Spaniards snap up beach properties in Bulgaria
Given the quality of the beaches in Spain and on the Balearic Islands, it may come as a surprise to many that Spanish property investors are currently being drawn to the Black Sea resorts in Bulgaria.
It is further evidence of the burgeoning property market in Bulgaria, however, with investors from a consistently strong market such as Spain cottoning onto the potential for growth in one of Europe's key growth markets.
The Sofia News Agency has reported that Kavarna and the nearby villages will be seeing a huge amount of investment in the next couple of years, with local technical chief Desislav Kostov revealing to the Standart daily newspaper that the majority of the interest has come from Spanish and Danish investors.
Kavarna is a fairly large Black Sea town and it is situated just 48 kilometres north of Varna. Investors are generally banking on the lure of the stunning beach, however, with the developing tourist industry in the area meaning that buy-to-let projects may become a success in the future.
One Spanish company is said to be working on a block of apartments near Cape Chirakman, with construction beginning towards the end of the year. Incredibly, 80 per cent of the apartments have already gone to eager Spaniards, who are keen to take advantage of the strengthening property market in the coming years.
Mr Kostov added that the Danish interest is centred on the Ikantalaka area, but it is thought property in almost every region of the country will enjoy price inflation in the next couple of years, led by Bulgaria's ambition for EU accession.
Reporter.gr, a Greek bilingual financial news agency, has reported that the number of property deals in Bulgaria increased by as much as 22 per cent year-on-year in 2005. It goes on to say that Sofia and Varna saw particularly high levels of activity, with both starting to emerge as cosmopolitan and engaging cities.
With recent reports indicating that prices have continued to rise in Spain and France, many investors have discovered that they have been priced out of some of Europe's more predictable markets.
In view of its stunning landscapes, beautiful beaches and impressive mountain ranges, it is perhaps crude to discuss Bulgaria merely in terms of the financial merits of investment, but the remarkably low property prices in the country undoubtedly appeal to investors.
Many conclude that the risks of paying a small amount of money for a property in a developing market are much smaller than the corresponding risks of throwing substantial amounts at a market reaching saturation.
Because it also offers phenomenal variety ranging from ski slopes to beach resorts and country retreats, Bulgaria is also appealing at a very basic level to people looking for a relatively undiscovered location with a great deal to offer.
http://news.assetz.co.uk/
It is further evidence of the burgeoning property market in Bulgaria, however, with investors from a consistently strong market such as Spain cottoning onto the potential for growth in one of Europe's key growth markets.
The Sofia News Agency has reported that Kavarna and the nearby villages will be seeing a huge amount of investment in the next couple of years, with local technical chief Desislav Kostov revealing to the Standart daily newspaper that the majority of the interest has come from Spanish and Danish investors.
Kavarna is a fairly large Black Sea town and it is situated just 48 kilometres north of Varna. Investors are generally banking on the lure of the stunning beach, however, with the developing tourist industry in the area meaning that buy-to-let projects may become a success in the future.
One Spanish company is said to be working on a block of apartments near Cape Chirakman, with construction beginning towards the end of the year. Incredibly, 80 per cent of the apartments have already gone to eager Spaniards, who are keen to take advantage of the strengthening property market in the coming years.
Mr Kostov added that the Danish interest is centred on the Ikantalaka area, but it is thought property in almost every region of the country will enjoy price inflation in the next couple of years, led by Bulgaria's ambition for EU accession.
Reporter.gr, a Greek bilingual financial news agency, has reported that the number of property deals in Bulgaria increased by as much as 22 per cent year-on-year in 2005. It goes on to say that Sofia and Varna saw particularly high levels of activity, with both starting to emerge as cosmopolitan and engaging cities.
With recent reports indicating that prices have continued to rise in Spain and France, many investors have discovered that they have been priced out of some of Europe's more predictable markets.
In view of its stunning landscapes, beautiful beaches and impressive mountain ranges, it is perhaps crude to discuss Bulgaria merely in terms of the financial merits of investment, but the remarkably low property prices in the country undoubtedly appeal to investors.
Many conclude that the risks of paying a small amount of money for a property in a developing market are much smaller than the corresponding risks of throwing substantial amounts at a market reaching saturation.
Because it also offers phenomenal variety ranging from ski slopes to beach resorts and country retreats, Bulgaria is also appealing at a very basic level to people looking for a relatively undiscovered location with a great deal to offer.
http://news.assetz.co.uk/
10.03.2006, Real Estates
