Bulgarian Property Market Update
By Sarah Gallon – Account Executive for Bulgaria at Rightmove Overseas
If you ask most people to picture crystal blue seas and white sandy beaches or Christmas card perfect snowscapes, it probably won’t be Bulgaria that springs to mind. But perhaps it should be.
Bulgaria is a hugely diverse country, ranging from the snow-topped mountains in Bansko and the Pirin Mountains in the West, to the East and its bustling beach holiday resorts in Sunny Beach. But the middle remains largely untouched, and it’s here that you’ll find the traditional stone buildings, the beautiful monasteries and the slower paced lifestyle that so many Brits crave.
Team this diversity with some of the cheapest per square metre prices in Europe, and an extremely cheap cost of living (a pint of lager can cost as little as 40p) and Bulgaria is quickly becoming one of Europe’s more popular holiday and second home destinations.
Previously, complicated legislation made buying in Bulgaria difficult for foreigners purchasing property. Up until January this year, foreign buyers weren’t allowed to own land in any form, which included houses, plots and apartments with gardens. In order to purchase legally, any foreigners wanting to own property had to create a limited company and register the land as an asset of that company. The process was sometimes complicated and often required additional legal services.
Fortunately, this has now changed. As of January 2012, all EU citizens can buy plots and houses with gardens in Bulgaria without limitations (forests and agricultural land will be unrestricted as of January 2014).
So with all that Bulgaria has to offer, the question is – where to start your search?
As the capital city of Bulgaria whose motto is “Ever growing, never aging”; owning property in Sofia offers a modern and cosmopolitan city experience, and property here has excellent short and long term rental potential. Sofia’s economy continues to grow faster than Bulgaria as a whole, and Sofia property prices are one of the fastest rising in Bulgaria. – Average price – 898 Euro per sq.m
Varna, situated to the east of Sofia, is the biggest city of the Bulgarian Black Sea coast and at 11km long follows the curves of the Bay of Varna. Buyers looking to purchase property in Varna are attracted by the city’s beaches, gardens and vineyards, groves and lakes. Unlike conventional city properties, property in Varna is mostly country houses with small farms; or properties along the beach resorts of Varna; making property in Varna ideal for you if you want the facilities and amenities of a city without the hustle and bustle of city living. – Average Price – 835 Euro per sq.m.
Sunny Beach is found on Bulgaria’s Black Sea has some of the most sought after property in Bulgaria. Sunny Beach is one of the largest and most developed of those in the Bulgarian property market; with an active market for villas and apartments. Every year, hundreds of thousands of tourists and investors are attracted to its turquoise waters and clear blue skies.
Average Price – 685 Euro per sq.m.
Bansko is located at the foot of the Pirin National Park and is listed in the World Register of Natural Heritage. If you are into wintersports holidays, property in Bansko is the perfect choice for you! Bansko is a leading ski and snowboard resort in Bulgaria and one of the most attractive property markets for Bulgarian property. The popularity of ski lodges and apartments in Bansko continues to soar, as investment has created a ski resort of international standards without the prices to match. – Average Price – 586 Euro per sq.m
To find out more about properties in Bulgaria or for information about the new legislation, speak to Bulgarian Properties directly on 0843 103 2931
Good luck in your search!