As Bulgaria has just joined the European Economic Community in 2007, many investors are looking to see if there are real estate bargains to be had there.
Other countries have had a big run up before and shortly after joining the European Economic Community. Bulgaria’s prices for commodities are amongst the cheapest in Europe, and if you can find similarly priced property values, you could do very well.
Most people will want to look at Black Sea properties, or in ski resorts like Bansko, but the real deals are to be found in the interior of the country, in rural areas. In a recent visit properties on the Black Sea were fully priced, but inland properties could be had for 5-15,000 Euros – cheap!
A unit in a residential area of a city like Varna will not generate anywhere NEAR the revenues that a Black Sea resort property in Golden Sands will.
There are many online companies offering pre-construction, or off-plan opportunities as well as completed units. Property management is easily available as well.
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Make sure to do your homework though. All sellers will make the property they are selling seem easy to buy, easy to rent, and headed for the moon! Different areas have different appreciation prospects, and rental prospects as well.
Most importantly, you must VISIT any property that you wish to purchase. You’d take a $2,000 car for a test drive, so why would you make a $100,000 investment, sight unseen? Because its “going fast”?
With the recent run-up of properties all across Europe, Bulgaria, just escaping the grasp of communism, appears ripe for property appreciation.
