The year 2006 saw unprecedented investment in Bulgarian
real estate. Almost a third of properties in Bulgaria are
being bought by foreign nationals with 20 to 35 year-old
Britons now a big proportion of Bulgarian real estate
buyers. According to reports Bulgaria has seen a
significant increase in the numbers of 20 to 35 year-old
Brits buying Bulgarian property. They now account for a
fifth (20%) of all UK buyers and are prepared to pay more
for their property.
The figures were revealed by Quest Bulgaria an English
language monthly magazine for people living or buying
property in Bulgaria. Quest Bulgaria Managing Director
Chris Goodall: "High UK house prices are making it
difficult for first time buyers, usually the younger age
groups, to get on the first rung of the housing ladder.
There is evidence international property clients are
significant players in the market with 29% of all home
transactions last year made by foreigners."
The magazine also reports that the country is third most
popular with UK property buyers with Spain top, France
second then Bulgaria. Real Estate agent Martin Hunt of
Living Bulgaria - said: "These young buyers have more money
and are looking for better quality homes." Concept
Bulgaria says a staggering 95% of their customers are under
50.
The ultra-cheap Bulgaria that once attracted high risk
investors or retiree holiday home owners is changing. The
key is buyers can get a good quality, three-bedroom home in
Bulgaria for £65,000 while the average house price in
the UK is £215,000.
Real Estate agents confirms the rapid emergence of younger
buyers while reporting a downturn of 15% among the over
50's. It says younger end buyers with families are going to
Bulgaria to live there permanently and establish their own
businesses. Easier availability of mortgages and finance
is helping too. One agent said "The situation is now much
easier with the average length of time from application to
sale down from nearly eight months last year to around just
eight weeks."
Bulgaria offers low priced Ski property and stands to be
one of the most popular Ski areas in Europe.The boom is
having a knock-on effect on the buy-to-let market. A three
bed-roomed coastal villa now enjoys an average rental price
of £550 per week giving a gross income of
£5,500 a year if it is rented out for a ten-week
period. A rural three-bed-room villa fetches an average
£350 a week; a city or coastal apartment £250.
----------------------------------------------------
Nicholas Marr is CEO of Marr International a UK based
property marketing company.His company developed one of
Europe's fastest growing overseas property web sites at
http://www.homesgofast.com/Bulgaria/index.php
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