Buying Resale Property in Bulgaria

Summary: The resale property market in Bulgaria did really well in 2007…what does 2008 hold?

Buying property in Bulgaria offered a lot of potential in 2007.  With full European Union accession achieved in 2007 and the spotlight most certainly on Bulgarian property investment, this country’s market transformed from one that was often characterized as “emerging,” to one investors and real estate professionals now describe as “stable” and “mature.”

The attractions for buying property in Bulgaria are many and they likely will remain so heading in to 2008.  This European country has a lot to offer potential investors, retirees, expats and holidaymakers alike.  With its diverse geography, incredible resort areas and stately old cities, Bulgaria remains a country of interest and in this article we’ll look at buying resale property in Bulgaria in particular.

Whilst Bulgaria’s prices are on the rise for the most part, buyers will find that ‘reasonable’ still describes the market in terms of average prices for property, this is especially so when the prices to buy in other European countries are considered and compared closely.  In fact, many young Brits made the move to Bulgaria in the past few years and many more are poised to join them.  The feeling is strong that staking out an affordable and enjoyable life in Bulgaria is more feasible than trying to do so in the UK.

According to property experts Barrasford and Bird, Bulgaria’s off plan sales did not do as well in pricing gains in 2007 as developers had hoped.  Whilst this was excellent news for buyers, developers likely weren’t all that happy about it!

Although new developments didn’t see pricing surges with EU accession, resale property in Bulgaria did.  It seems many people that chose to buy property in Bulgaria during 2007 looked at the resale market instead.  Demand here was up by about 70% on the year and the prices did climb by about 45%.  This was excellent for buyers who purchased properties for resale in previous years!

Whilst there is no crystal ball to predict what will happen for certain in 2008, the indicators are in place for another good year for Bulgarian real estate.  As resort areas within the mountains around Bansko further develop and people discover the beauty outside of the Black Sea area, the attraction of buying property in Bulgaria is growing stronger.  The ski resort area of Pamporovo is one that is being pointed to by many as an up-and-coming hotspot.  With its proximity to Greece, this destination has what it takes to appeal to second home buyers, investors and holidaymakers alike.

With more than 200,000 Brits looking to head to greener pastures each year, the beauty, accessibility and affordability of Bulgaria is likely to capture some serious attention.

Buying property in Bulgaria is still an attractive venture. With stability in the market now touted, many investors are finding themselves feeling secure with purchases here.

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