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Investing in Lovech

Lovech area has been rather the poor relation to other similarly beautiful and historical towns, such as Veliko Turnovo, Arbanassi, Kotel and Sliven as regards buying property in Bulgaria, yet it has many similarities and low property prices. 

Strategically well placed, at only just one and a half hours from the capital, Sofia, with its international airport, this pretty historical town with its old quarter and river running through, has good rail and bus networks with regular connections to all major Bulgarian destinations.

The Central Balkan National Park which is one of Bulgaria’s largest environmentally protected areas is in this region. The mountain resorts of Ribaritsa, Teteven and Apriltsi, combined with the two spa villages of Shipkovo and Slivek, make this area ripe for tourism development and property purchases.

Lovech area is well noted for its cultural heritage. In most of the region’s towns, architectural monuments of considerable historical significance are preserved, the most outstanding of which is the Troyan Monastery, one of the four main Bulgarian monasteries, and of the Orthodox church.

 

A View on Property in Lovech

We spoke to agents and buyers in the area for their view on property investment in Lovech and its surroundings. Here are their comments :

Why invest or buy property in Lovech?
Lovech property offers good value for money like many other destinations in Bulgaria at the moment.

Lovech has a beautiful landscape, combining the River Ossym running through the town, the backdrop of breathtaking rock formations and the Stara Planina mountain range.

It is an ancient town of amazing potential, from its historical Varosha old quarter with ancient listed and protected houses and charming old streets to its new modern town centre.

Whether you want to live permanently in Lovech area, just want a second/holiday home or maybe you want a property that will appreciate in value in the near future - all are good reasons to choose the town.

When you consider that property prices in Lovech are cheaper than in nearby Veliko Turnovo.

The beautiful old authentic houses in the Varosha area, which is protected, are starting to be snapped up by eager investors, local Bulgarians and those looking for second homes, keen not to miss the amazing opportunity of bagging themselves a piece of ancient history, as well as the chance of making a great investment. 

So, what property can you get for your money in the Lovech area?
- A 2-bedroom villa within walking distance of the town centre is around 38,000 euros in Lovech compared to approximately 55,000 euros in Veliko Turnovo.

- The average price of a rural 3-bed detached house with garden which is habitable is 20,000 euros. For a similar town property the average price is 35,000 euros.

- An authentic original townhouse from the 18th or 19th century, 3 beds with walled courtyard garden and fully renovated will be around 80,000 euros

- Regulated (with planning permission) building land can be purchased from as little as 1,500 euros in nearby villages with beautiful views, if you are thinking of designing and building your own home.

- Can you imagine a 29 000 sqm forest for as little as 12 500 euros? In the UK this would be unheard of!


What has the town got to offer?
The town itself is famous for the production of leather goods and particularly leather clothes. There are also several producers of furniture in the town.

Traditionally within the town are all types of food production. Agricultural production has the capacity to provide twice the consumption of the population and Lovech municipality is a traditional producer of grain crops, vegetables, fruit, meat and milk.

Almost all sectors in food, the wine and tobacco industry are well developed.

In Lovech town centre there is pretty much everything you could want - nice shops and a modern shopping mall is being built, due to complete very soon now.

The town has wonderful restuarants, cafe-bars, an Irish pub and night clubs.

There are several traditional taverns which sell very well prepared local foods and wines which are still half the price of other towns.

In April 2009, Bulgarian company Litex motors signed a contract worth over 97 million euros with Chinese car manufacture Great Wall Motors to make three models near Lovech and create around 2 000 jobs.