Do you have a property for sale in Bulgaria? You would no doubt be pleased to know that Bulgaria is today one of the rising stars of the overseas property market.
Bulgaria is a nation on the move and it has been making major strides recently. While Bulgaria has a population of only 7 million, it has emerged as a major tourist destination, receiving over 8.2 million foreign tourists in 2016. The figures for 2017 are expected to be even better.
The Bulgarian economy has grown at a rapid clip, registering a GDP growth rate of 3.5%, which is one of the fastest in Europe. The ratings agency Standard & Poor's has upgraded the outlook on Bulgaria's sovereign credit rating to positive from stable encouraged by the nation’s fast recovering economy and impressive fiscal performance.
"The outlook revision reflects our expectation that Bulgaria's fiscal and external metrics will continue to improve and that the authorities will take further steps to strengthen Bulgaria's financial sector," Standard & Poor's said in a statement.
The possibility of the ratings being raised even further was hinted at. "We might also raise the rating if Bulgaria was granted entrance to the ECB's ERM II monetary framework, which we think would further bolster policy credibility. Still, we expect this decision could be delayed for several more years," S&P said.
So what impact does the growth in tourism and the rapid growth of the economy have on the property market in Bulgaria? What does this mean for you if you’re trying to sell your property in Bulgaria fast?
It must be noted that the overseas property market of any country is directly related to its tourism industry. Any country which has a flourishing tourism industry will have a buoyant overseas property market. This is the case with Spain, Portugal, France, Cyprus, Barbados, and it is the same with Bulgaria as well.
Bulgaria has undergone many changes since the early 2000s. There have been major infrastructure developments throughout Bulgaria in recent years. All popular attractions in the country, beach resorts, winter destinations and exotic locales, are now linked by new roads.
There are now three world class airports in Bulgaria, in the capital Sofia, in the southern city of Plovdiv and the city of Burgas. This means that Bulgaria is now accessible from all major cities in Europe. There are, for example, a plenty of flights that connect Bulgaria to the UK, Ireland, Russia and Germany.
There is a huge demand for holiday homes in Bulgaria’s major sea and ski resorts such as Sunny Beach and Pamporovo. Foreign buyers are responsible for as much as 50 percent of the property purchases. There is a real rush from Russians, Britons and Irish investors to buy properties in Bulgaria online.
The influx from Russia in particular is very high. Russians are involved in almost every other property transaction in Bulgaria either on the buying side or the selling side. The average price of a property in Bulgaria is now €90,000, which is very reasonable indeed.