Bulgaria is one of the newest members of the European Union and also the poorest. But it is also a country that has made a conscious effort to improve the standard of living of its people and has made substantial progress in recent times. If you’re looking to buy bargain properties in Bulgaria, then you will have a plenty of options to choose from.
For one, Bulgaria is hard to beat when it comes to affordability. The property market here is very stable and on the rise. What’s stunning about the country is the sheer diversity. You can choose from a number of beachfront properties for sale in Bulgaria, as well as country homes and ski chalets.
Bulgaria, as a matter of fact, has the lowest property prices among EU member states. You can buy decent apartments or villas in Bulgaria for under €15,000.
The neighbouring countries, such as Greece and Turkey, have a significantly higher cost of property ownerships compared to Bulgaria. Properties in Greece are very cheap today following the prolonged economic crisis there, but they still cost more than those in Bulgaria.
Bulgaria has a lot of things going for it. In the past, there were no flights to Bulgaria from the UK, and there was no easy way to get to Sofia, the capital of Bulgaria. Today, there are a number of low cost flights that connect the UK and Ireland to Bulgaria.
There’s a lot of interest in Bulgaria coming from the UK. The ski resort of Bansko is very popular and properties here get a lot of attention from foreign buyers. The apartments in Bansko are relatively more expensive, compared to the rest of Bulgaria. Here you can buy a one-bedroom apartment for €20,000- €30,000.
Also very popular is Sunny Beach, Bulgaria’s famous beach resort. Sunny Beach is an extension of the historical town of Nessebar. A studio apartment here costs €23,000. Also popular is the resort town of Pamporovo, where properties are even cheaper.
Indeed, there is a huge demand for properties in Bulgaria across the Black Sea Coast. Many buyers are also looking to buy villas or cottages in the Bulgarian countryside, where things remain just the same as they always were. There are few places in Europe where the lifestyle is as relaxed and laid back as here.
So how cheap is Bulgaria? Very cheap, let’s look at a few facts. The council tax in rural Bulgaria is as low as £50 a year for residential properties. Road tax and car insurance are dirt cheap as well; as is having a meal at a decent restaurant, under £10. You can have beer for just 70p and if you’re in Sofia, you can get to anywhere in the city by bus for just 30p!
Also, the rules regarding foreign ownership of property have been changed. Now, EU citizens have the same property rights as the locals and can buy homes, apartments or land in Bulgaria without having to set up a company for the purpose.
Bulgaria is a country on the move, and one to watch out for in the overseas property market.