24 November 2007

Bulgaria keeps the investors keen

With the recent announcement of special loan programmes being made available to UK and Irish citizens by the Raiffeisenbank of Bulgaria, buying investment property in Bulgaria just keeps drawing the investors in says Principal International, one of the UK’s leading overseas property investments experts.

The new arrangements mean that foreign nationals can buy property, which is at least 70% complete in either euros or Bulgarian Leva, and with no maximum amount. With the numbers of tourists visiting Bulgaria rising to over 4million annually and rising 16% year on year, investors are still seizing the opportunity to make money from the developing holiday rental market.

In addition low cost airline Easyjet has announced it will run low cost flights to Sofia, the capital, this year. Principal International says that there is strong evidence to prove that where the low cost airlines fly and while the cost of purchasing property is still one of the lowest in Europe, this makes a winning investment combination. “Bulgaria still offers one of the best value for money investments in Europe” says Simon Ryeland spokesperson for Principal International.

Bulgaria’s property market has recorded the world’s second highest increase in prices during the second quarter of 2007. Prices jumped by 27.1% which is up by nearly 15% on the same period last year. This further demonstrates that the property market in Bulgaria is not slowing down nor is the appetite of investors to cash in on the rapidly growing market. The economy of the country, the capital in particular, is at an all time high with unemployment as low as 2%.