It has been recorded that the population of Bulgaria has dropped by nearly 600,000 in the last 10 years. This has not however, slowed down the demand for property in the country. Far from it in fact, as many foreigners are now investing in the country. The rise in foreign investors and decline in Bulgarian population means that the property market is being mainly supported by the investments and demands of foreigners.
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Recovering from the global recession more quickly than most of its European neighbours, Bulgaria is fast re-discovering its reputation as a property hotspot. For anyone seeking a low-cost holiday home or considering a permanent lifestyle shift, this is the place to be and, if you are planning a move to Bulgaria, it may well be that your neighbours or nearby residents will be non-natives.
So who's buying these properties? Well, at the height of the buying boom just a few years ago, around 80% of the buyers in Bulgaria were holiday home hunters and quick-flip investors. Today, though, the market has changed and the speculative buyers snapping up two or three houses at a time have been replaced by lifestyle buyers looking to live in Bulgaria.
In terms of buyer nationality, there has been some reduction in the number of British investors over the past couple of years but, at the same time, Russians and Scandinavians have been snapping up the bargains and have purchased over 200,000 properties in Bulgaria since 2008. Domestic demand has also slipped over the past few years and many Bulgarian real estate agents would probably have gone out of business if it were not for foreign investors.
This, of course, is largely because of the impact of the global recession on the property market. Since peaking in late 2007, prices in Bulgaria have plummeted and are now among the lowest in Europe but there are indications that this downturn may be coming to an end. David Livingstone, of Property Partners says that, "The worst is behind us, prices have reached the bottom of the curve and there are signs that buyers are returning to the market, picking up bargains before prices increase again."
In addition to exploring the property options of Bulgaria's cities and traditional holiday destinations, the advice to today's home seeker is to leave the resorts behind and journey inland. What you will find, here, is a veritable treasure trove of rural and village properties at prices that just don't appear in other countries. It's in the villages of Bulgaria that you will find some of the cheapest houses and the best bargains - and it's in this sector of the market where those who may have missed the lifestyle change boat in other countries find that there still plenty of opportunities available.
Every real estate agent in the country has a selection of rural and village properties on their website - and there are some that specialise in this sector. At the portal site of Property Partners, for instance, you can view multiple lists covering hundreds of houses available today for less than €10000.
This is the fundamental reason why around a third of today's property deals are being concluded by foreigners but, as Bulgaria's recovery continues apace, these bargains will not be available for too much longer
Related articles:
Look Inland for Today's Bulgaria's Treasures
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011
So who's buying these properties? Well, at the height of the buying boom just a few years ago, around 80% of the buyers in Bulgaria were holiday home hunters and quick-flip investors. Today, though, the market has changed and the speculative buyers snapping up two or three houses at a time have been replaced by lifestyle buyers looking to live in Bulgaria.
In terms of buyer nationality, there has been some reduction in the number of British investors over the past couple of years but, at the same time, Russians and Scandinavians have been snapping up the bargains and have purchased over 200,000 properties in Bulgaria since 2008. Domestic demand has also slipped over the past few years and many Bulgarian real estate agents would probably have gone out of business if it were not for foreign investors.
This, of course, is largely because of the impact of the global recession on the property market. Since peaking in late 2007, prices in Bulgaria have plummeted and are now among the lowest in Europe but there are indications that this downturn may be coming to an end. David Livingstone, of Property Partners says that, "The worst is behind us, prices have reached the bottom of the curve and there are signs that buyers are returning to the market, picking up bargains before prices increase again."
In addition to exploring the property options of Bulgaria's cities and traditional holiday destinations, the advice to today's home seeker is to leave the resorts behind and journey inland. What you will find, here, is a veritable treasure trove of rural and village properties at prices that just don't appear in other countries. It's in the villages of Bulgaria that you will find some of the cheapest houses and the best bargains - and it's in this sector of the market where those who may have missed the lifestyle change boat in other countries find that there still plenty of opportunities available.
Every real estate agent in the country has a selection of rural and village properties on their website - and there are some that specialise in this sector. At the portal site of Property Partners, for instance, you can view multiple lists covering hundreds of houses available today for less than €10000.
This is the fundamental reason why around a third of today's property deals are being concluded by foreigners but, as Bulgaria's recovery continues apace, these bargains will not be available for too much longer
Related articles:
Look Inland for Today's Bulgaria's Treasures
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011
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MovetoBG.com - and Twitter @MovetoBG
Bulgaria Gateway - and Twitter @BulgariaGateway
Property Partners BG - and Twitter @PropertyPtnrsBG - or on Facebook
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