Ten years ago few of us had ever visited Bulgaria much less considered buying a property in the Balkan backwater. But, how that’s all changed. Industry body the Association of International Property Professionals reported that in 2007 almost one in 10 of us who bought a property abroad did so in Bulgaria.
By Gordon Miller
The country is now the fourth (Spain, France and the USA are above it in the ranking) most popular place overseas where we buy property.
The reasons for Bulgaria’s burgeoning popularity have been overwhelmingly based on cheap property prices – even today around £20,000 buys you a studio apartment in some locations either mountainside or, for an extra £5,000, on the Black Sea coast – which is not to suggest Bulgaria does not have attractions.
It has some average to good ski resorts, particularly Bansko, a couple of good Roman ruins, notably at Plovdiv, and the coast is pretty in parts even if it is getting overly built up.
Mark Parvez of agent key4bulgaria, said: 'Bulgaria’s housing market has kept going at a steady pace, despite the global financial crisis. This is mainly due to the indigenous population benefiting from large salary increases since Bulgaria joined the EU, putting many people in a position to own their own property.
'Bulgaria is still a top destination for investment for the foreign buyer due to the low entry level and stable market conditions, which are complemented by low tax thresholds.'
Tax incentives allied with cheap property prices have driven an investment boom in Bulgaria over the past decade. House prices have more than trebled since 1997, and for the fourth consecutive quarter Bulgaria has topped the Knight Frank Global House Price Index, with growth of 32.2% year-on-year.
Nick Barnes, head of International Research, said: 'Bulgaria is at the head of the list, where prices have now risen by 68 per cent over the last two years. Admittedly this occurred from a low base, but demand and domestic economic growth remain strong.'
Those looking to buy a property in Bulgaria nowadays are spoiled for choice. The construction boom shows little sign of abating as EU regeneration funds spill in to the country and circulate through the economy. Those who prefer a year-round destination might choose the Bansko-Borovets area, where winter sports and summer leisure activities can be enjoyed.
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Amanda Lamb is on her travels finding you the ideal location for your new house
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