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Bulgaria Breaks New Record in Property Sales for 2006
Updated: 2006-11-29

Bulgaria Breaks New Record in Property Sales for 2006
Novinite
Business

Low prices, long-term investment prospects and changes in lifestyle have fuelled record-high property sales in Bulgaria for 2006, a realtor data shows.

The year-end count of transactions is forecast to reach 260,000 at a combined value of more than EUR 5 B, according to figures of experts, partner of foreign property buyers in Bulgaria.

The experts comment that following the massive 25% to 30% annual capital gains of recent years, Bulgaria's property market is now showing a much more realistic growth rate of 15% so far this year, setting the pattern for more predictable and sustainable long-term investment.

EU membership in January next year, the nationwide development of major tourism and infrastructure projects, the planned expansion of low-cost airline routes in 2007 and mortgage facilities remain the main attraction for making a property purchase in Bulgaria.

The trend to buy a home abroad has now moved to a new level with more and more people buying overseas with the intention of emigrating. Recent research findings show that over half of UK homeseekers aged between 18 and 29 would consider buying abroad and the UK Office of National Statistics has reported that some 198,000 UK citizens, almost 4,000 a week, left the country last year to live overseas. The number of Britons living in Bulgaria has doubled in the past year alone, with more than a thousand British families given residency here. 

Experts say many buyers are now seeking a permanent residence, rather than a second home and are planning to live and work in Bulgaria.

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