Property Investor information: Bulgaria
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Property Investor information for: Bulgaria
Due to its long history behind the Iron Curtain, few westerns have been familiar with the appeal of Bulgaria. Of course, this is changing fast as the country has opened up its doors and begun its aggressive pursuit of EU membership.
Within Bulgaria there is much to draw foreign visitors and property investors alike. The country is diverse and has managed to shed any air of dingy, industrial and stale communist society. There are many impressive mountains housing picturesque ski resorts and the fast growing coastal resorts on the Black Sea.
The climate is similar to that of Greece with long hot summers, although the winters can be cold, especially in the mountain areas. The ski resorts receive good amounts of snow and are significantly cheaper than their Western European equivalents.
The strength of the local economy, the prospect of EU membership, the developing tourist industry and the demand from overseas investment property purchasers have all led to Bulgaria's rapidly developing property investment market. Prices, even in the most sought after areas, remain low by Western European standards, but they are rising fast.
The majority of property investors buy in one of the coastal resort towns such as Elenite, Sunny Beach, Nessebur and Sozopol. However, property investment prices are rising quickly in the capital Sofia which, whilst not the most attractive of cities, is becoming an increasingly important commercial centre increasing the opportunity of business rentals.
The country's ski resorts also present an interesting opportunity. Developments are underway in resorts such as Bansko and Pamprovo which will be of interest to property investors. Many of Bulgaria's mountain resorts operate all year round with a range of outdoor activities and sightseeing opportunities available in the summer months.
The impact of EU membership on the recent accession countries has been obvious for a while. Bulgaria still has at least 3 more years before it joins, but already the property market is moving up fast. Bulgaria is proving a very popular property investment choice and is definitely worth evaluating.
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