Real Estate & Property Investment News in Bulgaria from Propertyshowrooms.com

Bulgaria property prices fall in 2011

Thu, 26 Jan 2012 00:00:00 GMT

New research has revealed the value of Bulgarian property fell by between five and ten per cent in 2011, compared to 2010.

Propertywire reported on the data, which was gathered from brokers operating in the nation, noting that the situation is not expected to change over the course of the next 12 months.

Operations director at a Bulgarian real estate firm Polina Stoikova told the publication that the greatest demand is for properties in a low price bracket that are located in major cities.

Bansko, a ski resort, is one of the places that has experienced some of the biggest falls, with real estate values there sliding by 25 per cent during 2011, the news provider revealed.

In addition, an article in Focus earlier this month cited a study published by Presa Daily, which found home loans in Bulgaria have become more accessible.

According to the research, last year it was possible to obtain finance of between 80 per cent and 90 per cent of a residential property's value, while interest rates on mortgages have fallen and are now close to their 2008 level.

Bulgarian property prices drop

Tue, 25 Oct 2011 00:00:00 GMT

The third quarter of 2011 saw property prices in Bulgaria fall, the latest government figures show.

Quest Bulgaria reported on the data, noting that average residential real estate values dropped by 0.8 per cent in the three months between July and September.

Overall, house prices have slipped by 6.1 per cent since the same time last year, the news provider noted, adding that the Pleven, Yambol and Smolyan regions of the country have experienced the biggest declines.

In the recent Doing Business 2012 report published by the International Finance Corporation and World Bank, Bulgaria was highlighted for making it easier for people to register property in the nation by "offering expedited procedures".

Meanwhile, the country was also noted for its efforts to improve trading across borders and to assist with resolving insolvency, with the report stating that these measures improve the business environment.

The introduction of an online system for the submission of customs and declaration forms was one of the reasons given for its higher ranking in the trading across borders category.

Bulgarian house prices plummet

Fri, 7 Oct 2011 00:00:00 GMT

Residential real estate in Bulgaria has seen one-third of its value wiped out since 2008, new research has revealed.

The Sofia Echo reported on a study carried out by estate agency Yavlena, which showed that property prices in the country have dropped by 20.92 per cent compared to 2008, with values declining by 8.5 per cent since last year.

Manager at the firm Strakhil Ivanov told the publication that the bottom end of the market - homes priced between €25,000 (£21,744) and €50,000 - are attracting the most attention from buyers.

Last month, International Business Times highlighted data published by Bulgarian Properties, which indicated that one of the nation's ski resorts - Bankso - had seen real estate values plummet by 50 per cent since 2008.

The publication revealed that apartments could be acquired for an average of €760 per sq m during the first eight months of this year, with prices taking a further ten per cent tumble in May.

Increased activity reported in Bulgarian real estate

Fri, 12 Aug 2011 00:00:00 GMT

There has been a significant rise in the number of new mortgages issued in Bulgaria, it has been revealed.

According to research from Credit Center, a consultancy based in Sofia, the number of home loans awarded in the second quarter of the year was 18 per cent higher than in the first three months of 2011, the Sofia News Agency reported.

Chief executive officer of Credit Center Tihomir Toshev told the press organisation that this bodes well for the Bulgarian real estate sector.

He explained that buyers and sellers have been active in all areas of the market, although the most popular kind of property is currently a two-bedroom apartment.

Mr Toshev added that "receiving credit is becoming easier and easier", which has enabled more people to purchase a home in Bulgaria.

Last month, the Sofia Echo noted that there was a 27 per cent annual rise in the number of real estate transactions in the country during the first half of the year.

Bulgaria's property prices fall in Q2

Tue, 26 Jul 2011 00:00:00 GMT

The value of residential properties in Bulgaria dropped during the second quarter of this year, new data has revealed, compared to the same period in 2010.

Figures from the National Statistics Institute (NSI) were published by the Sofia Echo, showing that average real estate prices fell by 6.4 per cent during this time.

Meanwhile, the NSI research revealed that values declined by 1.6 per cent between April and June compared to the three months from January to March this year.

