Are You Looking to Sell Property in Bulgaria?
Bulgaria is very much a buyer’s market. 2014 was a fabulous year for those looking to buy property Bulgaria, if not for those looking to sell overseas property in Bulgaria. Demand for Bulgarian property hit a high towards the end of 2014, but the prices still remained quite a way off from reaching the levels seen in 2007, just before the global economic crash.
And this rise in the number of property transactions in Bulgaria has continued in 2015 as well. In fact, 2015 promises to be a record year in Bulgaria for foreign investment. Foreign investors have bough offices, malls, hotels and resorts in the country, and are estimated to have contributed 239 million Euros to the national economy in 2014.
There has been a strong demand from overseas investors for residential and commercial property in Bulgaria. While prices are yet to reach the high of 2007, they have reached the level they were at in 2005, which is quite a recovery from the 2008 recession.
According to experts, the strong performance of the Bulgarian market has been largely driven by overseas investors. A Bulgarian real estate executive Polina Stoykova explains how foreign investors were the biggest movers in the Bulgarian property market and adds, "we also notice a noticeable increase of interest in properties in Bulgaria by British buyers and we expect this trend to evolve in 2015."
If you are looking to sell property in Bulgaria, the value of your residence will largely depend on the location. For example, apartments in large cities and resorts such as Burgas are the top targets for rich foreign investors. Investors are also very keen on buying property in Bulgaria in cities such as Varna, Sofia and Barovets.
Bulgaria has become very popular as a country with clean, pristine environment, which means there are a lot of eco-tourists who love staying here. The tourism sector in Bulgaria has taken off recently and it has emerged as a popular new summer destination in Europe.
Russians are the most prominent buyers of real estate in the country. Over 400,000 Russians are said to own homes in Bulgaria, and the total investment by them is worth billions of Euros.
What drives Russians to buy property in Bulgaria? Leonid Kozlov, a fitness instructor from Moscow who lives in Bulgaria, attempts to answer: “We have a more relaxed life. I have worked throughout the year, my wife has a job in the tourist season and our daughter goes to the Russian school here. We plan to stay permanently and set up our own business, managing holiday homes.”
The Russians are also attracted by the fact that Bulgaria is a part of the European Union. Sergei Gubov, a Russian economist who stays in the Bulgarian city of Sofia says, “We came mainly for my eldest son’s sake – he wants to become a neurosurgeon and work in the US or France. Getting his degree at an EU university is a necessary first step.”
So, if you’re looking to sell overseas property in Bulgaria, you can count on Russian buyers to pay a great price for it. Chinese too, are major investors in Bulgaria. Wealthy Chinese business executives love spending their summers at Bulgaria’s famous Black Sea resorts. They are known to be big spenders here.
If you’re looking to sell property abroad in Bulgaria really fast, it is important to trust top international property agents with extensive contacts in both Russia and China. You get that when you hire the WorldWide Group – UK’s #1 overseas property agents. For more on how we can help you sell property in Bulgaria, get in touch with us by filling the contact form here. We will be sure to get back to you promptly.