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40,000 Britons Own Property in Much Hyped Bulgaria
Updated: 2007-09-04

40,000 Britons Own Property in Much Hyped Bulgaria

Business
A total of 40,000 Britons now own property in Bulgaria, one of the most hyped countries for overseas investment, the Independent wrote in its latest issue.

"Low prices continue to be the main attraction. For example, you can pay GBP 25,000 for a new flat (ready in November) in Platinum Residence III, an area close to the city centre in the Bulgarian capital of Sofia. Alternatively, GBP 32,000 could secure you an apartment in the four-star All Seasons development, due for completion next June, near the popular Bansko ski resort."

The article points out that brokers warn that there should no longer be any expectations of quick, easy returns. It advises potential overseas buyers to visit the property at least once and double-check every tax rule on rental income and capital gains.

"And make sure you don't sign any legal documents that you don't understand!"

As for a home loan, if you don't have enough cash to buy outright - as many buyers in Bulgaria do - a broker can help find a good deal.

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