property in bulgaria an overview
News Posted On: 29 April 2009
Bulgaria can be safely said to be one of Europe’s cultural capitals with its rich history and tradition still resonating in the lifestyle and demeanour of the Bulgarians. In fact, Bulgaria is the oldest surviving state in Europe to have kept its original name since AD 681.
This Balkan country majorly comprises of mountains and a long coastline on the Black Sea. Historically, Bulgaria was part of the Ottoman Empire for around 500 years, and then it became a satellite State of the former Soviet Union for nearly half a century. The modern Bulgaria has been a member of NATO since March 2004.
What Makes Bulgaria Hot Investment Destination?
The Bulgarian economy thrives on the tourism sector. The country’s mountainous terrain makes it a perfect skiing destination with popular resorts like Borovets, Bansko and Pamporovo. Since the cost of living in this part of Europe is low, Bulgaria is emerging as the next global bargain ski destination. The government, on its part, is encouraging the development of ski resorts all across the country.
The country’s close proximity to the Black Sea and a vast chunk of land along the over-350 kilometres coastline means that tourists will never be short of aquatic adventure opportunities in Bulgaria. The crystal clear waters of the Sea dotted by pristine beaches just never cease to amaze the tourists looking for natural attractions in the country.
Bulgaria is a historical country, which remained mostly obscured due to several factors. But with its entry in to the European Union, the doors for development and prosperity have certainly been flung open for this magnificent country. Bulgaria’s capital city of Sofia, perhaps, best describes its rich historical heritage.
Tourists can look forward to a range of activities, like skiing, mountaineering, caving, horse riding, mountain biking, cruising, relaxing in natural water spas, besides enjoying many historical places in and around the city of Sofia.
The country is known for its folktales and legends. Besides, the experienced people have treasure troves of legends to tell to the tourists and the younger generation of the country. The Balkan past of Bulgaria surely works wonders for the government here, as the tourists have started flocking to Bulgaria to gain first hand knowledge about the country that has largely remained aloof from the outside world for much of its existence.
Bulgaria is now a modern country and very well connected one with major airlines carrying passengers to and from the country on a regular daily basis. Property investors can now look forward to flying to Bulgaria on budget airlines.
The political and economic situation in the country has improved dramatically during the past 5 years or so. With several positive developments, the Government of Bulgaria is trying to woo investors in the area with lucrative schemes and plans. To this end, there is also a serious endeavour to ease the laws of owning property in Bulgaria, as current laws are considered archaic in the wake of the global real estate explosion.
With the feel of a Mediterranean lifestyle and historic significance of the place, Bulgaria has attained a quintessential place in the hearts of many UK property investors.
Hottest Property Investment Locations in Bulgaria
Since tourism is the primary attracting factor for Bulgaria, any property along the Black Sea Coast is highly recommended. The residential property market, holiday homes, beach resorts, and similar property that can create regular income throughout the year, are particularly popular among the UK property investors.
The coastal towns of Balchik down to Sozopol, Sunny Beach and Golden Sands are some of the popular coastal resorts where you can safely invest your money. A good residential property can be yours for anywhere between £25K- £50K at the picturesque beach resort of Sunny Beach.
The ski resorts are other hot investment property destinations favourite among the Brits. The ski resorts in the Rila Mountains such as Bansko, Pamporovo and Borovets, are the major property movers and shakers in the region. The prime property in Bansko resort goes for upwards of £13,000. This is not a bad investment considering the vast potential of the Bulgarian ski resorts in the global scenario.
The capital city of Sofia is also a good bet for property investment. The capital city with its historical significance and the centre of all political activities is a hotpot for real estate investors. Though a foreign investor cannot own freehold property directly in Bulgaria yet, there are legal ways and means around the situation by setting up a Bulgarian company to own the property and you in effect own the 100% shares of the company.
Among the properties, the residential houses and rental apartments are a big draw in cities locations, where commercial and economic movement is continually growing. Holiday and vacation properties are hot in the ski resorts and coastal towns.
The past 5 years have seen lots of positive movement in the demand for Bulgarian property, especially among the British and Irish investors. The overall picture portrayed by recent developments and positive rankings by leading Bulgaria Estate Agents have contributed to a surge in demand for commercial and business property in Bulgaria.
With global international brands eager to set up shop in major Bulgarian locations and cities, the Bulgarian property market scenario is definitely looking northwards, and it is advisable to invest in the country now, lest you risk paying multiple times the price for a Bulgarian property.
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