The publication noted that the largest quarterly drop was registered in Veliko Turnovo with 5.5 per cent shaved off housing values, while Sofia saw its residential prices slide by 2.1 per cent.

However, there were locations that saw real estate values rise, with Varna, Rousse and Blagoevgrad all reporting upward movements in their property markets.

This data is in contrast to one expert's predictions earlier this month that housing prices in the nation would increase by between five and six per cent over the course of the year.

Speaking to Novinite.com, chief executive officer of the Arceland asset management fund Curtis Coward stated that the country would experience "a stable annual growth rate" in its property markets in 2011.

Rising real estate sales reported in Bulgaria

Tue, 19 Jul 2011 00:00:00 GMT

The Bulgarian property market has improved since the beginning of the year, it has been reported.

Speaking to the Sofia Echo, chief operating officer of estate agency Bulgarian Properties Polina Stoykova revealed that real estate sales in the country have increased. This is attributed to falling prices that have attracted investors, as well as an upturn in Bulgaria's economy as a whole.

Ms Stoykova went on to state that Sofia and destinations along the coast of the Black Sea are the most popular locations for real estate transactions, accounting for 40 per cent of the total volume of sales in the nation between January and June.

The publication also cited data from Bulgaria's Registry Agency, which recorded a 27 per cent rise in the number of property deals carried out in the first half of the year, compared to the same six months in 2010.

Earlier this month, Curtis Coward, chief executive officer of the Arceland asset management fund, told the Sofia News Agency that he anticipates real estate values in Bulgaria to rise steadily and at a sustainable rate.

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.

Residential prices fall in Bulgaria, report shows

Fri, 13 May 2011 00:00:00 GMT

Residential property prices in Bulgaria fell in the majority of regions in the fourth quarter of 2010, although there were some regional differences.

Home values in the capital Sofia fell by 9.4 per cent year-on-year and by 5.2 per cent compared to the previous quarter, while in Varna prices dropped seven per cent compared to 2009 figures.

However, the Black Sea location saw values climb 1.9 per cent compared to the previous three-month period, indicating a gradual return to strength.

The news could tempt a number of investors to look for property in Bulgaria, with some regions showing signs of improvement.

According to the analysis, by Raiffeisen Real Estate, the sluggish economic recovery, lack of jobs and rising inflation is affecting the domestic market.

“Buyers expect to get the best possible proposal within a pre-determined budget,” it said.

Meanwhile, earlier research from Bulgarian Properties found that over the past decade, residential property prices in Bulgaria have risen by an average of 200 per cent.

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.

Property auctions double in Bulgaria

Wed, 16 Mar 2011 00:00:00 GMT

The number of property auctions taking place in Bulgaria during the first few months of 2011 was double that of a year previous, it has been reported.

Data provided by the Bulgarian Chamber of Private Enforcement Agents (BCPEA) and targ.bg shows that numbers hit between 1,500 and 1,600 in January and February this year.

This is compared to an average of between 700 and 800 a month in 2010, the Sofia Echo reports.

The news could result in lower prices for a number of individuals looking to buy property in Bulgaria.

According to agents, the increase in property auctions was attributed to the growth of non-performing mortgage loans, as well as to the accumulation of old tenders that found no buyers.

Elsewhere, the news provider reports that the number of residential and administrative building permits issued in Bulgaria during the final quarter of 2010 decreased.

Municipal authorities granted 1,152 housing permits between October and December 2010, down 12.1 per cent against the previous quarter, data from the National Statistics Institute revealed.

Bulgarian property market 'will recover in Q3 & Q4 2011

Thu, 24 Feb 2011 00:00:00 GMT

Bulgaria's property market could be set for a revival later this year, as a new breed of investor looks to take advantage of low costs and an improving economy in the country.

Real estate consultancy Colliers International has said that a rebound in sales is likely to occur in the second half of 2011, in response to an improvement in Bulgaria's macro-economic credentials.

However, the organisation has warned that there is a risk of shortage of high-end property units, as no large-scale projects were started in 2010.

