Published: 9th September 2013
In the last few years, there has been an increasing level of interest in the market for property in Bulgaria, as the regions strong economic performance, coupled with increasing tourism revenues and EU membership have combined to develop a successful and seemingly sustainable economy.
Understandably, this interest has developed into an increasing demand for property in Bulgaria, particular in the tourist hotspots of Bansko, Bovorets and more recently the Black Sea resorts including Sunny Beach.
Similarly to so many emerging markets, the increase in investment in property in Bulgaria has its foundations in a growing market for tourism in the country. The Bulgarian tourism industry is fortunate, in that it has the ability to appeal to two very distinct markets. The skiing resorts of Bovorets, Bansko and Pamporovo provide a more cost effective holiday option to the traditional more chic ski resorts to be found throughout France and Austria. Recent years however have also seen the growth of the Black Sea summer resorts of Sunny Beach, Sozopol and Golden Sands.
As well as the strong market for tourism in Bulgaria, other factors such as the recent inclusion into the EU (and the subsequent subsidies it brings), as well as the countries strong economic performance in the past few years (6% approx GDP) have resulted in an increased demand for property in Bulgaria, as investors seek to capitalise on what is acknowledged as being one of Europes most rapidly expanding markets.
Finally, the price of property in Bulgaria is still relatively cheap in comparison with other major European markets, and this, coupled with growth estimates ranging between 8-12% have ensured a substantial amount of interest from overseas property investors.