What Does 5000 Euros Get You When Buying A Property In Bulgaria?
Many people dream of owning a property abroad and in recent years Bulgaria became the hot spot to buy, after being thrust into the spot light by programmes according to as A Niche in the Sun. Five or six years ago, the British and Irish started coming en masse in search of Bulgarian property, looking for bargain Bulgarian real estate at rock bottom prices. And indeed a few years ago you could young pick up a Bulgarian property for four or five thousand Euros. But after a number of years of foreign investment in the Bulgarian real estate market is this still the case?
After the initial sponsor and exposure of Bulgarian real estate in various magazines and on numerous property programmes, thousands of British flocked to Bulgaria looking for cheap Bulgarian properties. They would hop on a plane on Thursday, come to Bulgaria for a long weekend, view several rural Bulgarian houses and by the time they touched down further in the UK on Monday evening after a long weekend of property hunting in Bulgaria, they would be well on their way to becoming fine owners of a property in Bulgaria for less than the price of a car back home.
But the rapid influx of foreign buyers and foreign money led to an artificial boom in property prices. Resorts analogous as Burnished Beach and Bansko were marketed as the best venue for Bulgarian property investing and thousands upon thousands of new apartments were shook up up. Particular Bulgarians who had struggled to sell their senescent rural houses for 5000 levs suddenly discovered they could double or even triple their demand price over nighttime to 5000 Euros and sell their Bulgarian property succulent. And prices crept up and up with 30 to 40 % annual increase in selling prices for cheap Bulgarian houses. By 2007 Bulgarian properties for sale for below 10, 000 Euros were becoming worthy, miss for in very rural or empty-handed areas, not often frequented by foreign buyers. Where as back in 2005 you could hoard up a good solid 4 or 5 room Bulgarian house on a method of 1000sqm with eminence views for 5000 Euros, by 2007 a coinciding Bulgarian property would set you back 10, 000 to 15, 000 Euros.
However, then the world recession hit and foreign buyers became less and less. Bulgarian real estate agents that had been able to tidily copper the Bulgarian lev sign to a Euro sign and sell half a dozen Bulgarian houses a week, were agreement they were lucky to get a handful of enquiries a month. Many British that had bought several Bulgarian property investments were struggling financially back in the UK and trying to discharge their Bulgarian real estate.
Now in 2009 prices for Bulgarian property have on the whole dropped back to a more rich amount and rural Bulgarian properties are priced at complementary levels to in 2007. This means that you can once further pick up a rural Bulgarian condo in a great plot for around 5000 Euros.