"Our expectations for the first half of 2011 are to be as challenging as 2010 was. The second half of the year will mark the upswing in almost all real estate segments [residential and commercial]," said Atanas Garov, managing director of Colliers International in Bulgaria.

"We are positive that new players will be seen this year, which will bring liquidity on the market and will define its development in the medium term."

Bulgarian property market predicted to improve this year

Wed, 2 Feb 2011 00:00:00 GMT

The property market in Bulgaria will begin to improve in the second half of this year, a major property consultancy has forecast.

Colliers has suggested that there will be a rebound in sales in the country in line with an improvement in the Bulgarian economic situation.

However, according to the firm, there still remains a risk that when the market eventually turns there could be a shortage of high-end properties as a result of a lack of new developments and projects in 2010.

Meanwhile, those interested in purchasing property in Bulgaria may be interested to learn that average prices in the country have fallen to less than 33 per cent of their market peak in 2008.

Added to this, the number of building permits and new buildings had also fallen to well below their peak.

Figures released by the National Statistics Institute show that the price of real estate last year fell to 964 leva per square metre, with the cheapest homes found in the town of Kyustendil.

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.

Bulgarian property prices set to hit 'rock bottom' in 2011

Fri, 7 Jan 2011 00:00:00 GMT

Property prices in Bulgaria are expected to hit rock bottom in 2011 before rising in value once again, it has been claimed.

According to a number of estate agents operating in the country, the future for the struggling market looks bright.

"Housing prices in 2011 will remain at historically low levels, but they are expected to stabilise in large regional cities and the overall decline to slow down countrywide," Teodora Dimitrova, head of the local unit of international firm ERA Real Estate, said.

After Bulgaria joined the European Union at the beginning of 2007, property values in the country increased, surging to EUR 1418 per square metre in the third quarter of 2008.

However, since that time, home prices have declined, with the latest statistics from Bulgarian Properties indicating that there had been a fall of around ten per cent over the course of 2010.

"Even if the market has not reached absolute bottom, it is certainly close to it," Polina Stoikova, chief operating officer of Bulgarian Properties, added.

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.

Economic improvements needed to 'boost Bulgarian property market'

Thu, 16 Dec 2010 00:00:00 GMT

The economy is set to play an increasingly important role in the Bulgarian property market recovery heading into 2011, it has been claimed.

Quest Bulgaria has reported that it expects real estate in the country to "overcome the shock" experienced from the dramatic price drop in 2009 if the economy heads in the right direction.

It adds that prices are expected to remain stable and the number of transactions completed will rise by the end of the coming year.

"As the market is already well segmented we can expect some diversions from this trend in the different segments" the news provider stated.

"However, what is common for all segments is that prices have already reached the bottom or are very close to reaching it as in some cases there may even be signs of recovery."

Furthermore, Quest encouraged individuals looking to buy property in Bulgaria to remain active in the market, stating its belief that now is a good time to purchase a home in the country.

Bulgarian economy posts annual growth

Wed, 17 Nov 2010 00:00:00 GMT

The Bulgarian economy exited the recession during the third quarter of 2010 with a 0.3 per cent year-on-year growth, it has been claimed.

According to flash estimates conducted by the National Statistics Institute in the country, the increase marks the first rise in the economy on annual basis in a year and a half.

The news is sure to be of interest to those looking to buy property in Bulgaria, with the economy strongly linked to home prices.

Furthermore, the growth followed a 0.5 per cent expansion which occurred in the second quarter of 2010, the figures show.

The data also shows that the growth was mainly fuelled by the agricultural sector, which saw a quarter-on-quarter growth of 1.2 per over the last three months.

Meanwhile, the statistics also help to confirm the forecasts of the economists surveyed last week by Dnevnik, which found that while the economy in Bulgaria is expanding, any recovery is likely to be long and drawn out.

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.

Bulgaria launching tourist campaign

Sat, 28 Aug 2010 00:00:00 GMT

The Bulgarian Ministry of Economy is launching a new international campaign to attract more tourists to the nation.

It will begin next month and will see Euronews, National Geographic Channel, Discovery Channel and Eurosport airing advertisements about Bulgaria, reports the Sofia Echo.

