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Back You are here: Home Property Where to Buy An Increase in Bulgaria`s Real Estate

An Increase in Bulgaria`s Real Estate

Bulgaria`s real estate market this summer has reported a positive increase in completed sales in certain sectors of the market, which include city, beach, ski and rural properties. With prices stabilizing for much of 2012, the main buyers have continued to be the Russian`s that are taking advantage of the inexpensive and high quality properties available at the moment throughout Bulgaria.

 

Average Costs

Sofia had observed an increase in interest from buyers for apartments of a value of up to 50 000 euro`s.

The ski resorts of Bansko and Borovets have reported an increase in Russian buyers after a successful tourist season this summer. Buyers in Bansko paid an average of 490 euro`s per sq.m for apartments, and Borovets paid on average 600 euro's per sq.m.

Holiday homes in Sunny Beach, Pomorie and Ravda have also continued to attract Russian buyers this summer, with average apartments costing 475 euro`s per sq.m.

Rural houses located in the regions of Burgas, Plovdiv, Stara Zagora, Veliko Tarnovo and Yambol have also attracted an influx of buyers. Prices averaged an unbelievable 18 000 euro`s, for refurbished properties, and have appealed to retired people and first time Bulgarian buyers with young families looking for a foot on the property ladder.

There has also been keen interest in purchasing land close to the cities from people wanting to build and design their own home.

Here we have put together a few points to consider before buying property in Bulgaria

Remember to be realistic, if you love living in the city don't opt for a rural property just because it's cheaper.

* Check the local infrastructure and how it can benefit your situation specifically. Does your area have good transport links, Wi-Fi, schools?

* Don't buy on a whim, do as much research as you can into your chosen town, city or village location.

* Be practical and budget. If you fall in love with a wreck, check the renovation costs with a professional and don't forget to build contingencies into your budget.

* If your move is of a permanent nature, check out the job opportunities. Being a native speaker in a foreign country can give you a specific skill set that may offer new job possibilities.

* Don't make assumptions, get out there and do your homework. Speak to other expats who have been in a similar position and learn from their experiences - good and bad!

* Don't believe that all Bulgarian property is dirt cheap; it isn't but it can offer better value than comparable property in the UK.

* Never underestimate the difficulty of establishing a business in a foreign country.

* Be aware that the Bulgarian legal system and buying process is different from the UK. Get professional advice at every step.

* Avoid buying on impulse. Remember, this is a serious financial commitment and monetary gains will invariably be reflected in your effort to weigh up the options.

* Don't look through rose-tinted spectacles. Get impartial advice and use the same buying criteria as you would in the UK. Don't be attracted by internet ‘bargains' or promises of quick riches.