Property in Bulgaria
With its vast array of reasonably-priced properties in mountain, seaside and city locations, Bulgaria remains popular among British investors and, as tourist numbers and flights to its capital, Sofia, increase, Bulgaria continues to confound the critics.
Prices for Bulgaria Property from £24,890
Key facts
- Population: 7,450,350
- Capital: Sofia
- Approx. exchange rate: £1 = 2.85BGN (Bulgarian Leva); €1 = 1.95BGN
- Visas: Work visa and visitor visa for more than 30 days
- Time difference: +2 GMT
- Flight time from UK: 3 hours
- Major airports: Sofia, Varna, Burgas
- Dialling code: 00 359
Property in Bulgaria
The Market: Mountain, beach and city
It seems incredible that one of Europe’s once obscure ex-Soviet states now rivals Spain and France as the destination of choice for British property buyers, but nevertheless that is now the case.
Interest in its sunny coastline, thriving ski resorts and regenerating capital came to a head in January 2007 when Bulgaria joined the EU, and further excitement is building over its planned adoption of the euro in 2009.
More recently Bulgaria hit the headlines when budget airline Easyjet announced three flights a week to Sofia – which sparked a surge in buying among investors.
“The increase in direct flights to Bulgaria is a testament to the country’s ongoing popularity and proven investment – something we have been keen to see implemented since we first began operating in Bulgaria in 2002,” says Robert Jenkin of agent Bulgarian Dreams.
There are few places in Bulgaria where you won’t bump into a British ex-pat or find British-owned property, but most people make for three distinct areas – the ski resorts high up in the Rila mountains such as Bansko and Borovets, which are growing at a mind boggling rate; the serene Black Sea coast running from Balchik down to Sozopol (and including the tourist magnets of Sunny Beach and Golden Sands); plus the outskirts of Sofia, where a frenzy of apartment building it taking place.
“Sofia is growing geographically faster than any other former eastern European capital and is becoming more and more popular,” says Steve Worboys of agent ExperienceBG.
“While the traditional coastal and ski regions are restricted to seasonal rental opportunities, year-round rental yields of up to ten per cent can be expected in the capital.”
And it seems that Bulgaria’s image too is being transformed from cheap and cheerful to charming and beautiful. “Obviously low property prices are a major attraction, however people’s perception of Bulgaria is now changing,” says Worboys. “It is no longer seen as a cheap alternative to the more mature markets of Spain, France and Portugal.
“Purchasers come to Bulgaria because they like it and enjoy the spectacular scenery, sandy beaches, fantastic skiing and unspoilt countryside.
“And remember there are two marinas and three international golf courses being built on the Black Sea – plus British Airways now flies direct to Bulgaria all year round.”