The clips will be aired 3,166 times in total between September 6th and December 26th and from January 31st until March 27th 2011.

It is estimated that some 608 million European households will see the adverts, which is good news for people with Khaskovo property or property in Dobrich which they hope to rent out to holidaymakers.

The campaign is worth around 7.5 million leva and will focus on the country's summer and winter tourist destinations, environmental and rural tourism and the country's cultural historic heritage.

Earlier this month, it was reported that Sofia International Airport in Bulgaria saw a 12 per cent increase in passenger numbers in July compared with the previous year.

Construction in Bulgaria 'on the road to recovery'

Tue, 24 Aug 2010 00:00:00 GMT

The number of construction permits issued in Bulgaria increased in the second quarter of 2010, compared to the first three months of the year, according to figures from the National Statistics Institute.

In news which may interest those looking for property in Burgas or homes for sale in Blagoevgrad, the data highlights that 1,441 residential permits were issued between April and June 2010 for a total of 3,933 apartments, reports the Novinite.

This represents increases of 46 per cent and 41 per cent respectively, compared with January to March 2010. However, it marked drops of 21 per cent and 13 per cent year-on-year.
In particular, construction is picking up in the Varna region, where 176 permits were issued, followed by city of Sofia, the Burgas region, the Plovdiv region and the Sofia region.

The highest number of residential units will be built in Varna, followed by Blagoevgrad, Sofia and Plovdiv.

Earlier this month, data from the National Statistical Institute highlighted that house prices fell during the second quarter of 2010 by an average of 0.8 per cent.

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.

Sofia airport attracts 12% more passengers

Wed, 18 Aug 2010 00:00:00 GMT

Sofia International Airport in Bulgaria saw an increase in passenger numbers in July, with 12 per cent more people travelling through it compared to the same month last year.

Some 327,100 passengers travelled via the airport, which also marks a ten per cent increase compared to July 2008, suggesting that the region's tourism industry is going strong, which is good news for anyone with Sofiya property.

The number of flights taking off from the airport also increased, with 4,353 flights being registered across the month, a five per cent increase compared to July 2009.

Bulgaria's popularity with holidaymakers was also highlighted by recent figures which show that the number of tourists visiting the Black Sea coast has increased by ten per cent compared with July and August 2009.

According to the Union of Owners of Nesebar, the region is attracting holidaymakers as it offers better value for money than countries such as Greece and Turkey, reports Novinite.

Ryanair flights to Bulgaria confirmed

Fri, 6 Aug 2010 00:00:00 GMT

Budget airline Ryanair has confirmed that it will be commencing flights between London Stansted airport and Plovdiv in Bulgaria from November this year.

It will be the first time Ryanair has operated flights to Bulgaria from Stansted.

The announcement will come as good news to anyone considering property investment in Bulgaria as it could help boost tourism to the country.

Flights will run between the two cities twice weekly and it has been forecast that if the route is successful, over 200,000 passengers could be travelling via it by 2013.

In a media statement quoted by the Sofia Echo, the airline said: "Ryanair is delighted to announce its first Bulgarian connection from London Stansted to Plovdiv to provide Bulgarian consumers and British visitors the guaranteed lowest fares from/to Bulgaria."

"The new route will ensure that Plovdiv and its regional tourism will develop further," it added.

People interested in Lovech real estate or Gabrovo property in Bulgaria may wish to take advantage of falling property prices in the nation.

House prices fell 0.8 per cent during the second quarter of 2010 compared with the previous three months, according to figures from the National Statistical Institute reported by Property Wire.

Bulgaria property prices down by 0.8%

Wed, 4 Aug 2010 00:00:00 GMT

Consumers looking to find property in Bulgaria may choose to take advantage of falling property prices in the East European country.

House prices fell during the second quarter of 2010 by an average of 0.8 per cent compared to Q1, reported Property Wire.

According to the National Statistical Institute (NSI), 13 Bulgarian towns and cities saw a decline in their housing markets, most notably in Gabrovo where prices were down 8.3 per cent between April and June 2010.

