Bulgaria flagged up as lucrative investment market
Foreign property buyers could be able to collect healthy returns in Bulgaria, according to industry experts.
Investment company Aston Lloyd said emerging destinations across the world tend to be highly lucrative markets for second home buyers.
Bulgaria was flagged up as one such location, as property values are relatively affordable when compared with many other places.
However, prices in the eastern European country were said to have gone up by more than a third last year, which means it also offers good capital growth prospects.
Joe Upchurch, director of Aston Lloyd, commented: "Owning something in these areas may not impress your neighbours just yet, but in a few years they may well be jealous."
The organisation added that Bulgaria, which became a member of the EU in 2007, is set to receive nearly £9 billion in funding from Europe over the next five years.
Price increases in the lodging property sector worldwide slowed down in the first quarter of 2008 to reach 6.1% on an annual basis. But Bulgaria still heads the price hike. The price increase registered in Bulgaria was 31.5% for the first quarter of 2008.
Bulgaria also occupied first place in the same ranking for the last quarter of 2007 with a 33.7% price increase.
Singapore ranked right after Bulgaria with a price increase of 29.9% year-to-year, followed by Hong Kong with 28.8%. The other EU member state, which featured highest in the list, was the Netherlands, which occupied 14th place with an increase of 4.5%
In the six month period from the beginning of the year, rental rates for residential property have increased. The professionals, however, have not been unanimous in their prognoses of how the situation would change in the second half of the year. Some say that further increase is to be expected, others do not anticipate changes.
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Bulgaria has turned to golf, a sport not too popular in the country until now, looking to attract affluent tourists. Golf tourism development is very important - the regular tourist usually spends from 50 to 100 € a day, while the golf tourist would rather spend from 400 to 500 €.
Without quality golf courses Bulgaria will remain a cheap destination. It will continue to attract tourist flows, but without any major impact on the economy, this is about to change!
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BULGARIA – Take a look at our Properties in Bulgaria.
Temperatures: Summer: 26 C / 35 C Winter: -5 C / -10 C
Bulgarian construction sector can grow by an annual 12 to 15 per cent over the next four or five years, as long as the Government succeeds in providing an adequate regulatory framework that would benefit everyone - from large investors to end-consumers, deputy regional development minister Savin Kovachev said, as quoted by Stroitelstvo Gradut weekly.
Sofia attracted about half of Bulgaria’s foreign direct investment FDI) and generated 30% of its gross domestic product (GDP), architect Atanass Tossev, who is a member of Bulgaria’s Chamber of Architects (BCA)’ managing board, said.
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The Bodrum peninsular is one of Turkey's most popular areas for property buyers - and that doesn't look like changing in 2008.
Bodrum has a great choice of property - from city centre apartments to sea view villas or multi-million pound palaces; along with excellent nightlife, entertainment, dining and leisure facilities. Along with thousands of British and European tourists, Bodrum attracts the cream of Turkish society, who come each summer to see and be seen.
Local planning controls limit the height of building but there has been a lot of development in recent years. This makes choosing a high-quality property in a good location essential if you intend to rent or resell. Avoid the cheaper re-sale properties, which are often poor quality. Buy from a well-established company with a proven track record of sales to foreigners.
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