Q: What is the typical profile of a UK client
interested in buying property in Bulgaria?
BULGARIAN PROPERTIES: There are three main types of client: those looking
to purchase a second or permanent home; those looking for a holiday home
with the possibility of renting it out, and those purchasing purely for
business purposes, either to gain income from letting or as a speculative
purchase, either for immediate resale, or resale at a later date. Many
people who buy to rent, own up to five properties and many who buy to
resell have more than 10 – some have more than 40!
BULGARIAN DREAMS: We are finding that there isn’t a ‘typical’ purchaser
of Bulgarian property, our clients range dramatically between larger
business-driven investors through to the smaller investor just starting
a portfolio and who are interested in using the property in the future.
Furthermore, about one third of our client base is Irish.
Q: What types of properties are UK clients most interested in- houses
(old/new), commercial premises, hotels, apartments or land?
BULGARIAN PROPERTIES: Bulgarian Properties deals mainly with private
clients who are looking to buy properties in rural Bulgaria for between
5000 and 20 000 euro, or an apartment for 20 000 to 45 000 euro near
a resort. Beach resorts are the most popular, followed by mountain resorts.
BULGARIAN DREAMS: A large portion of our clients are looking for one
and two bedroom apartments that are ideal for holiday letting or residential
leasing. In addition, many intend to use the properties for their own
enjoyment a few times a year.
Q: Bulgarian property is a hot topic for many foreigners at the moment,
but especially with those from the UK. Why do you think that the UK
market in specific has shown such a big interest in Bulgarian property?
What do you think sparked this phenomenon?
BULGARIAN PROPERTIES: There are two main reasons for this; first we have
the climate, nature and the cost of living that is desirable for our
clients. And second, The British are a nation that like invading, in
this particular case purely invading, or to invest money into an attractive
market with great potential.
BULGARIAN DREAMS: The fall of communism was the immediate catalyst for
the growth in interest in Bulgaria as both a tourist destination and
business centre. However, many investors in UK property have found that
the rapid rise of the UK property market has meant that purchasing property
in the UK has become less profitable for those looking for rapid returns.
Bulgaria is proving an area ripe for investment. Also the growth in popularity
of more eastern European locations such as Hungary has meant that the
British have become more adventurous and are looking east for new markets
and destinations.
| Q:What are the current trends in the Bulgarian property market?
Has there been an increase or decrease in sales to UK clients over
the past year? BULGARIAN PROPERTIES: Interest is constantly increasing, now not at that rapid a pace, the peak is still to come. BULGARIAN DREAMS: There has been a good increase in sales for Bulgarian property over the past year, so much so that we now operate out of five regional offices in Bulgaria and have monthly sales of more than five million euro. In addition, as the market matures, clients are looking at more and more varied areas of Bulgaria for purchases. |
Q: Which areas of Bulgaria are most potential UK buyers interested
in? Has this changed over the past few years?
BULGARIAN PROPERTIES: I would say there are two main fields of interest:
the first is the typical ‘escape from stress’ rural location;
the second, in and around the resorts – in their outskirts, or
very close.
BULGARIAN DREAMS: It is very much horses for courses. Each area of Bulgaria
has appealed to the varying trend in buyer. For example those who want
the sunny lifestyle have predominantly gone for the surrounding areas
of Sunny Beach, whereas many buyers have gone for Bansko and Pomporovo
for the skiing aspects. What has been consistent is that UK investors
have purchased a wide range of properties and have not been confined
to one area, as they all provide excellent investment potential.
Q: Property in Bulgaria is very much in the limelight in the UK media
at the moment. Not all the coverage is good, with tales of complicated
legal battles and long-lost relatives staking claims on properties
hindering the buying process. How realistic are these portrayals of
purchasing property here? What are some of your strategies for dealing
with potential pitfalls?
BULGARIAN PROPERTIES: The main problem comes from this: that at the moment
it is profitable to have an estate agency. If you have a good budget
and good marketing strategy it can become a profitable business – that
is how the unprofessional companies came into the business. The developers
became agents, the agents became developers, and every single person
in Bulgaria who has any kind of contact with foreigners is trying to
sell them something. Three years ago there were only a few agents selling
(mainly) to the British. One year ago there were only a few property
offices in Sunny Beach. This summer the shops are turning into “Property
Shops”, next year there might be only estate agents in the resorts!
BULGARIAN DREAMS: Many of the stories that are read in the press regarding
Bulgaria are over exaggerated. Compared with countries like Croatia,
Bulgaria has a very strict land registry and the chances of past residents
claiming land or properties are incredibly rare. In fact there are little
or no problems particularly when purchasing new properties without an
ownership history. The country is beautiful, with huge expanses of wilderness
and a growing economy that is providing a solid basis for property investment.
With regard to each property we sell, we encourage every purchaser to
visit the country and we also provide him or her with a huge checklist
of possible pitfalls before they complete, so that their new home is
completely to their satisfaction.
Q: What do you envisage as the future of UK investment in the Bulgarian
property market?
BULGARIAN PROPERTIES: There are still many undiscovered and hidden beauties
in Bulgaria; there are still virgin sandy beaches and ski slopes. We
still have our four well-separated seasons, we still have the Bulgarian
hospitality. I am sure that there is lot more great potential in some
places to make a great profit from your investment.
BULGARIAN DREAMS: It’s all going ultra exclusive as three golf
course developments, designed by Ian Woosnam and Gary Player are about
to come on line and we have also just launched a development called Bay
View Villas which is situated in the hills above Sunny Beach and provides
a gated community of villas set in private grounds which provide either
a large four or five bedroom property or two or three separate apartments
per villa. These developments are a step above anything that has been
seen on the new built market and they will continue to put the Bulgarian
market on the map.
Full details about the ‘Super Borovets’ project, price
madness in Bansko, golf developments in Bulgaria, and new apartments
in Bansko and Borovets can be seen at the Bulgaria Properties Ltd web
site www.BulgariaProperties.net.
You can e-mail questions to advice@BulgariaProperties.net,
or, if you have no Internet connection, call the company (in UK) at
0871 226 2296 to order a free 30-page hand-out, or just for a chat,
if you prefer. They always have time for you.
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