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Bulgaria Trails France, Spain as Top Property Buyers Destination
Bulgaria Trails France, Spain as Top Property Buyers Destination << Back to list of articles
Bulgaria ended up at No 3 spot among the most popular destinations to British overseas property buyers in a ranking, topped by France and Spain.
Foreign currency specialist HIFX reported that France and Spain accounted for almost half (43 per cent) of all its currency transactions for buying property abroad in March.
Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent).
The survey shows that the majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun.
London real estate consultancy Assetz commented that people are still flocking to Bulgaria to invest in the emerging property development sector there, due to the fact that it is on the verge of entry to the European Union (EU).
"When that occurs in 2007, property prices in the country are expected to rocket even more quickly than at present."
However, the country has a long way to go before it manages to catch up with the property investment currently being poured into the more traditional destinations of France and Germany, Assetz added.
France and Spain have shown themselves to be reliable over many years and this kind of security explains why they both remain such popular destinations for buy-to-let investors from the UK.