Are you looking for a guide to selling property in Bulgaria? To be fair, the Bulgarian economy has been in ascendency recently and has certainly performed better than expected. Home prices in Bulgaria have been rising due to the stable economy and the falling interest rates in the country.
Most countries in the Euro-Zone have done well in in recent years, so the Bulgarian economy is no exception to this. Residential property rates in Bulgaria have been rising steadily thanks to the great performance of the Bulgarian economy, ever-increasing demand from foreign investors for homes and apartments in Bulgaria, and the low-interest rate regime.
Properties in Bulgaria are very cheap. Even in the capital Sofia, you can buy a decent-sized apartment for just £40,000. That is why buying property in Bulgaria is seen as a bargain investment by many foreign investors, especially from China, Russia, Ireland, Scandinavia and Germany.
Russian investors are heavily involved in the Bulgarian overseas property market, both on the buying and selling sides. Russians have traditional ties with Bulgaria which goes back to several hundred years. It was Russia that freed Bulgaria from the Ottoman Rule, and hence Bulgarians are to a large extent positive about Russia. Russian investors feel instantly at home in Bulgaria, as the cultures of the two countries are very similar.
There is also a huge demand for cheap homes, villas and apartments in Bulgaria from Irish investors. The Irish economy has taken off seriously over the last decade and a half and a lot of wealthy Irish nationals have been buying overseas properties across Europe.
Bulgaria was first discovered by Irish nationals in the 2000s and remains a favored destination ever since. The Irish continue to visit Bulgaria in droves, and love the Black Sea Coast in particular. They love the area around the city of Burgas and love partying at Sunny Beach.
One can say that Sunny Beach owes its present status as the party capital of Eastern Europe thanks to the overwhelming interest shown by Irish tourists in this beach resort in the 2000s. Irish and Russian buyers have been investing heavily in completed off-plan and pre-construction residential property across Bulgaria.
The property market in Bulgaria has remained quite strong and expected to continue to grow in year on year. The IMF predicts the Bulgarian economy to grow at 2.8% in 2022. 2023 is expected to be an even better year.
The X-factor has been the emergence of Bulgaria as a major tourism hub in Europe. Over 8 million tourists visited Bulgaria in 2022, and the numbers are expected to cross 10 million in 2023. This has created a whole new source of income for the government and tens of thousands of new jobs on offer for young people.
The rise in the tourism industry has always been linked with growth in the overseas property market, and this is exactly what we have been witnessing in Bulgaria. There is no reason why you cannot get a good price for your home in Bulgaria provided you engage the services of a good UK estate agent specializing in buying and selling Bulgarian property.