A personal introduction to the Bulgarian Property market by our in house
property investor, Jeremy Leach PhD., followed by his investment Top Tips.
I first visited Bulgaria in 2003, where I was witness to the incredible
land appreciation in the skiing village of Bansko. People had been falling
over themselves to buy land for development since the construction of the
new ski gondola. This gondola, which directly connected the village
to the slopes, resulted in the land prices rising from around 5 euros per square
metre to and incredible 50 within 8 months!
Believing I had missed the boat in Bansko, I figured that this was just a taste of
things to come for Bulgaria as a whole. I decided to check out the rest of the
country; after all, with EU accession timetabled for 2007, more investment was bound to
follow in the anticipation of membership.
Not only that, but the beauty of the country is stunning; it has a coastline with
gorgeous white and golden beaches, vast eco-reserves in the central Balkan mountains
featuring villages that take you back 200 years, and ski resorts nestled in 'alpine'
pastures in the southern Rhodopi mountains.
I knew that this was a country I wanted to spend more time in.
I also knew that this bounty of unspoilt nature would attract holiday-makers from all over
Europe. Indeed, the word would soon be out that after decades of communist rule and rebound from
economic woes, Bulgaria is truly back on the map!
From that moment on I researched, dissected and followed the market intensively; frequently travelling the
country and investing only when I knew I had a winner on my hands. Nevertheless, not knowing
what the future would hold, I diversified where possible, investing in flats and a house in a village
near the coast and land both on the coast and in the mountains. So, have I enjoyed my time
in Bulgaria? Have I made wise purchases? Well, it's certainly been an experience; i've had a great time,
met great people and yes, so far the investments are doing very well.
I know I could have saved time and effort if I had only known in the beginning what I know now.
Please benefit from my knowledge; to smooth the way and help you make the best decisions, I've compiled a list
of top tips and sensible advice to help you invest wisely and enjoyably.
Good luck in your Bulgarian adventure!
Best wishes,
Jeremy
Jeremy's Top Tips:
- First decide why you want to buy in Bulgaria! Is it to
find a beautiful country holiday home or villa by the sea for personal relaxation?
Or is it an investment
property to bring you regular rental revenue (such as a flat in a ski resort)? A property to bring you
excellent capital growth (such as development land or a house in a
popular village)?
- Do not buy the first property you see! no matter how much you fall
in love with the first house or plot you see, it is worth remembering that you
have not done enough market research to determine the fair price for what you
see.
- Visit many estate agents. Every estate agent has a
different perspective on the market and a different specialisation. Do not
get sucked into all included purchase trips where you are picked up by one
agent on arrival in Bulgaria, shown only their properties for the next few days
and then taken back to the airport!
- Get your own lawyer! I consider this to be an essential before
any purchase is made. Whilst an agent's
in-house lawyer may often be good enough, it's best to get your own
independent lawyer to represent and safeguard your interests only and
check the legals of any prospective purchase. Every property has it's own
peculiar set of issues to be aware of and investigate thoroughly.
I recommend contacting Emilia Tomova at BulgarianLegal.com
for all your legal needs.
- Learn the cyrillic alphabet It's not that hard. It will really help
you get around, 90% of road signs are in cyrillic.
- Study local prices. Prices may often fluctuate widely in such a
dynamic market. Get to know the going price for the type of property you're
after before you make a descision.
- Negotiate! No matter what agents tell you, always try to negotiate
the price.
- You may well see the same property advertised with different agents for different
prices! This isn't necessarily some kind of price fixing by agents. Often it's
down to the seller changing his mind about the selling price every time
they list the property with a new agent!
- Don't believe the hype! Well, not always... If you are looking for long term
appreciation, say over the next five years, almost every purchase will deliver that
for you. However, if you're really after a good profit within the next two years,
you need to know what you are doing. My advice is that the price of flats in Sunny Beach and
Sofia will more than likely stay flat for the next couple of years. Instead, consider well-placed
agricultural land next to an upcoming village or tourist development area.
News:
Sell european property:
sell your property in bulgaria, eastern europe. This is an outstanding new
website that helps you see where properties are on the map. Browse and zoom on the map while looking at Bulgarian and Montenegro property.
Lawyers / Legal Advice:
www.BulgarianLegal.com. Emilia Tomova will
help you with all your legal needs - especially for property purchase.
Property Search and Referral Service:
www.BulgarianVenture.com. This company will match your
requirements to the most suitable agents, speeding up your property search.
Property Agents:
Nationwide (including coastal, ski and Veliko Turnovo Area)
www.BulgarianProperties.com (probably the biggest database of all types of properties nationwide. Good prices on land).
www.BG-Properties.com (rennovation opportunities in upcomping areas, excellent land in stunning sea-view and eco settings, coastal flats and mountain properties in eco-villages. Well worth a visit).
www.EasyBG.com (good quality properties nationwide).
www.BalkanHolidayHomes.co.uk (independent estate agent intermediary).
www.BalkanSkiChalet.com (ski resorts, cities and coastal).
www.ZoldiBg.com (ski resorts, cities and coastal).
www.bg-properties.co.uk (Nationwide).
www.propertiesbulgaria.biz (Nationwide).
www.bd-properties.co.uk Balkan Dream Properties Ltd. is a UK based real estate
agency offering modern and traditional Bulgarian properties.
www.goldeneyebg.com A great estate agent founded in 1993, with a nice selection of properties.
