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Property prices edge up in Bulgaria
Assetz News, 21st July 2006
Strong price growth appears to be continuing in Bulgaria with
the average apartment value rising by 1.6 per cent between April
and June.
The average price for a square metre of property in the country
has now reached 819.3 leva (£285), up from 806.1 leva (£280) in
the first quarter, although the price increases have been anything
but uniform.
Some of Bulgaria's busiest areas, it seems, are experiencing
the strongest house price growth, which would appear to be a reflection
of Bulgaria's progress as it approaches EU accession. Cities and
town centres have gradually been developed to meet the demands
of industry and tourism and property investors are now reaping
the benefits.
Figures from the National Statistical Institute illustrate that
Varna is still one of Bulgaria's prime areas for property investment.
During the first quarter, a square metre of land in Bulgaria's
third largest city cost 1,237.8 leva (£430) and this has now reached
1,263.8 leva (£440), reflecting strong demand for properties around
the Black Sea coast.
The province of Montana, meanwhile, saw prices rising from 561.8
leva (£195) in the first quarter to 615.4 leva (£215) in the second,
in another of the most impressive increases.
And while apartments in Bulgaria's lively and cosmopolitan capital
city of Sofia are proving hugely popular at the moment, property
investors are still snapping them up at a good price. In the second
quarter, the average price was around 1,322.7 leva (£460) per
square metre and it is an option that certainly appeals to many
investors looking to buy investment property in Bulgaria as it continues to boost its standing within Europe.
But the ski resorts in Bulgaria are also attracting a huge amount
of interest, largely because of the potential for rental income
from tourists visiting the areas. The buy-to-let sector in Bulgaria
still has a long way to go before it can compete with the likes
of Spain and France but Bansko in particular is beginning to attract
a staggering number of ski tourists each year.
Citing mediapool.bg, the Sofia Echo reports that construction
in Bansko's Gramadeto area is set to end at the beginning of 2007,
but that a new golf course is soon to be built between Bansko
and Razlog.
The report speculates that investors will be focusing on projects
including Spa centres, five-star hotels and apartment complexes,
as the region begins to accommodate tourists throughout the year.
Once this has been achieved, rental demand for properties in
and around Bansko has the potential to be considerable and investors
have already shown a great deal of enthusiasm for these opportunities.
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