Despite the drop in market value, Address, a real estate consultants, claimed that overall Bulgaria's property prices have increased by 300 per cent over the last ten years.

The NSI stated Bulgarian property prices peaked between July and September 2008 at 1418 leva per square metre.

Meanwhile Bulgaria's construction sector has also seen decline, reported the Sofia Echo last month. Figures released by the NSI showed Bulgaria's construction industry had seen a 3.7 per cent fall during May 2010 thought to be a result of a drop in real estate and infrastructure construction.

Investors eye European commercial real estate

Mon, 19 Jul 2010 00:00:00 GMT

Interest in European commercial real estate has been attracting a great deal of interest from potential investors in the second quarter of 2010, new figures show.

According to the latest data from CB Richard Ellis, there has been a 15 per cent rise in comparison to the first three months of the year, taking the total commercial real estate turnover for the period to EUR23.5 billion.

The rise comes in spite of a number of external factors which are likely to have a large impact on the economies of a number of countries, such as the debt crisis and introduction of austerity measures by many governments.

Michael Haddock, director of EMEA Capital Markets Research at CB Richard Ellis, said: "With a growing number of larger transactions in Europe, we are also starting to see an increase in cross border activity."

Meanwhile, the news could lead to an increase in the number of searches for Sofiya property, with the region at the centre of Bulgaria's economic trade.

More home loans available to Bulgarian property investors

Fri, 16 Jul 2010 00:00:00 GMT

Real estate investors are set to be lured back to Bulgaria after it was revealed that more loans will be made available to buyers.

Following the departure of many purchasers at the height of the global economic crisis, banks are now targeting potential buyers to tempt them back to the country.

However, rather than British investors returning in their flocks, a large number of Russian buyers are now capitalising on the current market conditions.

"The great demand for real estate, which initially came from the UK and other English speaking countries, is being steadily replaced by Russian speakers," confirmed municipal mayor Avren Todorov.

The news may be of interest to those looking at homes for sale in Silistra, with the region a major cultural, industrial and educational centre located in the north-eastern area of the country.

Meanwhile, according to a recent report by Colliers International, prices in the Bulgarian capital of Sofia have continued to fall in 2010, with an annual decline of 17 per cent experienced.

Bulgaria offers visitors a 'diverse culture and cheap prices'

Thu, 8 Jul 2010 00:00:00 GMT

Bulgaria boasts a rich and varied culture and a historical heritage which is sure to make it a popular destination for holidaymakers this year, it has been suggested.

In news that may interest individuals looking to rent out real estate to travellers, the Bulgarian Embassy has encouraged tourists to experience the European destination.

Desislava Naydenova, from Press and Cultural Affairs at the embassy, said that the country offered visitors a diverse mix of culture, while also being one of the best value-for-money places to visit.

Ms Naydenova was speaking in response to recent research from Tesco Travel Money, which highlighted the eastern European destination as a bargain spot for potential holidaymakers.

"The results of the research highlight one of the main advantages of Bulgaria as an attractive tourist destination, namely - the combination between high quality and wide variety for tourism on one side, and reasonable prices on the other," she said.

The news may lead to an increase in the number of investors looking for homes for sale in Silistra, with the region boasting some interesting historic landmarks.

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.

Budget flights could boost Bulgarian property

Tue, 22 Jun 2010 00:00:00 GMT

News that a number of low-cost flights are set to be launched to Bulgaria could open up the country's real estate market to new investors.

Ryanair has announced that it is planning to introduce the routes, which will head to Bulgaria's second largest city Plovdiv, from September this year.

The government has revealed that it will be investing 40 million leva into a passenger terminal in the city, with many of the airport's services currently being unused, Property Abroad has reported.

As a result of the new flights, people who let out property in the region could find their residences are subject to strong demand this year.

This could have the positive consequence of boosting their value and allowing investors to collect higher rental returns.

Colliers International Bulgaria recently claimed that Bulgarian real estate could experience a resurgence in interest, with analysts predicting that bargain prices, good supply and better credit conditions will bolster the market.

