Almost everyday in the Media, almost every week
well-attended seminars and exhibitions for would-be
investors in foreign properties all round the UK... The
best-kept secret has been outed and now everyone wants to
know.
WELL, WHAT's UP?
The latest property hot-spot which is attracting thousands
of ordinary British investors is Bulgaria. And the
interest is growing by the day. It's phenomenal!
Bulgaria was once known to the wider public only as a
satellite country of the Soviet bloc. Now it's making its
entry into the western world as a fully-fledged democracy
with a vibrant free economy. A member of NATO since 2004,
Bulgaria is due to enter the EU in 2007.
Now the world is discovering Bulgaria - a fascinating
country of amazingly contrasting landscapes, ancient
traditions reflecting its rich cultural heritage, an
excellent climate - neither too hot, nor too cold - and
the allurement of an incredibly low cost of living. And
only a three-hour air flight from London. And the price of
air tickets is tumbling…
Under such circumstances, Bulgaria has become more than a
popular tourist destination. It is now THE CHOICE of many
ordinary British people for their first home-abroad
investment. Many have been attracted by the natural
advantages of the Black Sea coast, always a prime holiday
destination. Increasingly interest has turned to winter
ski resorts like Bansko and Pamporovo. Of course,
Bulgaria's capital Sofia also offers unique advantages for
the property investor, with its chic suburbs like Boyana,
Simeonovo and Dragalevtsi so close to the ski-slopes of
Mount Vitosha.
THE RIGHT CHOICE
Approaching the matter of first-time investing in a
home-abroad in Bulgaria, means, in practice, approaching
the right Real Estate agent, who can give the prospective
investor, first of all, an objective assessment of the
advantages of buying property in Bulgaria, but also what
pitfalls to avoid. There are now thousands of agents
promoting Bulgarian Property, some based in the UK, some
in Bulgaria, some offering every kind of property, new and
old, all over Bulgaria, some specialising in particular
locations, and some dealing exclusively with so-called
Off-Plan.
Unfortunately, many would be buyers are attracted only by
the fame of the incredibly low prices for acquiring a
country cottage, somewhere within a 50-mile distance from
the Black Sea coast, or in a mountain village an hour's
drive from one of the renowned ski-resorts, or an
apartment, "in need of some refurbishing", in a central
location in Sofia. These are all traps for the unwary, as
some have found out to their disappointment. Often, such
houses are in a very poor state of repair, without running
water or sanitary facilities. Some apartments of the
Communist era and even before, may be very cheap, but
structurally they have a short life. There may be a
problem of legal ownership and, above all, it is still not
possible for non-Bulgarians to own land, without creating
a Bulgarian holding company.
In the vanguard of the numerous agencies promoting the
booming Bulgarian property market, are those specialising
exclusively in brand new, off-plan developments. They aim
not simply to provide a "one-stop" service for anyone
thinking seriously to invest in Bulgarian property, but
they will see the prospective client through every stage
of acquiring the property of his choice, getting a
mortgage, assisting him also in the process of renting it
in and out of season.
These companies, noted for their ethical,
customer-friendly profile and their inside knowledge of
the Bulgarian emerging market, pro-actively pursue the
investors' interests, not only guaranteeing peace of mind
for those who have recently discovered the astounding
opportunities of buying property in Bulgaria, but above
all by giving the best advice on every aspect of his
investment. Mortgages and finance, insurance, property
management on the clients' behalf, legal questions (should
they arise) - nothing should be outside the orbit of
service to the investor.
The partners of such companies will have built up an
extensive network of associates in Bulgaria and are
totally familiar with the local conditions, as well as the
most recent developments in harmonising the country's
economy, laws and institutions to EU norms. At the same
time, every client's needs is treated with the serious
attention to which he or she is fully entitled.
Visits are organised to Bulgaria for prospective clients,
in close collaboration with the developers of the
properties, in which they are interested. The "off-plan"
specialist will be concerned to see that clients are
regularly informed about the progress of their properties.
THE BLACK SEA COAST
There is a large and varied portfolio of "off-plan"
properties to suit both the preferred location of each
client and, of course, his budget. In the early stages of
what has been referred to characteristically as "the
Bulgarian Property Renaissance", the Black Sea coast
resorts were especially in demand. They were hotly
recommended as the new Costa del Sol. Several of these
same developments are handled by different Real Estate
companies in the UK, but not all of them have the required
expertise in Bulgarian property promotion.
