Bulgaria trails Spain in property league
By Kevin Barnett, 03 Apr 2006
Seen as a rival for the Spanish real estate crown, Bulgarian developers have ended up at number four spot among the most popular destinations for British overseas property buyers in a recent survey topped by France and Spain.
Foreign currency specialist, HIFX, reported that France and Spain accounted for almost half (43 per cent) of all its currency transactions for buying property abroad in March 2006. Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent).
The survey shows that the majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun.
London real estate consultancy Assetz commented that people are still flocking to Bulgaria to invest in the emerging property development sector there, due to the fact that it is on the verge of entry to the European Union (EU). "When that occurs in 2007, property prices in the country are expected to rocket even more quickly than at present – but the country has a long way to go before it manages to catch up with the property investment currently being poured into the more traditional destinations.”
A recent Barclays survey showed 70 percent of would be overseas homes buyers were planning to buy in Spain which has the most sunshine, most tourism attractions, most low cost flights and most tourists looking to rent seaside homes.
Leading specialists, PropertyInSpain.Net have introduced Libertad, a new concept co-ownership scheme that guarantees at least 100 days of sunshine, a raft of tax breaks and brand new bay view apartments at £32,000 for a one-third share ownership of the freehold. “Now Spain is the most affordable sunbelt destination – for the price of a BMW car,” said a company spokesman.
Novinite Bulgaria / Spanish Property News