PineForest Resort - Bulgaria » PineForest Resort - Bulgaria ...
- [
A key factor in determining the new location in which to invest is price and investors have been experiencing enormous returns. Both of these methods equal in total 73% of Bulgarian apartments purchased. Bourgas Airport is in close proximity to major tourist resorts on the Bulgarian Black Sea coast. Bulgaria is an increasingly attractive destination with Irish tourist and property investors alike. Clearly from the table we have a few key changes of prices, when it comes to studio apartments. During the summer this sparsely populated, largely rural country offers a wealth of activities such as hiking, fishing and mountain biking, as well as the fabulous beaches of the Black Sea coast. For example, a large one-bedroom flat in PineForest Resort - Bulgaria, 1h from the Black Sea coast and Burgas International Airport purchased a year ago for just under 25,000 pounds fully furnished, will now cost 35,000 pounds. From mid-June the airline will operate two flights weekly. In all the rest of the areas in Bulgaria we have a slow increase. In Bulgaria, the property buyer pays most of the costs associated with the purchase. In red, however we have cities like Dobrich and Veliko Tarnovo where the price of studio apartments have decreased, not by much, but still decreased. In the table with yellow are marked cities with a significant increase. Many people are looking at Bulgaria for vacation investments. Most of the Bulgarian apartments are either inherited or purchased by cash. Off plan property in Bulgaria offers extremely good value, leaving money in the bank to earn interest, Paul said. Only 21% of the people that are buying Bulgarian apartments are either arranging credit or a mortgage. Only 6% of the buyers sell an apartment in order to buy another one. Paul Watchorn is a Bulgarian property expert advising people on investments, building and property purchase in Bulgaria. Properties away from the tourist areas tend to be more rustic and need much more work. Properties in ski areas can earn up to 12% rental return according to property investment firm Assetz. Rental incomes tend to run around 6% to 12%, with the higher rates being generated by mountain properties. Since 2002, the annual growth of property values has been around 50%. Speaking on the development, Enda Corneille, Corporate Affairs Director said, We are delighted to be able to offer our customers another new popular holiday destination which compliments our existing extensive schedule. The city of Sofia is rapidly growing and shows some of the better potential. The economy has also been playing a large roll in the increase of the property market. The new service marks the first Aer Lingus scheduled flight to Bulgaria and moreover, the only scheduled service from Ireland. The number of UK holidaymakers visiting Bulgaria increased by a staggering 36% in the past year. The numerous historic towns, unspoilt villages, castles and churches are also waiting to be explored. The potential for obtaining a holiday home or retirement property is outstanding, said Paul talking at an investors evening focusing on off plan developments, and retirement homes in Bulgaria. The potential is great in this region, particularly with the industrial and commercial property. The prices are expected to continue to rise in 2008, although is will be less than the 30% of 2007. The property rental market tends to be stronger in the ski regions than along the coast, mainly due to the longer skiing season. The region offers amazing natural amenities, including hiking and bike trails, coastline along the Black Sea, beaches, historical attractions, and skiing. The transaction fees can run up to 25% of the total purchase price (and sometimes a bit more). These cities are Ruse (Danube river biggest city), Stara Zagora (the biggest populated city in South East of Bulgaria), Blagoevgrad (the district where we have one of the most popular winter places Bansko) and Vidin (another Danube river city). They offer little rental income (if any) and are better investments for individuals who want a second home away from the rest of the world. This has lead to an influx of travel companies as the country is now establishing itself as a true holiday hotspot. This return is potentially double that of coastal properties due to their all year-round attraction. Tourism continues to rise, and the local, regional and national governments are all working hard to improve conditions to take advantage of the tourism dollar. Typically these properties can be found for a very good bargain. We believe the Bulgarian resort will prove particularly popular with families and holiday- makers alike. With the cost of living rising so much in Briton retirees and pensioners are looking to sell their home in the UK and buy a purpose built place in the sun.
No comments:
Post a Comment