One-, two- and three-bedroom apartments, as well as
studios, are on offer at various locations along the
extensive, broad sandy beaches, around the highly-popular
Sunny Beach, close to the UNESCO-protected medieval town
of Nessebur, on its own peninsula. Here, between the
principal coastal cities of Varna and Bourgas (both served
by regular and charter flights in the summer season),
there are a close-knit group of resorts, Byala, Obzor,
Elenite, Sveti Vlas, Ravda, each having its own special
atmosphere. North of Varna, towards Golden Sands, Albena,
Balchik and Kavarna, where a number of new golf courses
have been constructed, properties tend to be little more
pricey, reflecting the more exclusive atmosphere of these
Northern seaside resorts. At Rogachevo, for instance,
close to stylish Albena, custom-designed villas, the
utmost in fine taste, are in the final stages of
completion. Again, to the south of Bourgas, close to the
charming resort of Sozopol, a number of fantastic, but
quite affordable studio, one- and two-bedroom seaside
apartments await discerning buyers. Further south, where
the Ropotamo river and the Strandza mountain range of
Bulgarian Thrace meet the sea, notably at Lozenetz and
Tzarevo, there are some highly attractive "aparthotel"
developments for those, who particularly favour the
environmental combination of mountain, sea and sun, as the
perfect ambiance to relax.
THE SKI RESORTS
Bulgaria is fast becoming Europe's most popular winter
sports destination, with ski-resorts like Bansko, which
hopes to host the Winter Olympics in 2014, and Pamporovo,
a purpose-built ski centre, the southern-most in Europe,
with 120 days of guaranteed sunshine during a winter ski
season of 5 months, and Borovetz, the original Bulgarian
winter resort, founded by Prince Ferdinand of Bulgaria in
1896.
In Bansko, which has become a great favourite with
investors, a number of outstanding apartments, totally new
developments, are appearing on the market. Here the ski
resort grew up in an old market town, with many memorials
of the Bulgarian National Revival. Old and new blend
harmoniously to create an ideal, welcoming environment for
lovers of winter sports.
Pamporovo, however, is also rapidly gaining popularity
with British investors, with developments like the Orpheus
Valley complex, a stunning gated community in two main
blocks, very close to the ski-slopes, with many inclusive
features. In both these resorts, there are several 4 and
5-star hotels, and a large variety of restaurants, clubs,
pubs and fitness centres. During the summer, they become
centres for mountaineering, walking and environmental
tourism.
SOFIA
Sofia has been a major city in the region of SE Europe,
since Roman times. Then known as Serdica, it took its
present name from the 5th century Church of St.Sophia,
close to the more recent, gold-domed Cathedral of St.
Alexander Nevski, the pride of the Capital, since 1878, of
the revived Bulgarian state. With its broad avenues and
lush, green parks, its theatres, high-capacity 4 and
5-star hotels, cafes and restaurants, its fashionable
boutiques and new shopping malls, Sofia has become, and
continues to developing into, an elegant city, with an
ever-growing attraction for Foreign business and
residential investment. The continental climate is
pleasant in summer and mild in winter.
But the joy of every Sofian is Mount Vitosha, which is
itself a ski-resort and much more beside, a place of
recreation for everyone. Just 10 minutes drive from Sofia
city centre, the green suburb of Boyana provides an ideal
base for the Capital and yet at the foot of the ski-slopes
of Mount Vitosha. Next to Boyana, just off the Sofia City
ring road, are two other very classy residential suburbs,
Dragalevtsi and Simeonovo. Here also, Real Estate
developers have custom-built villas and apartments, built
to the most exacting European standards, which are
particularly attractive to British and generally to
foreign buyers, either as second homes or as buy-to-let
investments, catering particularly to the needs of a
growing foreign business community.
THE INVESTOR
In the last two or three years, with Bulgaria
characterised as an "emerging market" and "a hot property
spot", an eclectic group of discerning investors has
already signed contracts for off-plan properties in all
the above-mentioned locations. The appreciation in
property values has already gone up by as much as 30% in
the past year. An increase of about 20% is quite likely
within the next year, and so the success story continues.
This speaks of itself and explains why Bulgaria has become
the current favourite choice for property investors not
only from the UK, but also Ireland, Germany, Greece and
other EU countries, anxious to secure a base before the
magic date of 2007, when Bulgaria joins the EU.
