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Property Investment in
Bulgaria
As
little as a year ago, before the words `Credit` and `Crunch` began to
echo through our ears on a daily basis, European property investment
markets were still thriving on the British money being poured into new
apartments, holiday homes and renovated sites. Bulgaria in particular
was one country that was pushed as an attractive summer holiday haunt
and the winter snow capital of Europe.
It is certainly fair to say that a large number of building projects
have since been put on hold and that there has been a significant rise
in British-owned properties being placed on the market, however, there
is still a great deal of activity going on in Bulgaria which is why
anyone looking to invest, should give this special place a great deal
of consideration.
Like Romania, Bulgaria is in a unique position – it benefits
significantly from being a member of the European Union, but being
outside the `eurozone`, it could be argued that it also suffers a great
deal less in the economic downturn than countries like Spain, France
and Germany. One of the key factors in recognising the potential of any
foreign country as a property investment, is to see beyond the tourist
traps and coastal hotspots – there will be plenty of
competition and holiday hotspots can be faddy – rather, look
to those places that are likely to attract the most investment in a
business sense.
With over 1.4 million people living in the Capital Municipality, Sofia
is the largest city of the Republic of Bulgaria, and perhaps
unsurprisingly receives over half of the country`s foreign direct
investment. Investments are encouraged by the authorities with a cut in
corporation tax rates and with two large American energy companies
ready to settle in the city, the future looks remarkably bright for
potential workers – who will no doubt need places to live.
Microsoft, IBM, AIG, Hewlett Packard and GlaxosmithKline have also
branched out in Sofia suggesting that it could soon well be one of the
most important business centres in the whole world.
Ask most people what comes to mind when you mention `Bulgaria` and no
doubt they will be plagued with images of bitterly cold winters, opera
singers and it`s rather colourful military history. However, Bulgaria
has much to offer in terms of its natural landscapes, beautiful
architecture and cultural interests such as museums galleries and
monasteries. Sofia is home to the world famous gold-domed Alexander
Nevsky Cathedral and the Public Mineral Baths, and even some of its
poorer areas are now benefiting from development plans such as
Kostinbrod which is in receipt of a rehabilitation grant for the
advancement of transport links.
It would difficult to discuss the benefits of property investments in
Bulgaria without mentioning the cheaper cost of living, and with
off-plan apartments ranging between 40,000 to 80,000 Euros, it is still
very much a buyers market. Those who have already bought properties in
the country are more likely to wait it out and watch as the world
economy improves again.
Property investors would be wise to take look forward and consider the
potential that Bulgaria has to offer. Where business is gradually
nurtured, expect the population to rise and demand for accommodation to
grow – it is difficult to anticipate what the next hot spot
will be in terms of holiday destinations, but it is easy to see that
Bulgaria is ripe for economic growth above many other `eurozone`
cities.
Of course, one of the best ways to study the potential that any country
has for a property investor, is to do a bit of hands on research and
take a trip; for help in organising your trip to contact
TheTravelBug, and for help with
leaving your car at the airport see:
Heathrow
airport parking
TheTravelBug
Website - Bulgarian Advice and
Property For Sale
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