Legions of Brits have been lured into buying property in Bulgaria due to the low prices and a generous helping of media hype. But for many purchasers the fairytale hasn’t had the scripted happy ending and they have become victims of various scams losing plenty of money in the process.
If you’re looking to diversify, broaden or even begin your property portfolio consider Europe for your next investment destination.
Sofia Airport, one of the fastest growing airports in Europe, reported that in 2007 its air traffic had doubled over the previous five years. With more direct flights from most European capitals and a growing demand for larger planes and passengers, the airport has built a new Terminal 2 and expanded its runway.
In Bulgaria, one of the unforeseen consequences of the global financial crisis is the resurging popularity of small residential complexes. Before the downturn, many investors favoured larger, capital intensive projects built on a huge scale.
It has been revealed by overseas property portal, Global Edge that Bulgaria is sixth most popular among their 1.4 million visitors.
After months of research, Quest Bulgaria has gone into cyber-space and gone on-line, winning huge recognition.
Leeds law firm John Howe & Co is using its experience dealing with the Bulgarian property market to advise prospective buyers on potential pitfalls.
Bulgaria’s GDP growth reached record levels of 7% during the first 6 months of 2008, according to a report by Macro Watch, a group formed by the Open Society Institute (OSI) in Sofia.
Recent news from the Bulgarian banking sector confirms what many property investors have known for a while – investment potential in Bulgarian property is one of the best in the world.
Detached two bedroom villas at Seven Lakes, near the Bulgarian spa town of Dolna Banya, arguably offer investors one of the best locations in Bulgaria: 45 minutes from the capital city of Sofia, and only 15 minutes from Borovets, Bulgaria’s most popular ski resort, these golf villas offer strong potential for year-round rentals and mid to long term investment.
Last month Bulgaria's Directorate for National Construction Supervision (DNCS) announced 193 demolition orders for illegally constructed property across its coastline.
Bulgaria property investment has proven to be the country's economic driver with a record-breaking turnover of €11.36 billion in 2007.
Bulgaria, once a place that attracted bargain-hunting tourists looking for cheap booze and fake watches, is becoming ‘boutique Bulgaria’.
While Bulgarian buy-to-let properties are still in their infancy, there are strong pointers for a healthy future in the rental market.
The average house price in the UK according to Land Registry Figures from July to September 2007 is £230,474 GBP, a 9% rise on last year. Turn to Greater London and this figure shoots up to £377,807 GBP, a 14.1% rise on 2006.
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