bulgarian tourism increase good news for property market
News Posted On: 28 June 2010
The Bulgarian property market has just been given some positive news from the country's statistics institute NSI. The NSI has recorded a 6.2% increase in tourism to Bulgaria from abroad in May this year compared to last year.
Bulgaria property became very popular with foreign buyers in and after 2006, because of the low prices and potential rental yields on the back of growing tourism. However, the market became over supplied in the tourist hotspots and there were soon more sellers than buyers. Then of course the international financial crisis struck. Bulgarian property was hit hard as many wondered whether the market would ever be the same again.
For that reason it is nice to see a rise in tourism to Bulgaria now that the international economy is starting to recover. Bulgaria is as beautiful a place to holiday as any of the Baltic States, with great skiing in the hills and some great beaches as well. With most people around the world still feeling the pinch, the low cost of living and therefore holidaying in Bulgaria also promises to be a draw.
Of course property prices are still among the lowest in Europe, with new luxury off plan developments offering studios from as low as £10k, although people are advised to check exactly what standards of luxury the buildings will have as building regulations are different in Bulgaria. None the less, with the economy starting to turn towards recovery, tourism rising and such low property prices, Bulgaria property could well be a high yielding investment in the coming years.
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