Bulgaria Holiday Homes

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Over the last few years Bulgaria has regained its popularity among European and other nations. Bulgaria is located in South East Europe. Bulgaria borders Romania, Serbia, Republic of Macedonia, Greece and Turkey. Bulgaria also borders the Black Sea, which comprises its entire eastern border. Bulgaria has become a popular choice with holiday home investors in recent years. Due to the cheap prices, good skiing, warm summer weather and the fact Bulgaria has been allowed to join Europe.

Currently around 29% of Bulgaria's property deals involve foreign investors. Skiing apartments go for around Ł25/Ł40000 and that seems to be where alot of British money goes. Although you can find cheap bulgarian properties for Ł1000-Ł5000 on the internet and Ebay, they are usually more trouble than they are worth to renovate. They may well be worth the money though, just to hang on to until prices have gone up.

In the villages you can still find people riding their donkey to work. But Bulgaria is catching up fast. Sofia has plenty to offer tourists. The ski and beach resorts are really cheap and there is plenty to see if you like picturesque landscapes. Bulgaria has many mountains, monasteries, churches, mosques and ruins. Bulgaria is proud of its culture and history. There are also plenty of restaurants, cafes and bars.

Bulgarias rapidly growing economy and abundance of low cost flights to Sofia and the Black Sea Coast have turned it into a very attractive prospect for building a house or starting a profitable business. Sunny Beach remains the best beach holiday resort in Bulgaria. For skiing look to Borovets, Bansko and upmarket Pamporovo.

Foreign investors can invest in properties in Bulgaria. Either directly or through a local entity. Only Bulgarian residents and entities can acquire the title to land. Non residents may only acquire buildings and limited rights (e.g., leasehold and construction rights) to land. In some rare cases, acquisition of immovable property by non-residents could require prior permission from the Ministry of Finance.

Popular choices for holiday home hunters include;

Bourgas - The fourth largest city in Bulgaria. It is situated in the south-eastern part of the country. Bourgas is popular because of the crystal clear sea water. If you like Art and culture, there are 7 state owned and 11 municipal institutes. There are also many bars, cafes and restaurants.

Sofia - Sofia is full of bars, shops, nightclubs and pubs.The price of eating out is very low, so it is a great place if you want your funds to stretch.

Varna - is situated at the end of the Varna Bay. Great for sunbathing, with 10-11 hours of sun in July/August. Apart from the great beach, Varna can rival Sofia and Plovdiv when it comes to cultural attractions, museums, historical buildings and art galleries.

Bulgarian Property News

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Record GDP Growth For Bulgaria
Bulgaria’s GDP growth reached record levels of 7% during the first 6 months of 2008, according to a report by Macro Watch, a group formed by the Open Society Institute (OSI) in Sofia.

Bulgaria’s GDP growth reached record levels of 7% during the first 6 months of 2008, according to a report by Macro Watch, a group formed by the Open Society Institute (OSI) in Sofia.

Bulgaria’s GDP growth reached record levels of 7% during the first 6 months of 2008, according to a report by Macro Watch, a group formed by the Open Society Institute (OSI) in Sofia. The report proved that Bulgaria’s economy is more than holding its own among the more mature EU economies and OSI predicts that inflation during 2008 will be down to around 9%, a significant drop from present levels of around 14%. Part of the reason for the predicted fall in inflation is that the burden of rising prices has shifted away from necessities such as food to less basic-need items.

The government’s stringent economic policies are now bearing fruit; Bulgarian National Bank reserves reached record levels of €13 billion and growth of Bulgaria’s exports has exceeded imports for the second quarter in a row. In addition, tax revenues have increased after the government dramatically cut both corporate and incomes taxes to 10% at the beginning of 2008. All these factors have contributed to Bulgaria’s impressive budget surplus, with debt at its lowest level ever.

Bulgaria’s tax policy has the approval of the World Bank, which has ranked Bulgaria Number 1 in the world in terms of its tax policy. Prime Minister Sergei Stanishev said “Bulgaria is the only EU country which is ranked among the world’s top ten countries most appropriate for investment.”

One of the most exciting developments for the Bulgarian economy is the prospect of an intergovernmental agreement about the Nabucco natural gas pipeline. Bulgaria is keen to start talks as soon as possible with the governments of Turkey, Austria, Romania and Hungary to speed up work on the pipeline. When completed, it will serve as the EU’s alternative route to the Russian-Italian South Stream pipeline. According to the Sofia Echo, the 3,300 kilometre pipeline will carry 30 billion cubic metres of Caspian or Middle Eastern natural gas every year from Turkey to Austria via Bulgaria, Romania and Hungary.

James Gonzalez, Market Analyst at Obelisk, says, “The future is looking very bright for property investors in Bulgaria. The Micro Watch analysis of the country’s economy is a very positive sign, especially as it includes recommendations to maintain and improve on economic stability. Among them are the acceleration of infrastructure reforms and a reduction in social security payments and the VAT rate, which is currently pretty high at 20%. It is thought that the country’s enormous budget surplus may be used to reduce this rate to 15%. If Bulgaria continues to achieve this kind of record growth, they will be fighting off property investors, keen for a slice of the action.”

News submitted by James Gonzalez, Obelisk International

Post from: Overseas Property Blog

Record GDP Growth For Bulgaria

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