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Buying Bulgarian Property in Difficult Times

According to Homes Overseas, 1.44 million Brits want to buy overseas in the next twelve months. Research by Cater Allen Private Bank reported that over three million Brits are likely to buy a property overseas during 2009 and 2010. Clearly Brits have a massive appetite for homes abroad, looking for a better quality of life, a safe environment, good climate and cheaper living - something which Bulgarian property offers.

It would seem that many have had enough of the 'credit crunch' and the nanny state in the UK and are fed up with the poor weather too. A huge number of buyers are looking to purchase property in Bulgaria to get away from the problems in Britain.

However, this rising number of Brits wanting to get out are finding it difficult with the stagnant property market and just can't shift their own home. This is reflected in news from HIFX who reported that the number of people making enquiries for relocating went up by 30% during the first six months last year compared with the same time the year. However, there was only a 10% increase in those who have actually emigrated. Many international removers have reported a similar trend, with the number of enquiries significantly increasing but not so many actually relocating.

All the figures provide evidence that Britons desperately want to move and leave the economic woes of the UK behind. The problem they are facing is straightforward: they can't sell.

Some buyers are putting off their move but others are taking a more savvy approach.

Those who have plenty of equity in their UK property are remortgaging their home rather than wait for a buyer. Susan Wills from Lincolnshire says, "I look at it this way, I want to leave this country and buy a property in Bulgaria but I've had no interest in my home here. I was really fed up as I'd made the decision to move to Bulgaria and being stuck in England is awful. As I've got lots of equity in my home I talked to the bank about remortgaging. The interest rates are so low at the moment it makes the monthly payments easy and I've got more interest from potential tenants than buyers. This way I can buy my Bulgarian property and move. I've taken out enough on the remortgage to live in Bulgaria for a year and a half so I don't have to worry about selling my house here for at least another 18 months and things should have got better by then."

Mike and Samantha Bradley also decided to remortgage. "We were completely stuck not being able to sell our house. It has been on the market six months and we've only had one person come and see it. We'd already been to Bulgaria and seen the property we wanted to buy. It was so frustrating and we were desperate to start our new life and business in Bulgaria. We got a remortgage on our home and have now got it rented so we can move on and get to Bulgaria. We'll wait for property market to improve in England, which it will in due course, before we look again at selling the house."


What the experts say

According to BuyAssociation, the current market is ideal for investment especially for buyers looking for a long term overseas property investment.

If you have ready money, this is the time to pounce on Bulgarian property.

Nicholas Barnes, head of international research at Knight Frank, says that their house price data shows no part of the world is likely to escape the credit crunch and this is good news to those in a position to buy now, with property offering a "secure and tangible home for their money".