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Investment Property in Bulgaria
Investment Property in Bulgaria << Back to list of articles
In 2003 the Real Estate National Association assessed the Bulgarian property market for market wide price increases. They reported that there was a 26% average rise in property prices across the country in 2003 and forecast only fractionally lower rates of increase for 2004.
This makes the real estate market in Bulgaria one of the strongest and most profitable property investment markets currently.
Incredibly, Bulgaria is now the third most popular holiday destination after Spain and France for British holidaymakers looking for beach holidays and those interested in finding first class under inflated ski resorts.
Summer tourists are attracted to the beautiful white beaches along the Black Sea coast and Bulgaria’s long hot summers. And winter tourists are drawn to Bulgaria’s stunning mountains and fast developing winter sports program. More and more, tourists and foreign investors are being attracted to the incredible offers and bargains in the real estate market in Bulgaria as well.
Those who feel they have missed out on the real estate booms in Italy, Spain or Florida for example, and those who cannot afford the over-inflated Spanish and French markets are overwhelmed with the opportunities for property investment in Bulgaria and are also attracted by the fact that overall legal costs and property running costs in Bulgaria are far lower than those in the rest of Europe - for example the Bulgarian equivalent to council taxes or rates are only £25 to £30 per year!
Foreign investors are not put off by the fact that they are not legally permitted to own land in their own name - they simply establish a Bulgarian company and purchase through that. As the legal owner of the Bulgarian company which owns the property the foreign purchaser becomes the legal owner of the property! It is simply a legal way around the current law on property ownership rights. The laws are set to change as Bulgaria comes in line with EU policy ahead of its expected ascension to EU membership in 2007.
It is even possible to borrow money from some international lenders to fund property purchase in Bulgaria now. One such lender is the Greek bank, Piraeus Bank.