2016 promises to be a great year for the property market in Bulgaria. Already things look to be a lot better than they were in the aftermath of the 2008 global economic recession. Is this a great time to sell your property in Bulgaria? Let’s investigate!
The Bulgarian real estate sector has been in the recovery mode for almost two years now. The recovery began in 2014, which was when the property market took a turn for the better. It continued in 2015, which was a terrific year for real estate in the country. 2016 has continued so far in the same vein and there don’t seem to be any shocks in store.
Bulgaria is a very stable country, politically and economically. It may not be the richest country in the world, but offers a very decent quality of living. The cost of living in Bulgaria is very low compared to other places in Europe and the lifestyle, relaxed and laid back.
The Black Sea Coast is very popular among tourists. Beach resorts such as Sunny Beach attract hundreds of thousands of visitors each year. The place is a beehive of activity and full of foreign tourists, having a great time. There’s always a festive atmosphere in Sunny Beach.
Bansko is a popular ski resort in Bulgaria. It’s one of the best winter holiday destinations. Properties in Bansko are very cheap compared to similar ski resorts such as Morzine and Tignes in France. The capital of Bulgaria, Sofia, is a beautiful city and has a plenty of great attractions as well.
It’s not just cities like Sofia or beach resorts like Sunny Beach, even rural areas in Bulgaria are getting popular as well. Bulgarian villages are lovely, tranquil and peaceful and serve as a perfect getaway from the city. So they hold a special attraction for those looking for an escape from their busy lifestyle.
Bulgaria continues to attract foreign tourists in droves. Speaking to Bloomberg TV, Polina Stoykova, Managing Director and Head of Research of BULGARIAN PROPERTIES, explains why things are looking good for the real estate market in Bulgaria in 2016: "The increase in the construction is insufficient to meet the current demand. The holiday market will develop in a positive direction and maybe this will be their most successful year since the crisis."
“An important element of the new market reality is the return of the confidence in the property market. More and more buyers are thinking of buying property because real estate is a safe real asset and good investment. It is clear and obvious that the buyers have permanently returned,” Ms. Stoykova added.
So who buys properties in Bulgaria? British and Irish buyers have always been interested in Bulgaria and have bought a plenty of apartments in Sunny Beach. The British and Irish expat community in Bulgaria is strong and growing.
The biggest buyers of properties in Bulgaria are Russians. Russians are everywhere in Bulgaria, especially in Sunny Beach. Russians have bought over 50,000 apartments in Sunny Beach. Bulgaria is popular with Russian buyers because of the similarities in culture and its geographical closeness to Russia. Russians also love the relaxed atmosphere in Bulgaria and the fact that the locals are genuinely friendly to them.
There is a growing Russian interest in Bulgaria as many upper class Russians are looking to diversify their assets from Russia, before the Rouble declines any further in value. The Russian economy is in a decline and many wealthy Russians are looking for safe havens abroad. Bulgaria – because of its economic and political stability – serves as an ideal destination. So now may still be the best time to sell your property in Bulgaria online.