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Bulgaria leads the charge in European property investment
Assetz News, 27th July 2006
Bulgaria is fast becoming the hottest European property destination
thanks to a raft of factors which are making it difficult for
British investors to ignore this Eastern European gem.
With a range of beautiful landscapes spanning the cultured capital
of Sofia and the ever-popular ski resorts offering of apartments in Bansko and apartments in Bovorets,
Bulgaria is tempting more and more Brits with its endless buy-to-let
possibilities.
And it seems many investors would do well to enter into the Bulgarian
investment property market before its planned entry into the EU membership
occurs and prices are pushed higher.
Mike Wellings, a British property developer based in the ancient
city of Sofia, explained the benefits of entering the Bulgarian
market sooner rather than later. He told the Independent: "If
Bulgaria gets EU membership - widely tipped for sometime in the
next three years - the city will become a viable option for firms
to base their central European HQs. That'll be a major benefit
to the economy and demand for homes."
And aside from the anticipated inclusion of Bulgaria into the
EU, there are other plans afoot that will have shrewd investors
running to line-up viewings in the area. Just last week, the Bulgarian
government announced plans for a new road linking the Sofia city
centre to the newly-built passenger terminal at the city's airport.
With connections to the region experiencing such rapid development,
many potential buy-to-let investors will be tempted by the ease
with which travel to Bulgaria can be made.
There are also a number of useful tips for investors looking
to develop a portfolio of properties in the region. Key areas
for consideration are that investors looking to the region should
ensure they are buying for the long-term rather than relying on
the possibility of short-term gains - Bulgaria is also becoming
an increasingly popular choice for development over more time-honoured
options such as Spain and France.
Bulgarian ski regions such as Bovorets and Bansko are luring
many Brits due to the great buy-to-let potential and quality European
skiing facilities located around the 65km of Pirin Mountain. There
is also scope for further development in these regions, particularly
given the recent announcement that Bansko will install year-round
skiing facilities, thus lengthening Bulgaria's season.
Jeremy Casey, spokesman for property firm The Right Move Abroad,
said that given the relatively short length of the Bulgarian ski
season, the key for investors was to select properties which are
"very closely situated to the ski gondola".
And should investors hit the nail on the head in the Bulgarian
market, there are serious returns to be made on buy-to-let properties
- prices in the skiing area of Bansko alone have increased by
30 per cent in the last three years.
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