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| Bulgarian Property Investment - Agencies |
| by: K Damian Qualter BA MBA |
| Bulgarian Property Investment Agencies Everyone’s into Bulgarian property investment these days. It is the thing to do in property investment these days. The market reached incredible heights in 2004, and was severely boosted by foreigner interest and by the increased buying power of Bulgarians because of the increased availability of mortgage loans. Because of this, hundreds of agencies have sprung up, and not just in the big cities but in the resorts as well. Some others just have a website and prefer to appeal straight to the foreigners through these portals, but mostly Brits and Irish who are very eager to invest in cheap Bulgarian property right now, and often with the intention of using it themselves as a vacation home but also; it is fairly safe to assume that the money that is invested will rise faster than if it were sitting in a bank at home. The expectation that everyone currently has in mind; that Bulgarian property investment will continue to rise up to the country’s EU entry in January 2007 keeps the market afloat. In spite of an average rise of 25% last year (this figures keeps on changing; depending which survey you read, prices are still somewhat low by current EU standards, even though Sofia is looking less of an investment these days, thanks to so much new construction going on and rental demand fairly low. Its not just foreign interest that has helped to raise property investments prices either. As the Bulgarian economy becomes stronger the people have the extra income that is needed in order for them to buy property and the mortgage boom over last couple of years has meant that even those without savings can buy a first or second home. Other major rise areas are the Black Sea, especially the southern stretch, which has begun to look a lot like the Costa Del Sol with its concrete developments, and the ski town of Bansko. There are of course many chances that arise outside of this as well. There are other large ski resorts and quite a large potential for the development of new ski resorts in those places where there are currently only one or two pistes. Bulgaria is lucky enough in that almost everywhere in Bulgaria has the beauty and peace that is needed and it is difficult to say that one place in the mountains is better than another, although location and proximity to cities, airports, etc. is of extreme importance if you are looking to rent the property out. The market is right now not regulated, in fact you don’t even need a license to operate as an estate agency, so the ground is very ready for various rip-off merchants to practice their trade. If you are buying from overseas you need to do some thorough research on the many sites available before using them and take a serious look at the photos of houses, get a good idea of price ranges and check out where is a good place to buy. |
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