According to the company's most recent research paper, falling prices and flexibility on the side of developers is helping to boost the demand for real estate.

Bulgarian real estate enjoys 300 per cent price rise over ten years

Tue, 15 Jun 2010 00:00:00 GMT

Property is the most effective investment vehicle for individuals in Bulgaria, it has been claimed.

The country's leading real estate consultancy, Address, has highlighted that house values in the country have risen by more than 300 per cent over the past ten years and, as such, the market represents a good prospect for investment.

However, the news comes just after analysts suggested that further declines would be seen in property prices in the forthcoming months.

"Regardless of the decline in value over the past two years, Bulgarian real estate remains the best form of investment," Address said in a statement.

According to the firm, based on actual transactions, prices have fallen by 14.5 per cent compared to last year, but substantial discounts of between 35 and 45 per cent can be obtained by buyers.

The news could lead to an increase in the number of individuals looking at homes for sale in Silistra, with the area an important cultural, industrial and educational centre for the north-eastern region of Bulgaria.

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 set for real estate price rebound

Fri, 21 May 2010 00:00:00 GMT

Bulgarian real estate is preparing itself for a resurgence, with analysts predicting that bargain prices, good supply and better credit conditions will all help to bolster the market's chances.

Leading the country's recovery will be its capital city, Sofia, says Tatyana Emilova, manager at Colliers International Bulgaria.

According to the company's most recent research paper, falling prices and flexibility on the side of developers is helping to boost the demand for real estate.

The company claims that prices are now near the bottom of the market and investors are likely to be attracted to property in the European destination.

"In general, buyers are very well informed now and have become much more demanding and selective when it comes to choosing their home," Ms Emilova explained.

"They are seeking an optimal balance between price and quality, and environment and neighbourhood is also important."

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.

Studio flats in Bulgaria likely to be popular this year

Sat, 1 May 2010 00:00:00 GMT

The number of individuals looking to buy property in Sofiya-Grad, Bulgaria, may be set to rise, it has been suggested.

According to real estate consultancy Address, the demand for smaller homes in the country could be set to increase later this year.

Address claimed that studio flats are making up 34 per cent of its total sales in Bulgaria so far this year.

It predicts that because of a shortage of the number of small properties being built, supply is falling behind demand.

"The supply of such types of studios is decreasing while new construction for the moment is rather dormant," explained the company's marketing manager, Kaloyan Bogdanov.

"This is likely to create a demand that is likely to surpass initial forecasts."

However, despite this positive sign, the agency is wary about announcing a full market recovery in Bulgaria and stated that a rise in property value is unlikely to occur until the second half of the year.

Bulgaria was recently named as one of the best destinations for overseas investment in 2010 by Property Venture.

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.

Bulgarian property market favours the buyer

Tue, 16 Mar 2010 00:00:00 GMT

The property market in Bulgaria is near the bottom at the moment, making now the ideal time for investors to take advantage of a stabilising market with low prices, it has been reported.

An article by Quest Bulgaria drew attention to the fact that currently the market favours the buyer and as such could represent a good time to find a dream home.

The online property and lifestyle magazine compiled a list of buying tips for the country to ensure potential investors don't make unnecessary decisions.

Among the tips offered include making sure enough research is carried out into the location of the property.

"Look at where the locals are buying as a good indication of good areas. This also means the property market in that area is supported by Bulgarians, making it easier to sell should you wish to do so," the article suggested.

Furthermore, it also recommended taking advantage of private "expat" sales, where investors could have the opportunity to pick up renovated property with sizable discounts of anything from 30 to 50 per cent.

Overseas investment company Property Venture recently named Bulgaria as one of the best destinations for investment in 2010.

Bulgaria could adopt the euro by 2013

Fri, 5 Mar 2010 00:00:00 GMT

Bulgaria could become a eurozone destination as soon as 2013, some analysts have predicted.

According to a report by Novinite, the European parliament president Jerzy Buzek has said he would welcome Bulgaria into the European Union, after meeting with the country's prime minister last month.

"Bulgaria has the opportunity to become member of the eurozone in 2013. I would welcome this kind of development," Novinite reported Mr Buzek as saying.

