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Article by: Michael Price mike@balkan-realtor.com Published: 01/05/2008

Reason why parts of Sofia is a good place for property investment

Over the past 4 years the British and Irish, in particular, have flocked to Bulgaria to buy property. The following are a summary of the types of investment made:

Black Sea coast and Ski Reports

Many people wanted a second home either to use themselves or to rent out and Bulgaria seemed a cheap option but there were the following problems:

- overbuilding

- relatively short season

- no secondary market

The ski reports are looking to extend their season by building golf courses but these are in short supply.

These developments will prove to be good long term investments but now leave the buyers feeling disappointed as their properties are worth less than they invested and rental returns are lower than they were promised.

Towns and Villages

Some people did not see their purchase as an investment but instead wanted to leave the high cost of the British Isles and start a new life in Bulgaria. For those who have been able to overcome the handicaps of a difficult to learn language and an antiquated administration system this has been a great move as the Bulgarians are friendly people and the economy is expanding rapidly.

The capital Sofia

I am one of the lucky individuals who 4 years ago who bought property off-plan in Sofia. There were problems along the way when trying to understand the legal and tax issues but overall the investment was worthwhile.

I took advice and I selected areas where people wound want to rent either because they were near the centre or in areas where specific developments were happening, e.g., the Business Park.

It is still not too late to buy in Sofia and although prices are still likely to rise in the short term the investment must be treated as a 5 to 10 year plan.

Many areas in Sofia now have property prices that are approaching the levels in the other eastern European countries that have acceded to the European Union but many have not. So the opportunities lie in the areas with the highest potential growth:

- Areas where the transport system is likely to improve dramatically with the introduction of the Metro or the building of the road corridors specified by the European Union in their master plan

- Inner-city areas that are undergoing regeneration. The Bulgarian version of the British and Irish changes to the docklands.

- Luxury houses and gated communities. As the Bulgarian middle class evolves there is a massive shortage for this type of property.

As the Bulgarian economy continues to grow with many multinational companies investing in agriculture and industry, the availability of European Union grants and the country’s strategic location in Europe, property investment whether it is commercial or residential is an excellent idea if expert advice is sought after and listened to.

 

External Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=128

Article Link: http://www.property-partnership.com/overseas-property-guides/overseas-property-guide.cfm?id=128

Please contact the author at mike@balkan-realtor.com for more information.

 

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