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Pros and Cons of Buying Property in Bulgaria

The Pros

  • Property is cheaper than in many other parts of Europe, with houses in some rural locations as low as 7000 Euros.
  • Good potential for capital growth, with expected accession to the European Union in 2007.
  • Diverse range of properties in cities, mountain ski resorts, coastal areas and countryside.
  • Between 200 and 2004, land prices alone tripled in some areas
  • Recognised as an emerging property market, with potentially high rewards for the bold and the brave!
  • Improving infrastructure with funds form the EU.
  • Beautiful countryside and coastal areas – offering great locations for properties in unspoiled landscapes.
  • Increased exposure of the Bulgarian real estate market in the British media (e.g. ‘ A Place in the Sun’, ‘I Want That House’).
  • Flying time is only two and a half to three hours from the UK – making it perfect for weekend city breaks.

The Cons

  • You can not own a property with land as a foreign individual; you have to set up a Bulgarian company.
  • Getting to Bulgaria is still more expensive than some other parts of Europe .
  • You may have to make a quick decision to avoid losing the property, with the increased interest in the region.
  • Financing options may be more limited than if you were to buy in Spain or France for example.
  • Alleged concerns over a two-tier pricing structure.
  • Roads, pavements and other areas of infrastructure are not currently up to Western standards in some areas.
  • Water mains are not available in all areas – you need to check that it is available before you buy or build a well.
  • The summer months are not as long as they are in some other European destinations such as Spain – lasting from May until September.
  • The buying process can seem daunting at first.
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