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Wednesday, October 08th, 2008
You are here: Shelter Offshore » Property Abroad » Property in Bulgaria
Wednesday, October 08th, 2008
Oh, oh, oh, sometimes our very opinionated streak cannot be quashed and reined in for the sake of calm reporting – and today is one of those days when we have decided to let it all come tumbling out! Please forgive us…for we’ve just read some hysterical news from the Bulgarian property market that we just had to share with you.
Earlier this year we just about managed to bite our tongues and refrain from comment when the estate agents at Knight Frank placed Bulgaria in the top spot for property price gains in 2008. We stopped ourselves from pointing out what could be the potential irony of an estate agency with properties for sale in a slow and stagnant market such as Bulgaria’s talking it up…but now we cannot hold back any longer.
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As more Brits start to feel the effects of economic woes at home they’re starting to ditch some of those little luxuries that no longer seem quite so affordable or desirable, topping the list of such luxuries is the second home abroad. The overseas holiday home or ‘property investment’ is often viewed as an easily expendable asset that will provide some much needed capital through a tricky period without having a dramatically negative affect on quality of life. But what happens when too many people all have the same idea at the same time? Is it time for the smart property investor to do the opposite?
Simon Walker manager of Knight Franks International Off Plan division reports that primary overseas investment and property in the sun hotspots such as Bulgaria are seeing a marked trend change from a British investment market to a British selling market as Brits hope to cash in on their overseas assets. He says “It’s not like a wholesale thing, but there is a definite sea-change. Because there is trouble at home, people are going: ‘What can we get rid of?’
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Following the boom, boom, boom years in Bulgaria’s property market when the country was being heralded as the next big thing in terms of ski and sunshine resort property investment for jet-to-let returns, all has been quiet of late on the Bulgarian real estate landscape and so it is time to ask the question – ‘what’s happening in Bulgaria’s property market?’
The fact of the matter is, the numbers of construction permits applied for and approved are down, property prices are down, levels of interest are down – and yet agents and constructors are still talking up the market! Is there any point in investing in property in Bulgaria at the moment? Let’s take a closer look.
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In all the talk about Bulgarian property that has been ongoing for a good few years, the focus has generally always been on investment property and where to buy real estate in the nation to let to the tourism market or to buy off plan and flip for capital appreciation. Little consideration has been given to where to buy a family home in Bulgaria.
Because the country is now so easily and affordably accessible and is a member of the European Union, it is a location on the radar of the increasing number of Britons considering expatriating to live abroad to find a better life. Therefore we thought it was high time that some proper consideration was given to attractive locations for living in in Bulgaria.
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Just when all things European property related seemed to be nosediving or at least stagnating, (well, if you believe the media hype they are anyway), there’s some seriously positive information coming from the commercial property market in Bulgaria.
New project starts are continuing to to happen, industrial and logistic sector prices are climbing in Sofia, and even the Russian’s are investing heavily in commercial property projects in Bulgaria. In this article we look at commercial property market success in Bulgaria and how you can possibly get in on the wave of positive real estate appreciation.
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