Following last month's increased sales and construction activity in the Bulgarian property market, the last quarter of 2011 is expected to show further growth as the tourism industry predicts big numbers.
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Total income from tourists this year is expected to reach €2.7 billion, according to the National Tourism Board. The forecast is based on an expected rise of 14% in the number of foreign tourists visiting Bulgaria - approximately 6 million over the whole of 2011. This influx would then result in a 4.5% increase in the income generated from foreign visitors.
The rise in tourism is also expected to help the Bulgarian property market, which has already seen prices drop and level of construction rise. The highest increases in the number of visitors is expected to come from Russia, Slovakia, Hungary and Poland, while more British and German tourists are anticipated, albeit in smaller groups. Interestingly, the majority of Eastern European tourists are travelling to Bulgaria by car, as more and more Romanians, Greeks and Turks join the growing numbers of visitors.
With property prices currently the lowest in Europe and the economy outperforming expectations in the second quarter of the year, it's certainly a good time for people looking to Bulgaria for their holiday home. The country's current account surplus is now at EUR 885.8 million compared with a deficit of EUR 390.8 million a year ago while, at the same time, apartments in the ski resorts can now be purchased for just half the price at which they were being snapped up in 2008.
It's little wonder then that Bulgaria has regained its top ten position in the MoveChannel's monthly "Top of the Props" report .. and as David Livingstone, CEO of MovetoBG said, "If you thought we had heard the last of Bulgaria as a preferred investment destination for property buyers, you were mistaken. As we enter the last months of 2011, the Bulgarian property market is looking as positive as ever.
The rise in tourism is also expected to help the Bulgarian property market, which has already seen prices drop and level of construction rise. The highest increases in the number of visitors is expected to come from Russia, Slovakia, Hungary and Poland, while more British and German tourists are anticipated, albeit in smaller groups. Interestingly, the majority of Eastern European tourists are travelling to Bulgaria by car, as more and more Romanians, Greeks and Turks join the growing numbers of visitors.
With property prices currently the lowest in Europe and the economy outperforming expectations in the second quarter of the year, it's certainly a good time for people looking to Bulgaria for their holiday home. The country's current account surplus is now at EUR 885.8 million compared with a deficit of EUR 390.8 million a year ago while, at the same time, apartments in the ski resorts can now be purchased for just half the price at which they were being snapped up in 2008.
It's little wonder then that Bulgaria has regained its top ten position in the MoveChannel's monthly "Top of the Props" report .. and as David Livingstone, CEO of MovetoBG said, "If you thought we had heard the last of Bulgaria as a preferred investment destination for property buyers, you were mistaken. As we enter the last months of 2011, the Bulgarian property market is looking as positive as ever.
Related articles:
Bulgaria Holds Top-10 Spot in Property Purchase Favourites
Bulgaria's Q2 Property Sales Rocket by 48%
Experts Agree that Property Market has Bottomed Out
Bansko Apartments Now Available at 50% of 2008 Prices
Time to Buy in Bulgaria's Recovering Property Market
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