RSS Feed

Related Articles

Related Categories

Growing home market helps Bulgaria to reach for the top

28th May 2007 Print
Bulgaria is now one of the most popular places to buy a home among Brits looking to buy abroad - and it is rapidly catching up with France.

According to the June issue of Quest Bulgaria - the country's leading English language magazine - 80% of all overseas property buyers in Bulgaria during 2006 came from Britain and Ireland.

Of enquiries recorded by foreign exchange specialists Moneycorp into overseas property funds, 12% were about homes in Bulgaria with just two per cent more for France.

"In some regions of Britain, notably the North West, Midlands and Wales, property buyers were even more interested in buying in Bulgaria than France," said Chris Goodall, managing director of Quest Bulgaria.

This is not surprising, in the light of news from the National Statistical Institute in Bulgaria that reports property price increases of 9.3% for the first quarter of 2007, whereas house prices in France have actually decreased in the last three years.

Bulgaria is also the least expensive tourist destination in Europe and the fourth cheapest in the world according to the Thomas Cook International Agency annual survey.

"You can buy a fully renovated home in the country around Veliko Turnovo from as little as 45,000 euros (£30,800) and in Vratza for just 30,000 euros (£20,500)," says Chris Goodall. "In fact, you can buy a whole house in Bulgaria for the amount needed as a deposit in France."

Mortgage rates are also likely to go down in Bulgaria whereas in France they are going up.

Kemel Dervish, of the United Nations Development Programme said that: "Bulgaria is one of the fastest growing economies in the world," while the Economist reports that growth in France is forecast to slow to just 1.9% this year.

The Daily Telegraph has rated Bulgaria eight out of 10 as an investment option while Opodo, the online travel company, predicts that Bulgaria will be the most popular emerging holiday destination this year.

"Bookings for Bulgaria have risen by 40% in the last six months and we expect a significant further increase," said a spokesman.

And even the UK Post Office says foreign currency sales for Bulgaria were a massive 83% up in the two weeks before Easter compared with 2006.

Said Mr Goodlall: "Bulgaria may lack some of the sophisication of France but with huge tourism growth, a low cost of living and high standards it offers attractive returns.

"In Bulgaria it takes just a thousand Euros a month to live like a prince - in France you'll need three times that amount."

For more information, visit questbg.com.