Why Buy Property in Bulgaria

Properties in Bulgaria have become hot news in recent years. A combination of extremely low prices, beautiful scenery, Mediterranean summers and a fast developing holiday market have started a trend that is set to continue.

Economy

The Bulgarian economy is currently enjoying its strongest and most stable period since its transformation to a market economy in 1989. This was confirmed by Government figures released in October showing economic growth of 6.8% for the second quarter of 2006. Foreign inward investment is predicted to reach €40 billion over the next five to six years which will exert huge upward pressure on property prices.

Bulgaria is experiencing a property boom: property prices rose by 50% over the last two years and are expected to at least double over the next three to four years. Despite average price increases of 25% over the past 12 months property prices still remain amongst the cheapest in Europe - offering buyers wishing to invest in property in Bulgaria great opportunity for significant capital growth in 2007 and the foreseeable future.

Bulgaria is a politically stable country with a low crime rate. GDP per capita grew by 5.5% in 2005 and most recent figures show growth of 6.8% for the second quarter of 2006 with EU accession in January of this year set to bring further stability.

The Bulgarian national currency, the Lev, is stable and pegged to the euro with Bulgaria set to convert to the euro currency in 2009

Flights

Flight times are only 2½ - 3 hours from the UK / Ireland. Bulgaria has three international airports, two of which are located on the Black Sea coast. Flights from Dublin to Bulgaria are most convenient with a transfer in Prague. Two further airports are being developed in the country. The imminent arrival of low cost airlines into the region will make Bulgaria an easily accessible country and as with the introduction of low-cost airline into other European destinations this will further increase the growth in property prices.

EU Entry 

Bulgaria’s entry into the EU in 2007 can be expected to have a significant positive impact on property values. Consider the effect EU membership had on property prices in other members such as Ireland, Spain, and Cyprus. This will also be fueled by the EU who have earmarked the sum of 2.4 billion euros for investment in Bulgaria and its infrastructure over the next few years.

Geography / Climate 

With an impressive 370 km of Black Sea Coast, Bulgaria boasts some of the finest sandy beaches in Europe, a fact reflected by the award of the coveted Blue Flag. With a summer stretching from April through to October and with temperatures reaching into the 40s, there is plenty of opportunity to relax and enjoy this beautiful coastline.

Tourism 

Bulgaria is also the fastest developing tourist destination in Europe. (Source:Sofia Morning News, 4 March 2004).

Cost of Living

Bulgaria enjoys one of the lowest costs of living in Europe. A recent survey by British Travel agent Lunn Poly concluded that Bulgaria is the least expensive of all short haul destinations from the UK. The following are