Invest in Bulgaria’s bright future
Centrally located in Eastern Europe, with a beautiful coastline along the Black Sea rising to spectacular mountains ranges, Bulgaria is a varied country.
Eating and drinking is exceptionally cheap with a pint of lager costing about 40p and a three-course meal, with wine, often costing no more than £5 a head.
"Bulgaria is truly Europe’s best kept secret."
The Black Sea
The Black Sea coastal stretch faces east and extends over 378 km, its seawater clean and not tidal and its vast beaches covered with fine golden sand. The majority of Bulgaria beaches have been awarded the EU Blue Flag for their environmental excellence.
Air temperatures in the summer vary between 23°C and 27°C and sea temperatures vary between 17°C and 25°C, warmer than the Mediterranean. There are more than 240 hours of sunshine in May and September, and more than 300 in July and August.
Mountain Resorts
The spectacular mountain ranges harbour some of Europe’s finest scenery with the rugged snow-capped peaks and soft green slopes home to a burgeoning tourist industry, where skiers can experience the thrills of the "white sport" in winter, and hikers enjoy the green freshness of the mountains in summer.
EU Accession
The country is now a full member of NATO and has received formal invitation to join the EU in 2007 and remains on schedule, during the European Union Summit held on Dec 17th Bulgaria was praised for its progress and has now complied with 26 out of the 30 EU accession criteria.
Key Facts ad Figures
Only 3 hours away from most UK airports. Getting There
Currency fixed against the Euro
Economy expanding rapidly
Property prices now rising
Property prices among the lowest in Europe
Established and fast growing tourist industry. 4.4m expected in 2005
Why Invest in Bulgaria?
Rental and Investment Opportunity
Now has never been a better time to invest in Bulgaria, with recent times having seen record property sales registered. Holiday apartments in Bulgaria's Black Sea and Mountain Ski Resorts have increased by up to 40% in the 12 months to Dec 2004. Forecasters expect prices will continue to increase 20%-30% annually until 2007 at least (the year EU accession for Bulgaria).
Bulgaria’s tourism sector is well established and has recently become one of the fastest growing tourist destinations in Europe. The number of tourists visiting Bulgaria is expected to reach 4.4m in 2005 and as tourism continues to grow exponentially, rental opportunities for the right property are high.
The country has a number of unique features in its favour:
Already join the EU in 2007
Rapidly emerging property market
The currency is stable and linked to the Euro
Full member of NATO
Established and fast growing tourist industry
Rapid economic growth ahead of EU membership
Property prices currently rising at up to 30% p.a.
Budget airlines expected to start servicing the Black Sea coast from mid-2007 or 2008
Buying Off Plan
Buying an ‘off plan’ apartment in Bulgaria is essentially the same as buying in the UK and means reserving a property on a new development before the property is completed, often before construction has started. Buying ‘off-plan’ can prove a fantastic investment and prices are extremely competitive at this early stage as potential investors only have floor plans and artist impressions of the finished development to view and developers are keen to sell to minimise risk and to provide the project with some forward momentum.
You then have the option of selling straight away upon completion for a profit, or you can hold on to your property for further rental/ capital growth whilst having a great holiday destination to visit. Holding on to the property for a longer-term means you can benefit from Bulgaria’s expected accession to the EU in 2007 where considerable appreciation is expected throughout the Bulgarian real estate market, with holiday apartments expected to lead the way and appreciate the most in value.
'Off Plan' purchases have provided spectacular returns for hundreds of people over the last couple of years. The real key to why buying 'Off Plan' can prove such a good investment lies in the fact that in many cases you only have to pay initially a deposit as low as between 10% - 25% of the purchase price and then nothing until various stages of the project are completed.
Finance
Piraeus Bank
Some key facts about Piraeus Bank who now offer the only mortgage product for Bulgarian property:
One of the largest commercial banks in South-Eastern Europe
Founded in 1916
Privatised in 1991
277 total branches, 11 in Bulgaria
Leading commercial lender to Balkan region
Office in City of London, London
Potential borrowers are able to liaise directly with the London office.
For further information, please contact: mortgages@piraeusbank.co.uk
Tower 42, 25 Old Broad Street, London EC2N 1HQ
Tel: +44 (0)20 7920 6000
Fax: +44 (0)20 7920 60011
Flights
Daily scheduled flights from the UK (3.0 hrs) are available to the capital Sofia all year round. Charter flights also fly to local airports during both the ski and summer seasons. The three main scheduled airlines are listed below, please click on a logo to be passed to the relevant airlines website. Most other major European carriers fly indirectly.
British Airways
Bulgaria Air
Malev Airlines
There are a number of regional airports, most notably Varna and Bourgas on the Black Sea coast where there are daily connections from Sofia all year round and can be booked on line at www.hemusair.bg
