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Buying Bulgarian Property During The Economic Crisis

Buying Bulgarian Property During The Economic Crisis

The global financial crisis has not spared Bulgaria

, and this country has experienced its fair share of recession in the past couple of years. The crisis applied pressure on the economy and employment in 2008, and in 2009 Bulgaria recorded its worst economic results since 1997. As a result, house prices in Bulgaria dropped dramatically at a rate of more than 20% in 2009 and 17.8% in 2010.

Some prices at the moment are a full 50% below peak values, making Bulgarian property a great medium to long term investment. In fact, this might be one of the best times in the last 10 years to invest in Bulgarian property.

If you are considering taking advantage of the economic crisis to buy Bulgarian property, here are some helpful tips:

There will always be a demand for residential properties in the major cities of Bulgaria, so think about this when you are choosing a Bulgarian property. A good sized home in a major city location will almost always be a safe bet.

Choose the right opportunity. Prices for Bulgarian properties will not change overnight, but a gradual fall will take several months. It is best to buy when prices are at their lowest, because they have nowhere to go but up.

If you are not sure whether a price has completely hit bottom, you can get advice from an experienced estate agent.

Do as much research as possible so that you know all about the location you are looking to buy in, and the potential rental income that most homeowners can expect to earn there.

Dont be over enthusiastic when buying Bulgarian property, even when you find that you can get a fantastic deal. Remember to include maintenance and taxes into your budget.

Always buy Bulgarian property which is good quality. Dont fall into the trap of buying an incredibly cheap property but then realising it is very low quality and in a terrible location. Choose a home wisely that is a quality property with inherent value.

During a recession it is sometimes possible to make lowball offers on Bulgarian property. If you are persistent and you play your cards right you can likely make a deal on a property well below market value if the seller is in urgent need of money or has motivation to move on. Dont be afraid to negotiate.

Consider locations such as the skiing resort of Borovets. This area is 95% covered in forests and protected national parks, which means that the area for building is very limited and will never become overdeveloped. This is important for the future growth of your holiday property, for both resale and rental.

The financial crisis might represent a great opportunity to invest in Bulgarian property, so get out there and start hunting for your dream holiday home at a great price!

by: James P Martin
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