Bulgaria could be about to enjoy a revival as a destination of interest for overseas property investors.
In the early-to-mid noughties, the Eastern European country found itself as one of the most sought after locations for property investors. The country’s burgeoning appeal as a tourist destination combined with low property prices, propelled Bulgaria into the limelight.
However, the financial crash of the late noughties, and an overall slowdown in the overseas property market, led to Bulgaria falling off the radar of many investors.
Yet new data released by a popular overseas property portal has revealed that Bulgaria could be on its way back. The portal revealed that Bulgaria entered the top ten of the monthly Top of the Props listings for the first time in 18 months, rising 10 places to take the sixth spot with enquiries up 177 per cent month-on-month.
The spike in demand has been underpinned by a steadier rise in interest, with enquiries for Bulgarian property across the three months to September 2016 up 70 per cent compared to the second of Quarter 2016.
According to the OPP (Overseas Property Professional), one of the reasons for Bulgaria’s recent resurgence could be down to June’s Brexit vote. It notes that “the fallout of the EU referendum has seen the pound weaken against other major currencies, causing buyers to turn to more affordable opportunities, including those in Bulgaria.”
In addition to fairly affordable property prices, another reason for Bulgaria’s property is the fact that it offers investors a range of property options. The country’s popular Black Sea Coast resorts offer plenty of holiday investment appeal, while the ski resorts of Bansko and Borovets are home to some of the cheapest ski resorts anywhere in the world.
Article published 14th November 2016