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The marketplace
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Home/Bulgaria/The Marketplace/ The Market in Bulgaria is quite different to other countries, in view of its recent release from communist restrictions, its important strategic position in Eastern Europe and with two of its major cities situated on the popular eastern Black Sea coast, sought after by holiday makers. As a major capital city Sofia has seen, and will continue to see, considerable growth. Increases in value will continue which will lead to further development and therefore refurbishment of run-down properties and redevelopment of areas and hence improvement in infrastructure. One only has to see the springing up of modern hotels to realise the demand created by the expanding number of visitors. This, in turn, will continue to lead to increases in values. Currently the greatest areas of growth have been those areas sought after by holidaymakers seeking second homes, retirement couples, those looking for a better or lesser restricted life than the UK offers and business' relocating in Bulgaria to utilise the educated and skilled but relatively cheap workforce. The areas which have seen the most considerable growth are the eastern Black Sea resorts such as Sunny Beach and Golden Sands, situated close to the major city of Varna to the north, Bourgas to the south and the capital Sofia. There are many seaside resorts which are quite small, charming and naïve compared to the heavy developments of the Mediterranean. Varna has seen considerable growth in values and, according to the Sofia Echo (the English written newspaper), values have risen by 45% in 2004. When one considers that an apartment is easily aquired at around £50,000 within walking distance of the well developed centre of the city and the Black Sea coastline this still offers exceptional value for money. Demand has been seen to village properties, probably considered by Bulgarian nationals to be historically virtually valueless, run down as there have been few funds for improvements, properties are available for £10,000 or even less. The pressures for all those looking for a cheap lifestyle, perhaps a village property close to the ski resorts is now putting pressure on, and values here have now seen a considerable increase. When John Brailsford first visited Bulgaria he had views of acquiring a number of properties on behalf of clients because they were simply so cheap, only to find that some of these villages are so run down with infrastructure so poor, that £10,000 might be spent better elsewhere or on certain occasions might be well invested there anticipating a growth in the region. It is this type of knowledge and understanding that can be invaluable to a purchaser from a distance. |
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Thomas Brailsford
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Bulgaria Property Search:
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BULGARIAN PROPERTY OF THE MONTH
ON THE BEACH:
Sunny Beach apartments from
EUR 689 M2
IN SOFIA:
Sofia off plan apartments from
EUR 1255 M2
Discounts may be available, near Ski lift and city centre.
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