Sofia & Varna Bulgaria offer UK buy to let investors hope but for how long?

UK buy to let investors who are finding British city property prices a bitter pill to swallow need to have a good hard look at Sofia and Varna in Bulgaria. Sofia is feeling the positive affects of direct foreign investment while the more relaxed city of Varna in Bulgaria is being tipped as the next big thing for a great city break. Time is running out for the UK investor who dominated the region, chairman of Bulgaria’s National Real Property Association (NRPA) states that new foreign investors are starting to buy big in Bulgaria
Overseas property investors and Bulgarian property
Overseas property investors will have been bombarded with the hype concerning the Bulgarian property market in 2006 and 2007 is set for more of the same. The fledgling EU member state has an abundance of pre construction property, ski resort property beach front and resale property from prices starting at under £20k. Bulgarian cities offer the serious property investor a chance to purchase property that they can actually rent. Select the right property in either of these cities and they will be no need to rely on any expensive guaranteed rental schemes. Prices are still low enough for meaningful capital gains over the medium to short term and may be more fruitful than investing in property in the UK.
Property in Bulgaria
The case for investment property in Sofia Bulgaria
Sofia is getting richer and is definitely on its way up both business and tourism help make the city an attractive place to invest.
Businesses are setting up in Sofia and evidence around the city is clear with impressive modern buildings, multi national company offices, BMW and Porsche dealerships to name but a few. Tourists visit the city all year round, helped by low cost airlines flying into Sofia Airport. The impressive architecture makes Sofia a good place to wander around; churches such as the Aleksander Nevski Memorial Church will always attract those looking for a relaxing city break. Property investors buying property in Sofia do not need to rely on seasonal tenants to fill their investment properties. The combination of local and foreign employees and visitors to Sofia make the city an attractive place to invest.
Varna Bulgaria property investment alternative
The less well known city of Varna offers visitors a mixture of sea views and small city experiences. From Varna’s main park which runs along the sea and is home to a zoo and open air theatre to the grandeur of Evksinograd Palace a 19th century Palace Varna offers an attractive place to visit.
Overseas property web site excited by Varna feature thousands of properties from locations worldwide and with over 5000 properties for sale from Bulgaria alone the site has seen consistent interest from investors during 2006.  CEO Nicholas Marr ‘Bulgarian cities have been of particular interest to our professional property investors who are looking to buy multiple units abroad. Varna offers overseas property investors a chance to get in early on a growing market. Recent announcements by British Airways concerning new direct flights to Varna from Gatwick make the Black sea city even more accessible adding to the cities attractive investment potential. Overseas property investors know that profits are made on the purchase price, early investors typically do not need to spend huge amounts to secure potentially sound investment property in both Varna and Sofia’
New foreign investment companies in Bulgaria
Orlin Vladikov, chairman of Bulgaria’s National Real Property Association (NRPA), told the participants in the Bulgaria ‘Land of Dreams’ international conference underway in Sofia that the majority investors were  companies from Greece, the Ukraine, Russia, Israel and Scandinavia. The new investors have opted to build spa centres in Velingrad, Sandanski and Hisar, areas rich in mineral water.
Over 25 transactions for Greenfield investments in spa hotels and apartment complexes were registered in the last quarter of 2006 in the area of Hisar, said Vladikov.

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