entered a stage of clear segmentation and only the interest towards higherclass exclusive property has marked a significant increase. Looking at the bigger...

UK investor hails Bulgarian market

Mon, 1 Sep 2008 00:00:00 GMT

A British investor has said that Bulgaria offers those looking to buy overseas an exciting new emerging market that makes a good alternative to the traditional destinations for British buyers.

Greg Marshall from Solihull told Property Wire he went for Bulgaria as he was keen to buy somewhere new and with potential for growth.

He stated: "Making a return from my purchase was also a smaller part of my reason to buy and I rent the apartment out myself through my own website so I am making a return on my investment as well."

Property Wire added that the Association of International Property Professionals has identified Bulgaria as a top destination for UK buyers, with a rise of six per cent in 2007 from 2006.

Philip Howell, partner at law firm John Howe & Co and an expert in Bulgarian property, told Easier this week the country is a "good place" to buy because it is popular both with summer tourists and winter skiers.

Bulgaria 'is a good place to invest'

Mon, 25 Aug 2008 00:00:00 GMT

Overseas property buyers have been advised to consider potential investment opportunities in Bulgaria.

According to Quest Bulgaria, the eastern European country is currently a very good place in which to buy a residence.

Chris Goodall, editor of the magazine, added that the recent media storm surrounding the market has been over-egged.

The press has recently suggested that many foreign property buyers have found the process of investing in Bulgaria a "nightmare", while some outlets have also said people have been "ripped off".

"That is not our experience," Mr Goodall commented.

"We have done our own opinion poll, with only 3.7 per cent of people buying over here saying the experience was beset by problems."

This comes after Bulgaria was flagged up as a good market to consider by Aston Lloyd, which said property values are relatively affordable when compared with many other markets.

Bulgaria flagged up as lucrative investment market

Mon, 18 Aug 2008 00:00:00 GMT

Foreign property buyers could be able to collect healthy returns in Bulgaria, according to industry experts.

Investment company Aston Lloyd said emerging destinations across the world tend to be highly lucrative markets for second home buyers.

Bulgaria was flagged up as one such location, as property values are relatively affordable when compared with many other places.

However, prices in the eastern European country were said to have gone up by more than a third last year, which means it also offers good capital growth prospects.

Joe Upchurch, director of Aston Lloyd, commented: "Owning something in these areas may not impress your neighbours just yet, but in a few years they may well be jealous."

The organisation added that Bulgaria, which became a member of the EU in 2007, is set to receive nearly £9 billion in funding from Europe over the next five years.