Despite some negative news articles saying that the Bulgarian real estate market is not so appealing to foreign investors any more, Andrew Regan, a Scottish journalist, states that the Bulgarian real estate boom does not seem to be easing at all. Bulgaria plans to join the Euro zone in 2011 is leading to a rush of investors trying to buy cheap Bulgarian properties now before the prices rise when they join the euro zone. Local Bulgarian real estate agents are also suggesting there will be more demand for Bulgarian property when Bulgaria joins the Euro in 2011
Bulgarian Property & Real Estate News
Investors switch from Russian to Bulgarian properties
Difficult conditions for home loans and high interest rates are making Russia’s property market less attractive, pushing investors to Bulgarian properties and also the Cyprus, Greece and Montenegro property markets, Russian daily Kommersant reported. The article describes the Bulgarian properties market as heaven for investors, who can expect high returns, an average of 20%-30% annual rise in property sale prices and low interest rates on mortgage loans. “Renting out makes it easier to pay off the credits,” the article adds. Russians’ interest in Bulgarian properties for sale is fuelled by the country’s good reputation as traditional destination for holidays.
Bulgaria property no.1 for growth
According to the latets Knight Frank House Price report Bulgaria property currently has the fastest growth rates. Overall prices for Bulgaria property in the period up to Q3 2007 has risen by almost 31%. This is just behind the quickest growing country Singapore where real estate prices grew by some 34%. Knight Frank has cautioned to be careful in certain parts of the Bulgarian market as it believe that areas like Bansko and the Black Sea beach resort are reaching saturation and supply of properties in these areas now exceed demand. In other news it predicted that UK and Irish overseas property ownership will double within five years. Read more…