The news is sure to interest individuals with a property interest in the country or those looking to buy there in the future, as it means property in the country will benefit from the introduction of a stable economy.

One requirement that the European Union enforces before adoption of the currency is that budget deficits must be within three per cent of GDP.

The announcement comes at an ideal time, as many analysts are expressing concerns that the Greek debt crisis could spill-over to the destination.

Bulgaria was recently named as one of the best destinations for investment in 2010 by overseas investment company Property Venture.

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.

Bulgarian property values tipped to rise

Wed, 18 Nov 2009 00:00:00 GMT

The value of Bulgarian properties could be rising as soon as next year, it has been suggested.

Overseas investor magazine BuyAssociation said that the country is presently offering a number of bargains, as luxury homes have seen prices drop by 40 per cent since 2007.

The publication added that experts are anticipating prices to being increasing again in 2010, with rental yields being favourable for buy-to-let investors.

However, the most popular places to buy will now be in traditional towns and villages, rather than the Black Sea Coast and the capital Sofia, as was previously the case.

The site also noted that Bulgaria offers the advantage of not yet having adopted the euro, which could make buying there cheaper than in other EU countries.

BuyAssociation's tip echoes the recently expressed view of head of economic research at UniCredit Bulbank Kristofor Pavlov, emportal reported earlier this month.

He forecast that the market will see three further quarters of decline, meaning the turning point will come during the next year.

Bulgaria 'working out well for Britons'

Thu, 12 Nov 2009 00:00:00 GMT

Britons are generally having a positive experience when they move to Bulgaria, the UK ambassador to the country has remarked.

Steve Williams, who is Britain's chief representative in Sofia, told Standart News that those who have moved to Bulgaria revealed in a British Embassy poll that things were tending to go well for them.

He said the survey found that "in general those British nationals that had bought properties in Bulgaria in order to live here permanently or semi-permanently had integrated well with the local community".

In turn, most Bulgarians had welcomed the British there and Mr Williams noted that this anecdotal evidence tallied with his own experience.

Those keen on buying property in Bulgaria may look to do so soon after an economist tipped the market to bottom out in 2010.

Head of economic research at UniCredit Bulbank Kristofor Pavlov predicted there will be three more quarters of price decline before the sector starts to turn, emportal reported earlier this month.

Bulgarian property market 'set to bottom out'

Tue, 10 Nov 2009 00:00:00 GMT

Bulgaria's property market will bottom out within months, it has been suggested.

Speaking at the BalRec real estate market conference in Sofia, head of economic research at UniCredit Bulbank Kristofor Pavlov said there will be three more quarters of price falls before the market stops declining.

This would mean that the sector could start improving from the middle of 2010, ahead of the end of recession in the country, which Mr Pavlov said was likely to be around the end of next year or early 2011.

Such a prediction could make spring or summer 2010 a perfect time to invest in Bulgaria.

At present, those investing in Bulgarian property should look to concentrate on upmarket towns and villages, according to lifestyle and investment magazine Quest Bulgaria.

It said that this offers a good alternative to Black Sea coast developments, with some concerns arising that these are suffering from over-building and the creation of a 'fish and chip' culture in the manner of the Spanish Costas.

Bulgaria property market 'expected to improve'

Wed, 26 Aug 2009 00:00:00 GMT

There is some professional optimism regarding the possibility of an upturn in the property market in Bulgaria, it has been suggested.

According to a blog on the Ireypg website, there is "good news" for investors looking to purchase a house in the eastern European country as the sector is expected to experience a boost next year.

It noted: "Most of the top-end estate agents and market analysts are predicting that a residential market recovery is expected in the first half of 2010."

According to the portal, these positive estimates come as prices dip 20 per cent lower than second-quarter figures for 2008 and the number of houses sold decreases in the first half of this year.

Those looking to put their property on the market in Bulgaria have been forced to lower the value of their domicile because of increased competition.

Research carried out by Raiffeisen Imoti recently found that investors in the country's housing sector are currently waiting to see if prices fall further before adding to their portfolio.