Because of the financial stability and positive GDP established over the past decade, Bulgaria has managed to withstand today’s global economic challenges better than just about any other country in Europe. That said, the property investment bubble of the past few years is now well and truly burst and the housing market has returned to its proper position - namely, thousands of village houses, city apartments and resort properties for sale at realistic and sustainable prices. In short, there are still few other places in the world that offer the same sort of housing and lifestyle opportunities as Bulgaria.
An estimated 58,000 Britons now own property in Bulgaria and this number is continuing to grow. Recent research findings from the Institute for Public Policy Research (IPRR) shows that some 400,000 people are planning to leave Britain over the next year and over half of UK homeseekers aged between 18 and 35 would consider buying abroad, with low prices identified as the main driver of their purchase decision.
In their recently published Market Overview for 2009, Colliers International noted a number of key local factors, including:
• average monthly salaries increased by 3%
• at 7.1%, year on year unemployment was just 0.8% up
• year-on-year inflation fell to an average of 3.9% from 7.8%
• property sale prices fell by an average of 26%
The overall projection of the report was that, given the moderately positive outlook and the fundamental health of the Bulgarian economy, the residential market is expected to start recovering in the second half of 2010. In other words, compared with the EU as a whole, the people of Bulgaria are currently enjoying a relatively comfortable financial position, reasonably stable employment opportunities and rising income levels. Add the foreign buyers purchasing homes for emigration into this equation and, despite the impact of the global economic downturn, it’s easy to see why Bulgaria’s residential sector is currently outperforming that of most other European countries.
While there is a wealth of detailed advice available about finding and buying the right property in the right location in Bulgaria, there is very little information about what life here is actually like. Despite this, though, the number of Britons living in Bulgaria has doubled in the past year, with more than a thousand British families given long-term residency here. Clearly, it is no longer just the dream of a holiday home in the sun that is driving property purchase. The trend to buy a home abroad has now moved to a new level with more and more people buying with the intention of emigrating.
For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway
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