Bulgaria and Romania set to become more popular with second home owners

With Bulgaria and Romania set to join the EU from January 1st 2007, there has been much speculation about increasing property prices in these regions.

With MRI Overseas Property research revealing one in seven (13%) Brits thinking of buying a property abroad would already consider either Bulgaria or Romania and the increasing growth of tourism in these countries; Bulgaria and Romania are set to become even more popular with second home buyers in 2007.

The number of foreign tourists visiting Bulgaria in 2006 increased by 8.3% on last year, with a total of 1.5 million foreign visitors to its Black Sea resorts last summer. The number of foreign tourists arriving into Romania has also risen significantly in recent years, from 800,000 visitors in 2000 to 1.4 million in 2004.

However, although these markets offer great value properties in a wide range of regions, from ski resort complexes to mountain retreats and beach-side villas, MRI Overseas Property is also advising investors to be mindful not to be blinded by the gold rush. Prospective buyers should ensure they do their full research into the local area’s economy, facilities and infrastructure and research the property’s potential rental income before investing in properties in these new European markets, as well as being prepared to view the purchase as a long-term investment.

John Triton, Sales Director Bulgaria, Romania and Turkey, MRI Overseas Property, commented: “Bulgaria and Roman’s official inclusion in the European Union is a key opportunity for property investment in these emerging markets. Based on the past history of other Eastern bloc countries joining the EU, where property prices have risen significantly these markets look set to become strong areas for capital growth.

“With major tour operators now increasingly starting to focus on Bulgaria and Romania, the tourism boost will in turn feed the rental market so second home owners have the opportunity to generate a rental income. The new EU status will benefit the existing and future investors and we expect growth to continue to increase for several years to come.”

For further details about buying properties abroad, visit mrioverseasproperty.com.