Bulgaria is a destination for property investors |
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Published
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Mon, 22 Aug 2005 13:05
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LONDON: Britishers are now Bulgaria-bound to own foreign properties. The erstwhile communist country is a sure-shot destination for many to invest in the property business with an intention to reap some quick profits. The entire coastline of the country is attracting property investors, according to a study in the Sunday Times. These investments are not just for purposes of owning a holiday home or a studio accommodation to spend a vacation.
On the contrary, investors are pouring in hordes, attracted by the price and the prospects of early returns, the study said. In a bylined article, the paper said, "Old-style communist resorts that were once the summer playground of Russian, Czech and Polish workers are being demolished and replaced by a Balkan version of the Costa del Sol. In scenes familiar from the Spain of the 1970s and1980s, virgin coast is filling rapidly with apartment blocks and prices are climbing steadily. The price of land, meanwhile, is going through the roof: plots five or 10 miles inland are being snapped up even if the sea views are so distant that you need a telescope.” The Observer paper too came out with a similar report saying increasing number of Britishers are buying second homes in Bulgaria.
The paper quoted 25-year-old Scott Love who, along with his girlfriend Claire Spencer, bought a place in the Emerald Beach Resort in Revda for euro 36,000: "It's very unspoilt, the people are nice and the beaches are beautiful," Scott will have facilities in the resort like a private beach, pools and restaurants. Anyone travelling by air to Bulgaria are bombarded with advertisements for property in the country. And once a person lands there, estate agents are dime a dozen, offering luxury villas and flats with exclusive sea view for a pittance. Though property prices in the country have gone up by 40 to 50 percent in the last one year alone, yet a flat or a villa here comes at a bargain compared with prices say in Spain, leave aside in Britain.
Bulgaria has a 100-mile coastline stretching towards the country's borders with Turkey. The beaches are sunny and peaceful. Near one such beaches, in the ancient city of Nessebar, is located the world heritage site, which had a Greek colony of 6th century B.C. There is the luxury of golf now in this country, as at least two golf courses are coming up at Kavarna. There are plans for more. Besides, there are several traditional spas with facilities for processes such as mud treatments. The areas that attract foreigners are Sunny Beach, Ravda, where a Manchester-based Bulgaria Revealed has set up a luxurious resort called Emerald, and Kavarna, where Bulgarian Properties has started construction of Saint Nicola Lodge. The newspaper report says that the investments are mostly not intended to own a place for stay during a vacation.
Most of the people do it for higher returns on resale. One such investor is Jeremy Leach, 34,an IT specialist from Reading. He saw the scope some two years ago and invested in two flats, a village house and in some land. He says he has already doubled his money. He sold a flat, in Varna, in April for a healthy profit after just over a year. But, he has not been lucky when he tried to sell his second flat in Sunny Beach. It is yet to get a customer. This is a warning for those who come with money now merely seek to double it.
Experts feel the bargain prices may rise to European levels soon, mainly because the country is likely to join the EU in 2007 while the two low-cost airlines, Ryanair and EasyJet, are planning to operate to Bulgaria.
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