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EU Entry Turns Bulgaria’s Resorts into Hot Property Areas
According to the report of Deutsche Presse-Agentur (DPA), Bulgaria is fast becoming an attractive destination for holidaymakers. An increasing number of foreigners are keen on buying properties here. This is after the country joined the European Union’s (EU) Fifth Enlargement on January 1, 2007.
Prices of homes and apartments went up by nearly 30 percent. Holiday homes are worth 400 to 2,000 euro per sq m. Even the prices of apartments located near the beach or ski lifts went up. These are the properties that were not as attractive as after Bulgaria’s EU accession.
A number of foreigners have invested in some properties some years before and has sold them today for a huge profit. Others who are planning to settle in the country have bought houses. Some Britons have purchased an entire English village located in the mountains, and each house costs nearly 50,000 euro.
The number of property investments reached 280,000 in 2006, marking a 15 percent increase as compared to the year 2005.
The report also stated that it was the opening of malls that really made a big hit in the real estate market of Bulgaria. The town of Sofia has opened two malls in a span of one year. A dozen more are projected to be built for the year 2007.
But the big progress on the country’s property market is not taking effect to an average Bulgaria. The situation is different for them. They are not able to purchase a property without taking credit.