Bulgarian Property Market Update 18 Feb 2006}

Submitted by: Tim Wright

UK Investors Snap up Properties in Bulgarian Resorts

The Times in London writes that Bulgaria is now one of the top destinations for ski properties due to factors such as the low property prices and inexpensive ski passes.

“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. The numerous historic towns, unspoilt villages, castles and churches are also waiting to be explored.”

Properties in the popular ski resorts can earn up to 12% rental return according to property investment firm Assetz. This return is potentially double that of coastal properties due to their all year-round attraction.

The number of UK holidaymakers visiting Bulgaria increased by a staggering 36% in the past year. This has lead to an influx of travel companies as the country is now establishing itself as a true holiday hotspot.

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UK Househunters “Tempted” by Bulgaria, Turkey

Rather than buying a farmhouse in France or an apartment on the Costa Del Sol, the Daily Telegraph reports that British investors are now tempted to buy properties in Bulgaria and Turkey.

A key factor in determining the new location in which to invest is price and investors have been experiencing enormous returns. For example, a large one-bedroom flat in Ravda, 10 minutes from the Black Sea resort of Sunny Beach purchased two and a half years ago for just under 20,000 pounds fully furnished, would now cost 45,000 pounds.

Marc Todd of Dosop, an international property company based in West London, raises the corcern that some of overdevelopment in the big resorts such as Sunny Beach and suggests that there is a large supply of less desireable properties coming on the market.

This has led to the announcement that construction permits for new developments in Black Sea coastal areas will be issued only of the required infrastructure has been built.

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Low-Cost Wizz Air Launches New Routes from Sofia, Burgas

On May 1 2006 low cost carrier Wizz Air will launch flights from Sofia and the coastal city of Burgas to London. They have also announced that flights from Burgas to Budapest will commence on June 15 2006.

A promotional offer has begun with ticket prices set at up to EUR 26.99 (airport fees included). The offer is open to bookings made from February 1 -14, 2006.

Wizz Air has also recently announced the launch of services from Split (Croatia) and Ljubljana (Slovenia) and increased frequency of the Zagreb-London (Luton) flights.

Wizz Air, the first no-frills carrier to enter the Bulgarian market, has carried 17,000 passengers since it started flights from the Bulgarian capital at the end of September 2005.

About the Author: Tim Wright is an international property investor and regular article contributor. He is the author of “Bulgarian Property – The Overseas Buyers’ Kit” available at

bulgarianpropertybuyer.co.uk

Source:

isnare.com

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