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Held Back by the Credit Crunch?

While the United Nations start climate change talks in the Polish city of Poznan today, and with ever more doom and gloom economic headlines, we take a look at whether the increasing price of travel and the credit crunch will stop property buyers from purchasing a second home or real estate in Bulgaria.

Research has recently been conducted by Savills which demonstrates that rising travel costs are having no impact on those buying property overseas. Indeed there are some 430,000 properties owned overseas by those living in the UK with an estimated value of 58 billion British pounds.

Jacqui Daly who is Director of Savills research said "the issue of climate change is an important concern for the majority of second property owners but it is not seen as a barrier to travel. In fact there has been a notable increase in the number of British second home owners buying property further afield"

One of the main keys for those buying property in Bulgaria is the huge difference in what you can get for your money, whether the property is for pure investment or as a holiday home. Even in today's financial climate Brits remain positive about buying overseas property, even reckoning that they have around 150,000 British pounds available to bag a Bulgarian bargain.

The Brits are predominantly buying for pleasure and holidays and only 17% say they are buying purely for investment. Location remains important so that regular holidays can be taken at the property. Taking holidays remains a high priority even with the economic downturn and global warming which means that there will be continued growth in the holiday home market in Bulgaria. Those looking for pure investment are more concerned about where the low cost flights arrive in Bulgaria and are thus particularly attracted by Sofia for the city break and business markets.

Fundamentally it appears that overseas property buyers don't really care too much about the "credit crunch" nor about environmental issues, they still want their holiday property in the Bulgarian sun.