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Bulgaria Property Investment For Sale

 

"Low property prices reflects Bulgaria being one of the poorest countries in Europe."

 

Currently one of the least populated European states, Bulgaria is approximately the size of England, but with a population of only 8 million people. With a 354km Black Sea coastline with 10 blue flag beaches, the country also boasts 37,000km of mountainous hiking paths, a series of Roman, Greek and Thracian historical attractions, including nine UNESCO world heritage sites and a blossoming ski and beach tourist industry.

As a former communist country and a slow entrance to the economic scene in the 1990s property prices were, and still are, low by Western European standards.  As a result of this, steady economic growth, and the fast growth of the tourism market property prices rose quickly and rewarded early investors in this infant economy with big returns. 

Bulgaria also has one of the lowest budget deficits and overall debt levels in Europe.
Yet growth has been very disappointing and significant challenges still remain mainly due to corruption in public administration and the prevalence of organised crime that hampers the countries economic prospects.  Bulgaria therefore still remains one of Europe’s poorest countries.

Between 2000 and 2008 Bulgaria witnessed a house price boom with residential property prices surging by around 300%.  Since the bubble burst prices have never recovered and it seems they will not for some time to come.

Country Guide

Geography

Bulgaria is situated in Southeastern Europe between Romania and Turkey and bordering the Black Sea which makes up its entire eastern border. The southwest of the country has two alpine ranges, Rila and Pirin and further east is the Rhodope Mountain range. The southeast offers miles of hilly countryside with spectacular views and there are several glacial lakes and mineral springs situated all around the country including along the coast of the Black Sea. Because of Bulgaria's location the country controls key land routes from Europe to the Middle East and Asia.

Governement

The government in Bulgaria is known as a Parliamentary democracy and consists of twenty eight provinces. The country had joined the United Nations in 1955, and is a founding member of the Organization for security and co-operation in Europe. Bulgaria became a full member of the European Union on 1 January 2007. 

Language

Bulgarian is the official language of Bulgaria with 84.5% of the population speaking it. Other languages include; Turkish 9.6%, Roma 4.1%, Other 1.8%

Standard of Living

The cost of living in Bulgaria is a lot cheaper than many other countries, but with a fifth of the workforce living on the minimum wage Bulagria is one of the poorest countries in Europe.

Country Economy

Bulgaria has an emerging market economy which has gradually moved away from its agricultural  largely rural history into an industrial economy.  Corruption and the black market continue to cause major problems for economic growth.

Key industries:

Clothing, footwear, iron, machinery and equipment, extraction of metals and minerals, copper, pharmaceuticals, production of chemicals, petroleum refinementand  and steel are all major industries. Bulgaria is Europe's sixth largest coal producer and is the largest global producer of perfumery essential oils such as lavender and rose oil.  Tourism is also a large contributor to economic growth.

Hotspots

Sofia

Sofia, the capital of Bulgaria, is the largest city of republic Bulgaria and one of the oldest cities in Europe. Situated in the west of the country, it is well known for its remarkable architecture and cultural traditions. Tourists anxious to see the character of the city with the vibrancy of locals meeting for coffee at open air cafés, gypsies selling flowers on street corners, trams filled with eager shoppers and folk musicians playing to the metro users have made Sofia an increasingly desirable place to visit.

Sofia's main buyers are currently locals as foreign investors tend to hold an interest in the coastal and ski resorts.

Borovets

Borovets is the biggest and oldest winter mountain resort in Bulgaria situated only 72km (an hour's drive) from the capital Sofia. This location makes it a popular weekend get away for city residents and tourists looking to take advantage of the variety of sporting activities available. As further credit to its excellent conditions, the resort has been host to two of the Alpine Skiing World Cup competitions.

Pamporovo

Pamporovo is a modern ski resort in southern Bulgaria approximately 260km from the capital Sofia. Consisting of predominantly easy runs the resort is known typically for beginner and intermediate skiers and has an excellent ski school for novices. With around 150 days of snowfall a year, Pamporovo allows for a long skiing season and has a range of facilities to offer guests and residents including cafes, restaurants, authentic folk taverns, shopping centres, and a lively night life of bars and clubs.

Bansko

A modern ski resort south of Sofia, Bansko is also rife with architecture and historical significance with over 100 cultural and historical monuments. With excellent facilities, the best snow record and longest ski season of all Bulgaria's ski resorts, Bansko has become a favourite ski, snowboarding and winter sport destination. The area also offers a variety of summer activities such as hunting, fishing, walking, mountain biking and sightseeing meaning the city has the benefit of being both a summer and a winter destination.

Varna

Varna is the largest city on the Bulgarian black sea coast and the third largest city in Bulgaria. Offering up to 11 hours of sunbathing a day in the height of summer, the city is known to many as the marine or summer capital of Bulgaria because of the number of tourists it attracts.

Varna offers nearly all kinds of accommodation for its tourists but the current trend sees many holiday makers preferring to rent private flats or rooms. 

Plovdiv

Situated on the Maritsa River in the southern central area of the country, Plovdiv is the second largest city in Bulgaria. Comparable to Rome and Athens, Plovdiv is an ancient city and thus maintains a historic past and unique culture. It is described as a charming town because of all the things it has to offer such as gardens, museums, monuments, the local zoo and excellent water sports centre which is host to many international competitions. The old part of the town invites sightseers to gaze at the Ancient Theatre which is still used today for open air performances.

Plovdiv seems to attract those looking for a quiet holiday destination with a lot of sightseeing, walking and hiking. 

Bourgas

Bourgas is situated in the southeast of Bulgaria and typically attracts tourists seeking the seaside. However, Bourgas' prominent art and culture gives it a unique atmosphere making it a very relaxed and welcoming place for tourists and holiday makers. There is not a large sea coast in the area but three lagoon-lakes are in close proximity to the city.

The Port of Bourgas is the biggest sea port in the country and an important industrial centre while Bourgas Airport deals with all international flights in the summer months. The city has an advanced transport infrastructure designed to deal with increased trade and tourism and a duty free zone was established in 1989 to make Bourgas more appealing to foreign investors.

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