Current State of Property Market in Bulgaria: Updated as at April 2015

Signs of a Growing Interest in Rural Houses in Bulgaria:

 

With a focus on Apartments by the Sea or in Ski Resorts, the beautiful Rural Retreats in the Villages of Bulgarian were being over-looked. However, increasingly Buyers are now discovering the fascinating Villages in Bulgaria. Village properties are still significantly less expensive than properties next to the Sea and in the City Centres, yet may be only a short drive to get to the Beach and the City Centres. It is possible to buy a Detached Village Property for less than 10,000 Euro (approx.£8,297) with scenic outlooks from the garden, set in half an acre (approx. 2,000 sq. metres or more), with grape vines, peach trees and walnut trees. In the Villages you will see more of Traditional Bulgarian Lifestyles - with people growing their own fruit and vegetables, tending their livestock and using Donkeys and Carts. In contrast, the Cities are much more modern and cosmopolititan. Owning such a property in Britain for example would be economically impossible for most people, yet in Bulgaria they can afford to buy these properties.

 

Recently some concern has been expressed that some of the Seaside and Ski Resorts have been over-developed and over-commercialised. This may be one of the reasons that some Investors are now looking at Properties and Land in some of the Villages, where people can have the best of both worlds - the peace and tranquility of Village Life and yet within easy commuting distance of the Lager Cities and Towns. 

 

These are some of the reasons people are buying property in Bulgaria:

 

1). Bulgaria's Residential Property is the least expensive in Europe and can currently be purchased at amazingly low prices. 

However, the forecast for growth in property sales in 2015 is favourable, some predict some property price increases and even a shortage of the best houses and building plots.

2). Bulgaria offers a varied and beautiful Landscape, with plenty of sunshine hours and an interesting culture and history.

It has 7 Mountain Ranges, the Beautiful Black Sea Coast, with warm sea water, on the Eastern side of Bulgaria; on the West there are good Ski Slopes; areas of Breathtaking Scenery.

3). In Bulgaria there are lots of opportunities for Leisure Activities:Hiking, Climbing, Surfing, Nature and Wildlife Areas, Fishing, Cycling, Ski-ing, Sun-bathing on the Beach and Historical Tours.

4).Relatively quite Positive signs in the Bulgarian Economy: Bulgaria has, like most other countries, been affected by the Gobal Economic Crisis. However, the Low Taxes and Wages in Bulgaria is attracting Foreign Investors and Multi-National Corporations. Whilst some improvement in the infrastructure is necessary, improvements are already in progress and this is likely to impact positively on the property market - making Bulgaria attractive to Property Buyers.

5). The Cost of Living in Bulgaria compares well to most other Countries. Certainly British people comment that their money goes a lot further in Bulgaria than it does in Britain. When all the bills have been paid in Britain, many people find they have no money left to spend on Leisure/Travel, whereas in Bulgaria they have spare cash to actually enjoy their free time and visit places of interest and eat out in Restaurants.

 

Whilst Rural Property can be purchased for 10,000 Euro (£8,297), property nearer the Sea or the City Centre is more likely to cost arounf 40,000 Euro (£33,000) for a Small Apartment.

 

When we speak to British people there are incidences where they feel they have been over-charged by other Companies, who seem to be under the misapprehension that all British people are rich and can afford to pay more than the Bulgarians pay. There has also been a lack of clarity on the total bill, whereby people feel they were misled that they were receiving a less expensive service, to then learn that there are added costs that they were not informed about from the outset.

 

We provide support to British People who buy property from us, to ensure that they are not over-charged for services. It is important that Property Buyers ensure they know exactly what is included and excluded in the quotes they receive. We would be pleased to show you some properties we have for sale in Bulgaria.

 

Property Price Trends in Bulgaria: A boom in property prices occurred between 2000 - 2008. Prices then plummeted in 2009 - with property prices dropping by as much as 39%. However, the National Statistics Institute suggested the Housing Market in Bulgaria was showing signs of stabilising in 2014, with a slight increase in prices when figures were adjusted for inflation. (Ref. www.globalpropertyguide.com/Europe/Bulgaria). The recovery has continued with modest increases throughout the quarters of 2014 and predictions for a continued recovery during 2015.

 

"A Place in the Sun" reports that property prices in Bulgaria remain relatively very inexpensive as compared to prices internationally. For example, in Bansko (a popular Ski Resprt) property was 395 Euro per sq.metre in comparison to 4,700 Euro per sq.metre in the French Resort of Morzine. Some Studio Apartments in Bansko have been selling at around 10,000 Euros; with 2 bedroomed Apartments that are well located selling at 22,500 Euros; Luxury Properties in Bansko reaching around 300,000 Euros. Property in Bulgarian Villages continues to be unbelievably inexpensive as at April 2015, where you can buy a Detached Property with a large garden for less than 13,000 Euro. Black Sea Coastal Properties, with a Sea view are likely to range from 400 -900 Euros per sq.metre. The cost of Apartments in the Burgas Region varies widely according to how close to the Sea & standard of appointment, but can range from 17,000 Euros to 150,000 Euros or more for a Luxury Apartment. 

Cushman & Wakefield (Ref. Property Showrooms.com) report that Commerical Property experienced increasing demand. Improved Mortgage Conditions have assisted Bulgarian Buyers (purchases previously being dominated by Foreign Buyers). Bulgaria saw the biggest rise in sales of commercial property in the EU in 2014 (Ref. Sofia News Agency 11th March 2015) and investment is expected to remain high. 

 

 

Rural Villages in Bulgaria
Increasing interest in Rural Village Property in Bulgaria 2014
Draka Village, Bulgaria - property for sale
Rural Bulgarian Villages - Property for sale
We have property for sale in Zagortsi
Property Prices in Malina, Bulgaria 2014
Prohod Village, Bulgaria, property for Sale

Rural Bulgaria: Typical Village Outlook

Rural Bulgaria: People in Rural Villages often keep Goats, Chickens, Sheep, Pigs,Rabbits, etc.

Hay being delivered in Prohod

Rural Bulgaria: Geese on the road out of Zagortsi Village

Pleasant Rural Walks in the Village of Draka

Donkey pulling the plough in Garden in Village of Draka

The Rural Village of Malina

Rural Bulgaria offers Villages that are close to the Sea and Larger Cities, yet offer the bonus of a tranquil existence and are much less expensive than properties in the Larger Towns & Cities in Bulgaria.

We would be pleased to hear from you if you would like to view some properties in Bulgaria. We are also interested in hearing from Business Investors or people looking for Funding for Project Ideas in Bulgaria. Please email: chris@bulgarianbritishpartnership.co.uk

See Full Contact Details on our Contacts Page. 

Bulgarian British Partnership Property, Language and Business