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Bulgaria - a hot spot for Britons
Dnevnik Daily, 29.12.2005
Bulgaria has risen to third most popular destination for foreign boltholes, trailing only Spain and France, The Herald writes quoting an industry study by currency specialist HIFX. Bulgaria leapt ahead of Florida, Portugal, and Dubai after marketing the Black Sea coast for summer holidays and inland mountain ranges for skiing, the paper explains. This country is currently being touted as the best place to buy, a country where you can get more for your money than in Spain, Portugal, or Greece while enjoying the kind of lifestyle that was affordable in Mediterranean Europe 30 years ago, The Herald writes. With the Black Sea coast averaging nearly 300 days of sunshine a year and a good meal for two with wine costing less than 8 pounds, Bulgaria has also been voted the UK's favourite holiday hot spot by First Choice, and the Association of British Travel Agents expects UK visitor numbers to have reached 200,000 this year. The cheap prices mean it is ideal for holiday home buyers or investors with limited budgets. But when Bulgaria joins the EU in 2007, second home owners can expect the value of their properties to soar. Bulgaria has been criticised, however, for failing to tackle organised crime. A British man was recently taken hostage there by bogus estate agents, who demanded 44,000 pounds for his release. Another report, prepared by real estate investment adviser Property Frontiers and quoted by Assetz, the group of property investment companies, refers to Bulgaria as one of the most rapidly advancing nations in Europe and suggests that it is becoming a 'byword for international property investment.' The report supports the assertion from Assetz managing director Stuart Law that 'Bulgaria is likely to continue proving lucrative as a long term investment into 2006.' It reveals that there was an average property price increase of 47.5 per cent in 2004 while growth in the first quarter of 2005 continued to be strong at 10.6 per cent. Bulgaria boasts an incredibly varied landscape with hundreds of kilometres of Black Sea coastline and some of Europe's most promising ski resorts that are now providing genuine competition to the more familiar locations in the Alps. It is partly this remarkable diversity that has made Bulgaria such an attractive choice to property investors in recent years, with commercial investment similarly lucrative in winter as it is in the summer months, Assetz notes. Law has urged caution to those looking at the Bulgarian market because of a lack of certainty in the resale market, but the report from Property Frontiers found that 40 per cent of property buyers were tantalised by emerging markets. The report also refers to the prediction from the World Trade Organisation that Bulgaria will be visited annually by 20 million tourists by 2010. The dramatic rise to prominence of Bulgaria as a tourist hot spot is balanced by a commitment to high quality development and a policy of protecting natural resources. This is good news for investors as it indicates that the Bulgarian authorities have learned from the development mistakes made by other European countries, Assetz comments. Specific areas of property interest include the mountain and coastal regions with ski resorts and traditional beach holidays becoming more popular each year. There is also an emphasis on golf resorts and spa health centres at the moment and Property Frontiers suggests that these areas can provide year-round rental potential. see source
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