Bulgarian Property - Market Update 18 Feb 2006
UK Investors Snap up Properties in Bulgarian Resorts
The Times in London writes that Bulgaria is now one of the top
destinations for ski properties due to factors such as the low
property prices and inexpensive ski passes.
"During the summer this sparsely populated, largely rural
country offers a wealth of activities such as hiking, fishing
and mountain biking, as well as the fabulous beaches of the
Black Sea coast. The numerous historic towns, unspoilt villages,
castles and churches are also waiting to be explored."
Properties in the popular ski resorts can earn up to 12% rental
return according to property investment firm Assetz. This return
is potentially double that of coastal properties due to their
all year-round attraction.
The number of UK holidaymakers visiting Bulgaria increased by a
staggering 36% in the past year. This has lead to an influx of
travel companies as the country is now establishing itself as a
true holiday hotspot.
UK Househunters "Tempted" by Bulgaria, Turkey
Rather than buying a farmhouse in France or an apartment on the
Costa Del Sol, the Daily Telegraph reports that British
investors are now tempted to buy properties in Bulgaria and
Turkey.
A key factor in determining the new location in which to invest
is price and investors have been experiencing enormous returns.
For example, a large one-bedroom flat in Ravda, 10 minutes from
the Black Sea resort of Sunny Beach purchased two and a half
years ago for just under 20,000 pounds fully furnished, would
now cost 45,000 pounds.
Marc Todd of Dosop, an international property company based in
West London, raises the corcern that some of overdevelopment in
the big resorts such as Sunny Beach and suggests that there is a
large supply of less desireable properties coming on the market.
This has led to the announcement that construction permits for
new developments in Black Sea coastal areas will be issued only
of the required infrastructure has been built.
Low-Cost Wizz Air Launches New Routes from Sofia, Burgas
On May 1 2006 low cost carrier Wizz Air will launch flights from
Sofia and the coastal city of Burgas to London. They have also
announced that flights from Burgas to Budapest will commence on
June 15 2006.
A promotional offer has begun with ticket prices set at up to
EUR 26.99 (airport fees included). The offer is open to bookings
made from February 1 -14, 2006.
Wizz Air has also recently announced the launch of services from
Split (Croatia) and Ljubljana (Slovenia) and increased frequency
of the Zagreb-London (Luton) flights.
Wizz Air, the first no-frills carrier to enter the Bulgarian
market, has carried 17,000 passengers since it started flights
from the Bulgarian capital at the end of September 2005.