Bulgaria property news and articles

The studio and one-bedroom apartments have raised their prices with a recordbreaking increase of over 33% in the prestigious quarters in the capital during 2006, the data of the last investigations has pointed to the fact. The biggest increase of property prices of above 52% is indicated in Borovo district. At present the prices of the one-bedroom brick apartments vary between 682 and 1174 EUR per sq .m.

According to statistics during the last year small residences in the central Sofia streets has raised their price with nearly 15%, as in the beginning of 2007 the average offer prices reach 1050 EUR/sq. m. The property searching in this part of the capital is quite big at the moment. One -bedroom properties are purchased for offices but recently most of the owners have turned them into residences, which they rent as hotel premises acquiring better return income, brokers shared. Big rise of over 46 % of the studio and one-bedroom apartments for the last 12 months record the statistics also for the prestigious quarter of Iztok. The offering there is low .At the moment only three one-bedroom apartments of 50 sq. m. total area each are offered for sale, situated in the new building against Interpred building, for them a price of 63 000 EUR, 1260 EUR / sq. m is announced.

In the neighboring quarter of Dianabad prices of the small apartments are traded between 875 1250 EUR per sq. m. The cheapest offer is for an estate of 40 sq .m. area at the price of 35 000 EUR .The most expensive one at the price of 75 000 EUR is offered a residence of 50 sq. m. with expensive design furniture.

Despite the central part of the capital, prices of one-bedroom apartments are above 1000 EUR per sq .m. One of them is Geo Milev district, where this type of properties has raised in price during the last year with mostly 38 %. Presently prices range between 852 1174 EUR per sq .m. For the most expensive estate the price is 59 500 EUR while for the cheapest 34 930 EUR.

Bulgarian property prices have risen consistently in Bulgaria over the last four years due to the interest from foreign investors, primarily from the UK and Ireland.

But does Bulgaria still offer investment potential or is it a speculative bubble ready to burst?

Experts in the Bulgarian property market give their thoughts and opinions and how they advise their clients wishing to buy property in Bulgaria.

There is no doubt that even though property prices have risen strongly over the last few years there are still some excellent areas for investment. There are also some areas that clearly offer less value from an investment perspective.

Bulgaria is a beautiful country and offers fabulous beaches, clean mountain air and excellent skiing and winter sports facilities. This attraction means that some property purchasers do so for specific reasons, to use as a family holiday home or a base for skiing, mountaineering or walking. The price of property and potential for investment return is of less importance for these buyers.

It is of concern that some areas are attracting buyers for pure investment reasons and prices are becoming unrealistic, at least in the short term.

In Sofia, the National Real Property Association reports that 500 000 m 2 of residential floor space will be constructed by the end of 2005. This exceeds the demand by 250 000 m 2. There is an oversupply of property in this area and investors will be lucky to get any rental income and if they do the returns will be very low. What is worrying, if investors need to sell the property quickly, the resale market is almost non existent because buyers have the choice of buying one of the many new properties. This could result in having to sell the property at a substantial loss.

This is also repeated in the Sunny Beach area. This area offers cheap summer holiday to tourists, yet it is not to everyone’s taste. Here too, there is a huge oversupply of apartments, poor resale market and potential for large losses if you need to sell quickly. Some apartments have been reduced in price from 1000 euro / m 2 to 600 euro / m 2.

So what are the potential investment areas? The areas around Balchik are very exciting, with the development of the new golf course at Topola and the huge investment recently announced to develop Balchik into a premier leisure yachting facility.

Still there are some areas around the ski resorts of Pamporovo and the mountain areas surrounding the Stara Planina mountains that have yet to be discovered. As a result, property can be bought at much lower and attractive prices.

The purchase of land is proving a solid investment for many buyers, it requires no maintenance and plots in good coastal areas that are not becoming overdeveloped have risen by 40% this year. This looks set to continue as good quality land for building becomes more scarce and Bulgaria gears up for entry into the EU in 2007/2008.

This week the leader in the Bulgarian properties market BestBGProperties.com, announced special Christmas prices at some of the best property offers available in Bulgaria. The discounts reach as high as 10% off the regular price and are valid throughout the whole Holiday season. Please, find below some of the most attractive offers:

Cheap house near Montana

A well preserved village house in the western part of Bulgaria. The plot land is 900 sq. m. and the living area is 70 sq. m. The house is located near the Danube river and is only 27 km away from the district city center. Price: only € 9,593. For more details, please click here.

