During the Communist era the majority of housing constructed in Bulgaria was in the form of high-rise apartment buildings – therefore most Bulgarians are used to living in apartments and as the country began to develop a property market of interest to foreign buyers and investors, so apartments were the initial choice of housing to be constructed.
Luckily those buying cheap apartments in Bulgaria today have far more and better choice in terms of the units available to them - faceless and soulless high-rise complexes are no longer granted building permissions and most apartments come with a variety of communal facilities at an affordable price making them within reach of a wider buying market and of interest to a wider rental market…
Apartments are the main type of accommodation and real estate available in the larger towns, cities and ski and sun resorts in Bulgaria because land in these desirable locations is at a premium and a developer will be keen to stack real estate rather than build a couple of sprawling villa properties as he will reap better returns! This is good news for investors who want properties that they can easily afford to purchase and which will be cost effective to maintain, easy to rent out and resell.
Sunny Beach, Varna and Bansko remain the most popular areas in Bulgaria for holiday makers and property buyers alike, and all are seeing a great deal of flat construction. The types of unit available vary dramatically because every single property developer wants to bring something unique to his development. Therefore a buyer looking specifically for cheap apartments in Bulgaria may find one developer offering the most cost effective deal in the form of a small one bed unit but with a little more searching they could find another developer offering a similar apartment but which has access to a communal pool or gym or which comes with additional storage space for ski equipment for example.
A property buyer needs to bear in mind what their apartment will be used for – if it is to be rented out then it needs to be in the best location possible for the money, it needs to have the best range of amenities and facilities within easy reach and it should be quite cheap to maintain between tenants. Those who are wanting a quick return on their capital might instead like to consider a slightly higher grade of finish within the apartment to make it stand out in the resale market – alternatively buyers looking for a cheap apartment for their own occasional use need really only take into consideration their own personal requirements for the accommodation which may mean the apartment is close to shops or in a peaceful location or within a secure complex for example.
There is a great deal of competition for business in Bulgaria among developers and real estate agents therefore buyers should do plenty of due diligence, compare what they’ll get for their money across developers, town locations and even between resorts – that way they will be sure to get the very most for their budget and the most ideal property to fulfil their requirements for it.
