Tourism Keeps on Attracting Investors
Holiday property located on tourist spots keeps on attracting buyers' attention.
The average asking price levels in this regions vary from EUR 1,000 to 1,200 per sq.m. For an apartment of 94 sq.m in Aheloy the price is EUR 1,400 per sq.m. In Nesebar, in a luxury residential complex with a gym, a restaurant, shops and a swimming pool an apartment is for sale at EUR 1,700 per sq.m. EUR 1,949 per sq.m reached the price of a house in a beachfront gated community in Byala.
The top asking price of Black Sea holiday homes is for a property in Sts. Konstantin And Elena, Sunny Beach and St. Vlas.
EUR 2,285 per sq.m have been asked for an apartment of 70 sq m near a marina in Sveti Vlas. A luxuriously finished multi-room apartment of 145 sq.m in Sts. Konstantin And Elena resort is offered for sale for EUR 2,068 per sq.m.
The lowest asking levels vary from EUR 480 to 550 per sq.m. The price asked for an apartment of 68 sq.m in a family hotel in Ravda is EUR 480 per sq.m. For mountain resorts the top levels are for holiday apartments in Bansko. In Tamplier hotel, an apartment of 64 sq.m is put up for sale with EUR 2,000 per sq.m price tag.
Bulgaria's Property Boom Continues
In an article entitled On Course for a Building Bonanza, The Independent reported that Bulgaria's property boom continues.
Initially Bulgaria attracted investors with the low prices but is now moving up in the international property market.
Coastal resorts continue attracting the majority of buyers, the report said. Several major projects are carried out at the moment and promise to offer highest quality upon completion.
Some new developments focus on golf and luxury property, The Independent reported.
Investors that entered the country several years ago have seen high return rates. Buyers now are a bit more skeptical if the percentage remains just as high.
Market has calmed down but growth will continue in the future, agents said. One of the reasons for further development is Bulgaria's evolving tourism industry, the report said.
Interest in the capital of Sofia is growing, as well. While buyers with bigger budgets turn to coastal and ski resorts, one and two-bedroom apartments located in proximity to Vitosha mountain attract other foreign property buyers, The Independent said.
The Sofia Echo
BULGARIA TOP OF THE PROPS
The property market boom is expected to continue at a much steadier rate.
After joining the European Union on 1 January 2007, Bulgaria appears to have stormed to the top of many international listings, covering foreign investment, tourism, and property markets.
Judge for yourselves: In 2007 Bulgaria took the number one position among all European countries in terms of property market growth. Recently, the country was ranked 34th in the world's best places to live – in a field of 193 contestants. And with regards to real estate investments, bulgaria has climbed to sixth position worldwide and is tipped as one of the best places to put your money into. It has also been deemed the cheapest tourist destination in europe, and the fourth worldwide for a third year running.
All these factors promise a smooth transition froma developing to an established property market. The country's EU accession has gone a long way towards establishing a secure business environment. The latest proof of this is the fact that Bulgaria's corporate tax rate has been cut by five points to 10 percent. The country's parliament unanimously voted for the step and it is hoped that the change will have the effect of boosting Bulgaria's business climate and tacklingtax evasion.
Bulgaria ranks 34th in a survey of world's best places to live, reveals the US magazine International Living in its "Index for Life Quality" section. The classification was made on the basis of nine criteria – cost of living, culture and entertainment, economics, environment, freedom, healthcare, infrastructure, safety and climate.
Bulgaria shares the high position with Panama and Slovakia among a total of 193 countries. Great Britain occupies 37th place – ahead of Greece and Cyprus, which scored equal results. Bulgaria's high ranking is due to the low prices and favourable climate, analysts explain.
Bulgaria holds the sixth position in the world with regards to property investment and this is mainly due to investments from abroad, according to property specialist Katya Tsenova, CEO of the Bulgaria-based Address real estate agency. She predicts this dynamic market will continue to see a steady growth in property prices – which will be sustained throughout 2007. The expected rise in property prices is about 10-15 percent by the end of this year with luxury property prices exceeding the 15 percent benchmark by a long way, says Tsenova. Further down the line, residential property prices in Bulgaria could increase by more than 70 percent over the next five years as a result of the country's European Union entry, experts from UK real estate agency Simpligroup state.
Yet another property market guru to pinpoint Bulgaria as one of the best countries in which to invest this year is the UK-based commercial currency brokerage FC Exchange. In its report, the company employed several indicators to choose the best destination for investment, including countries' individual economies, the strenght of their currencies, and the levels of supply and demand already in each market, which in turn affects prices and availability.