House near the sea

This two story house with a large garden of 1000 sq m is located in a rural area 55 km from Burgas. With price of only €13,500 this property is a really good investment. For further details, please, click here.

Four star apartments in Bansko

Luxury development, located near Bansko and Razlog. Choice from Studio, 1 and 2 Bedroom apartments and 6 shops/offices in two sections. It will be built to the highest qualities and specifications including all the facilities that will cover the standards of a 4 star plus apartment complex. Prices start at €53,324. More details here.

We are pleased to inform you about the latest houses near Varna available for sale at Best Bulgarian Properties. We are able to offer you houses in two very popular locations near Varna - Albena and Balchik.

Please, find here more houses near Varna.

Luxury Houses in Balchik

Balchik is a small town near Varna. It is famous with its Botanic garden, which attracts many tourists in the region. In Balchik we can offer you several beautiful houses with panoramic views and gardens.

The first is a two-storey house with a landscaped garden of 780 sq m. A solid fence surrounds the garden keeping your privacy. The first floor comprises of a living room with kitchen corner,bathroom/WC and laundry room. Internal staircase takes you to the second floor and the three bedrooms with bathrooms there. Price: €105,000. Find more details about this house in Balchik.
The second house is in development stage and will be ready March, 2008. The price of €175,000 includes landscaped garden and solid fence. The garden is 500 sq m. The property is 800 m from the Thracian Clifes Golf & Spa Resort, 1.2 km from the Black Sea Rama Golf Complex and 1.8 km from Lighthouse Golf Resort. Find more details about this house in Balchik.

Next we present this amazing property, which consists of two houses with total living area of 500 sq m. The garden is lovely landscaped with size of 2400 sq m. The second house is used for guests. Each house has 8 bedrooms, lounge, and kitchen and both are sold fully furnished. There are two BBQ areas, common swimming pool, children pool, playground and four parking lots. Price: €425,000. Find more details about this house in Balchik.

The last offer in Balchik is a house with the total living area of 151 sq m and the garden of 600 sq m. Price: €125,000. Find more details about this house in Balchik.
Luxury Houses in Albena

The first house in Albena, which we would like to show you comprises of a lounge with a kitchen area with the outstanding height of the room of 4 meters. There are 3 bedrooms and two bathroom/WC on the second level. The garden is 700 sq m and is the last plot before a small slope. Price: €155,000. Find more details about this house in Albena.

The second property we offer is an old house with decent sized garden of 1250 sq m. Price: €63,000. Find more details about this house in Albena.

The last offer is a selection of 7 villas with sizes ranging from 152 to 240 sq m , 2-3 and 4 bedrooms. The village itself enjoys lovely view of the mountains and the Black Sea and has become one of the most attractive locations on the coastline for those looking for luxurious villas. Prices from €130,720. Find more details about this house in Albena.

Bulgaria is to absorb over 1,5 billion Euro under the newest Operational Program “Regional development”, which the European union has recently launched. All 6 Bulgarian regions are applicable for participating in the program, which involves both infrastructural and business climate improvements.

Bulgaria’s main priorities are:

• Preserving the economical and financial stability;
• Modernizing and construction of road infrastructure - intercity and regional;
• Improving the business climate - better social services and legislation;
• Investment in human capital.

The “Regional development” program will decentralize funds to all regions of the country. Its aim is to ensure integrated urban development by improving the road network, social and transport services, urban environment.

Bulgaria is divided into 6 main regions:

• To the North there are: North-West, including cities like Vratsa, Pleven, Vidin; North-Central: Veliko Tyrnovo, Ruse; North-East - Varna;
• To the South we have: South-West - Sofia, Blagoevgrad; South-Central - Provdiv; South-East - Stara Zagora, Burgas.

The Southern part of the country is comparatively better developed. The regions to the South have better infrastructure and provide more business opportunities, which in turn attract both local and foreign investors. The Sofia region has the highest living standard in the country and provides nearly 40% of the total gross income in Bulgaria.

The priority economical sectors indicated in the project are tourism, information and communication technologies and social services.