Rather than trending into negative territory, Bulgaria’s economic growth turned around and posted an increase of 2.1% in the 4th quarter of 2010. This bodes well for sellers who can expect their properties to maintain value, and presents obvious buying opportunities for purchasers who are looking to create future profits by minimising their initial investment.
Most investors are aware that profits are made on the initial purchase of a product; with real estate that means finding a property that will hold its value or, ideally, increase in price and buying it at a reasonable cost. With prices stabilising in Bulgaria, and especially around the resort areas, it appears that time has come. In the Sunny Beach resort area, for example, people who have traditionally visited only for holiday are starting to consider purchasing properties.
Bulgaria has a very low cost of living, flights from the UK and Europe are frequent and inexpensive, and the climate, especially in the resort areas, is marvellous. Rather than spend their money once or twice a year on an apartment or holiday villa that someone else owns, many people are looking into purchasing Sunny Beach property or property in other Bulgarian resort areas and letting holidaymakers pay them. Along with potential tax benefits, having a holiday property readily available has obvious advantages, as does having a steady stream of rental income from the weeks during the year when you are not using it.
Depending on the purchaser’s home country, various purchase schemes may offer other advantages. For example, buyers often establish a corporation to house their real estate purchases. The purchase itself can occur with the corporation making the actual transaction. Subsequent rental income, expenses, and record keeping can also be housed within the corporation. This often enables easier record keeping as well as tax advantages at the end of the year. The Russian market has been particularly active in acquiring Bulgaria properties, and interest is beginning to spread from that corner of the globe to other areas.
Investors interested in resort, beach or high-end properties would be well advised to begin looking now before demand increases along with prices. The Bulgarian real estate market is set to begin an upward trend for the foreseeable future. The Bulgarian housing market have gotten a major boost as the popularity of the country is now greater with tourism of the country becomes greater. Bulgaria is an excellent opportunity to invest in property where you will be getting to see a return.
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