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Sell Your Bulgarian Home To Foreigners

Bulgaria's accession to the EU in 2007 had a positive effect on the property market

 by opening it up to buyers from other parts of the world, who perceive the country's membership as providing ideal qualities of stability and future growth. Originally, the Bulgarian property market boom was fuelled by buyers from the UK and Ireland.

However the rest of Europe has caught on to the gems of Bulgarian property and the market has seen an influx of buyers from Scandinavia, the Benelux countries and neighbouring Romania and Greece, with the greatest increase coming from Russia.
One way to tap in on this lucrative market is to ensure that your property is marketed effectively to buyers from outside of the UK.

The influx of foreign buyers had initially pushed up prices, but as the current financial crisis has now hit Bulgaria, property prices have now levelled out.

The Russians

Russian buyers want luxury and they are prepared to pay for it, but at the moment, they are buying more for investment purposes rather than their own use, although statistics for personal use are increasing. Their economy is booming, but their pensionable income is low and many view investment in property as a means of supplementing their old age.
They feel comfortable holidaying in Bulgaria; the language and culture is similar, the alphabet is the same, so shop signs and notices can be understood and they are welcome here - since the Russians liberated Bulgaria from the Turks, Bulgaria has been their greatest ally.

Moreover, as the rest of Europe is discovering, Bulgaria's property market still offers excellent value and choice for a lower cost than in their domestic market. Most of them are currently buying properties on the Black Sea with the most desirable being new build, front-line properties, however estate agents and property owners are now noticing a change of direction as Russians are also showing an increased interest in the may property bargains to be found inland.

Tap into the market

So how can a British property owner tap in to this growing market?

Choice of real estate agent is of paramount importance. Buyers like to read details of available property written in their own language and it is important that you choose an agent whose website is available in other languages and whose staff can deal with foreign buyers who do not speak English or Bulgarian.

Bulgarian Properties website (www.bulgarianproperties.com) lists contact details for local agents in 11 countries ranging from Latvia to the Netherlands, buyers often prefer to deal with a local contact that speaks their language and understands their needs.


International property shows

It is also wise to check whether your agent takes stands at the leading international property shows.
The UK holds such events all year round, but the leading events in Europe are the International Property Show in Moscow, which is held annually in the spring.

UK buyers should not discount the domestic Bulgarian market when selling their property and there is a wide variety of agents with websites in Bulgarian. Leading agent, Address has a Bulgarian and an international division of sales people, which will ensure that your property is marketed to Bulgarians.

The local population is getting wealthier and the opening up of the domestic mortgage market has encouraged more Bulgarians to trade up or buy a second home. There is also a large property exhibition held in Sofia each year called Balpex (Balkan Property Exhibition). This event was held for the first time in 2007 and has been repeated yearly, the event was held this year from 12th-18th May.