Bulgaria's investment potential for the coming year is attributed to several factors: the low prices compared to other European markets which are attractingbuyers; and extensive World Bank funding which has gone into significant improvements to the country's infrastructure and investment in its tourism industry. Promising indicators include the presence of small, independant business such as restaurants, cafes, shops and estate agents, that typically signify the arrival of well-off locals to an area.
This view is shared by property market analysts at Obelisk International who named Bulgaria as one of the most bullish real estate investment locations for 2007. They state bulgarian property is expected to achieve attractive investment returns in 2007, following the country's accession to the EU and factors such as an expanding tourist market and the population's growing affluence. The retail sector is set to experience a rapid growth with construction underway for warehousing, business centres, logistics and hypermarkets in the capital city, Sofia, and across Bulgaria. Obelisk International has also highlighted the country's ability to provide real estate investors with sustained profitability as well as diversity in their portfolios. "The new EU status will benefit both existing and future investors in bulgarian real estate, and growth is expected to continue to increase for several years to come."
Last year, the thomas Cook International Agency released the results of an annual survey in which Bulgaria was found to be Europe's least expensive tourism destination for the third year running, and in fact the fourth cheapest in the world. Bulgari's already burgeoning tourism industry is likely to benefit from exposure of this kind and is anticipating further growth. Visitor numbers to the country are increasing year-on-year, and are expected to exceed 20 million by 2010. Tourism featured among the priority sectors of Bulgaria's economy forming nearly 14 percent of the GDP. Revenue from foreign tourist visits in 2006 exceed two billion euros. Nearly 170,000 people are now permanently employed in the tourism sector.
Veronica Castro, merket Analyst at Obelisk International, cites Bulgaria as the fastest growing holiday destination in the world, and comments: "With tourist numbers growing and an increasing number of airlines offering services to the Black Sea coast, we anticipate that the demand for property in this area will continue to rise."
With its sea and ski reasorts already prospering, Bulgaria is putting up an effort to develop year-round tourism opportunities, says Stanislav Novakov, deputy head of the State Agency for Tourism (SAT). In this respect, huge potential is revealed in developing other types of tourism such as golf, spa, cultural and eco-tourism.
Bulgaria Air - The Inflight Magazine
Property Purchase in Bulgaria's
Coastal Region is an Excellent Investment
The welcoming attitude of Bulgarians made investment in property in Bulgaria's coastal region an excellent investment. Prices for luxurious property were not that high, which made real estate investment in Bulgaria an excellent opportunity that could bring up to 100 per cent annual revenue.
Bulgaria was experiencing a significant construction boom, making the country an area of interest for investors and holiday property seekers alike. Property price increase in Bulgaria reached 150 per cent. The EU entry of Bulgaria on January 1 2007 played an important role in maintaining the high growth rate. The country was able to maintain high investor interest in the coming 10 years.
Another Surprise for Our Buyers
Apart from not having buyer's commission Polycontact Real Estate Bulgaria does not stop here. Our brand new promotion is a special gift for St. Valentine's Day. Every buyer in January will have the opportunity to enter our competition of winning the big prize.
One of our January clients will be chosen to go on a 5-day holiday trip to the wonderful and charming Venice! The stay will include celebrating of St. Valentine's Day and the famous Venice Carnival.
1st day - Departing from Sofia with destination Belgrad, Lyublyana, Venice.
2nd day - Arriving and accomodation in the area of Venice about noon. If you wish you can make an individual tour to Venice. You will have to use public transport.
3rd day - Breakfast. Tourist program according to your taste. You are able to go individually to Venice or excursion to Verona and Padua. Walk through the center of Verona: Arena di Verona, Bra square, Julietta's house, Dele Erbe square, Signoria square. Going to Padua. Walk on foot: the Holy square with the St. Anthony basilic, St. Giorgio church, the monument of Erazmo Gatamelata, Prato de la Vale square and the basilic Santa Justina. You will have some free time to go to shops and buy some souvenirs.
4th day - Breakfast. Travelling to Venice - the most amusing and romantic city in the world. Tourist program with local guide: visit of San Marco square and the cathedral with the same name, the palace of the Doji. The famous Rialto bridge would also be visited. You will have enough free time to spend on looking around, a gondola trip or visit of the local museums.
5th day - arriving in Sofia.
Do not miss your chance to experience the ultimate holiday during the warmest holiday throughout the year.