Mostly Coastal
www.stara-planina.com (Veliko Turnovo area and the coast).
www.BalkanSkiChalet.com (ski resorts, cities and coastal).
Mostly Ski
www.BalkanSkiChalet.com (ski resorts, cities and coastal).
www.SkiPropertyBg.com Prime ski properties in Borovets; now also in Bansko and Lake Iskar (Sofia).
Mostly Veliko Turnovo Area
www.stara-planina.com (Veliko Turnovo area and the coast).
www.BG-AA.com (Veliko Turnovo area).
www.Paragon.7p.com (based in Gabrovo, Veliko Turnovo. Site in Bulgarian).
www.property-bg.net (Veliko Turnovo area).
Developers:
www.BulgariaProperties.net. Bulgaria Properties Ltd, builds and sells new apartments in the Bulgarian mountain areas of Borovets and Bansko, and a holiday village next to the proposed golf course at Dolna Banya.
Property Investment Advisors:
www.bulgarian-horizons.com. These independent advisors help you find
property and invest wisely.
Bulgaria Real Estate Directory. Directory of agents and investment advisors.
Rental Accomodation:
www.BulgarianHolidayApartments.com. This company currently
has many holiday apartments to rent in the resorts of Bulgaria.
www.BulgarianAccommodation.com. Bulgarian Accommodation. Also Bulgarian Property Sales, Rentals and Management. They offer advertising, rentals, key handover, cleaning, laundry, gardening, bill payments, renovations, properties for sale and rent and viewing trips in Bulgaria.
Dental Services:
Dental Treatment in Bulgaria
Bulgaria Information and news directory:
Bulgarian Properties. Bulgarian properties information directory.
Travel, Visas, Business:
Visa Requirements, Business and Cultural Info:
www.bulgarianembassy.org.uk. The Bulgarian Embassy. Information on Visa Requirements and Procedures.
Airports:
www.sofia-airport.bg. Sofia Airport.
www.varna-airport.bg. Varna Airport.
Airlines:
www.air.bg. Bulgaria Air.
See their
International flight timetable:
UK to BG and
BG to UK, etc.
www.wizzair.com. Wizz Air.
See their
International flight timetable:
UK to BG and
BG to UK, etc.
www.hemusair.bg. Hemus Air.
See their
Internal flight timetable:
Sofia to Varna and
Varna and Sofia, etc.
Flight Booking:
www.opodo.co.uk. Opodo. This company, owned jointly by a number of airlines allows you to search
through a huge number of available filghts to Bulgaria and elsewhere.
We find Opodo gives more flight options than either Expedia or Travelocity.
Tourism:
www.VelikoTurnovo.info. A great site giving all kinds of Tourist info on Veliko Turnovo and the surrounding area.
www.BGTravel.com
www.travel-bulgaria.com
www.BulgariaTravel.org
www.BeachBulgaria.com
www.BulgariaSki.com
www.sofiahotels.net
www.tourism-bulgaria.com
www.bulgariantourism.com (tourism and business services).
Other:
Expatriate's Guide to Budapest, Hungary Your personal, family-oriented guide to Budapest - Vacationing in Budapest - Moving to Budapest - Living in Budapest - Expatriate Activities - Expatriate Housing - Hungarian social and business culture.
Bangkok Hotels Lodging guide for Bangkok - secure online booking for hotels in Bangkok Thailand - Where to stay in Bangkok
ThailandGateway.com - A complete directory and guide to travel in Thailand.
Bali Indonesia Travel Villa Hotel Portal Your travel and bussiness companion throughout Bali Indonesia including hotel and villa reservation, air ticketing, rent car, convention, tour planner, wedding, diving, adventure and Asia Destinations.
Olive leaf fights colds, flu, viruses, shingles & CFS, lowers blood pressure, cholesterol & more - Olivus Olive Leaf orchards, a Caffeine Free Antioxidant that delivers Oleuropein to build immune system response. Can be Served Hot or Chilled. Information at www.olivetea.com or www.Olivus.com
4BG.info
Residential and business Apartments in Sofia have been appreciating at 30% per year over the last two years.
Residential and business Apartments in Sofia have been appreciating at 30% per year over the last two years.
Some fantastic new Developments in Varna are making 33% year on year and regenerating the city centre. This one is in Ivan Vasov Street.
Modern New Developments in Burgas
A Traditional Bulgarian Fireplace in the Rhodopi Mountains
The Beautiful Nature in Bulgaria; a stream running through the woods on the Northern Foot of Mount Vitosha
The Shipka Memorial Church, visble from the Shipka Pass, was modelled on Muscovite Churches of the Seventeenth Century
There is plenty of classical Architecture in Sofia
The beautiful Beaches of Byala
The Shiny Church Tower of Smolyan
Many Resorts are expanding due to Investor Interest
The Rhodopi Mountains offer Peace and Relaxation in the wilds of Nature
Bulgaria is between Yugoslavia, Greece, Turkey and Romania. It has a coastline on the Black Sea
Sunfolwers growing near Sliven
Bulgaria is
History
Architecture
Culture
Nature
Sun
Atmosphere
Cuisine
