Latest news

What Does the 'New' Bulgaria Mean for Property Sales in Bulgaria?

Given Bulgaria's popularity as a holiday destination and real estate investment location, it's easy to forget that it was only in 1989 that Communism ended in the country. Since then there has been a multitude of changes within the country; what do these changes mean for those who want to buy property in Bulgaria, or indeed those who are selling property in Bulgaria?

The fact that Bulgaria no longer has an economy dictated by the state means a new economic era has dawned: one of free trade, enterprise and autonomy. This has created new and exciting opportunities within the country and a feeling of optimism and hope. Many young Bulgarians are moving to cities such as Sofia and Plovdiv to make the most of these new opportunities which means that city property in Bulgariahas been given a real boost. Bulgarian property investors are looking at property in the larger towns and cities to make a profit from this increased demand. It also means that there is an increase in the number of rural Bulgarian properties available on the market as many of the younger section of the rural population move to towns and cities. These can often be perfect for foreign purchasers looking to buy a house in Bulgariabecause of their love of the picturesque villages and beaches.

Since joining the EU in 2007, Bulgaria has benefited from millions of Euros of investment into the country's infrastructure, improving travel networks such as roads and airports. Modernisation has come to the country with Communist-era buildings being replaced with modern shopping and entertainment facilities. All this has helped cement Bulgaria as the attractive destination it is today, both for holidays and for permanent relocation. It has become a modern European country with all the benefits that that entails, but the fact that their entry into the EU has been so recent means that prices of Bulgarian properties and land is still lower than most of its European counterparts. This fact has also helped Bulgaria weather the recent economic storm a little better. There is arguably no country in the western world that hasn't seen its real estate market affected by the recent global financial crisis, but a new European country with lower property prices and cost of living