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21/05/07 - Property in
Bulgaria Growing as EU Entry Approaches |
In its first three
months as an EU member, Bulgaria has seen average residential property
prices rise by over 9%...
The Eastern European hotspot has seen average prices rise from 904 lev sq.m
in the first quarter of 2006 to a high of 988.2 lev sq.m according to data
from the National Statistical Institute (NSI).
When compared to the Brit’s favourite second home destination, Spain which
has in fact seen a fall of 1.8% (€247,816 to €243,333, source www.kyero.com)
in average property prices in the same period it is clear that Bulgaria is
still enjoying a boom time post EU accession.
Tahir Ali, MD of Bulgaria Revealed, comments: “Being an EU member has
increased the confidence of both investors and holiday home buyers. Nearly
30% of all property sales in Bulgaria are made to foreign nationals and it
is not only the British who are buying, the Irish, the Germans, the Italians
and the Russians are also realising this market’s potential.”
Sofia soaring
According to the NSI, the capital Sofia saw property prices rise by over 14%
with residential districts such as Lyulin, Mladost and Nadezhda seeing
significant increases.
Sofia has become popular with investors due to the strong demand for high
quality western style rental accommodation both from the local domestic
population and foreign workers.
Property prices remain relatively low with 1 bedroom apartments in the Mount
View development located just minutes from the Sofia Business Park and Mount
Vitosha available from just £81,675 / €121,417 through Bulgaria Revealed.
Spa tourism and golf ‘major attractions’
In addition to Sofia, spa towns located south in the Pirin and Rila
mountains are also seeing increased interest. At present Bulgaria only uses
5% of the potential of its mineral springs and spa tourism is currently the
focus of the State Agency for Tourism.
Some of those who purchased off-plan pre EU accession are already seeing the
value of their properties increase. Mark and Wendy Davis from Plymouth for
example purchased a 2 bedroom “Ephrosina” apartment on the new Nicklaus
Design PGA Golf Course and Country Club in Dolna Banya in July 2006 through
Bulgaria Revealed.
Being the only PGA course in Bulgaria and located only minutes from the
popular ski resort of Borovets, Mark felt that this would be an ideal
opportunity to combine his love of golf with an investment for the future.
Mark and his wife bought the property for €80,100 and are delighted to learn
that it has already gone up in value to €108,000.
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