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A Burgeoning Environment

 

Bulgaria joined the European Union on 1 January 2007 which has seen the country work its way to the top of international property, foreign investment and tourism markets. This has also strengthened its position in order to establish itself as a secure business and investment environment as economic indicators are currently showing Bulgaria number one position among of all European countries in terms of property market growth.

Coastal real estate in Bulgaria has grown significantly over the past several years. A long-term view of the property market in Bulgaria suggests property prices will rise by over 70% with strong growth in the Black Sea Region and coastal areas such as Bourgas, Sozopol, Sunny Beach, Golden Sands and Varna.

The increase in investment potential can be attributed to several factors including:

  • Low cost of living and housing compared to other European markets
  • Extensive World Bank funding which has been injected into significant improvements of the country’s infrastructure
  • A burgeoning tourist market along with the population’s growing affluence and attractive returns on investment
  • Corporate tax rate has been cut by five points to 10%

Other contributing factors for Bulgaria’s popularity are:

  • Deemed the cheapest tourist destination in Europe with tourism showing nearly 14% of the country’s GDP in 2006
  • Liberal foreign investment laws
  • Increased airlines offering services to the Black Sea
  • All-year round destination
  • Competitive mortgage lending rates
  • Lowering unemployment rate
  • Untapped Agri and Eco Tourism Potential
  • Low crime rate
  • Democratic political stability
  • NATO membership since 2004
  • Religious and ethnical forbearance, peaceful coexistence of different nationalities and cultures
  • A country steeped in ancient history
  • Geographical positioning makes it only 1-2 hours flight from any european country
  • Moderate climate conducive to good health and well-being
  • Good choice of sea and snow-ski resorts
  • Cosmopolitan shopping
  • Excellent business opportunities

 

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Purchasing Property
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