Local Vacation Properties Keep Their Good Perspectives
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Local Vacation Properties Keep Their Good Perspectives
Traditional mountain and sea resorts are suffering from the so-called “overconstruction” both globally and in Bulgaria, Chris Downam from the SimpliBulgaria property agency comments.
This makes luxurious apartments in the vacation villages in Bulgaria extremely attractive and affordable for investors.
The expert thinks Bulgarian Black Sea coast competes successfully not only with the Black Sea coastal areas in other countries, but also with similar destinations such as Turkey, Morocco, Spain, Egypt and Dubai.
In this aspect investments in such apartments for the purpose of rent can be perspective, but they should be carefully considered and consistent with supply and demand.
Based on the 400 pound price of a week rent for a 172 sq m house on the Bulgarian Black Sea coast and 36 weeks, the agency forecasts 20% yield of similar investment, which is viewed satisfactory.
The agency also forecasts prices of vacation properties will grow by 70% in the next five years following Bulgaria’s EU accession.
Experts also warn that under Bulgaria’s current legislation foreigners are not allowed to own land, which is a serious problem for people willing to buy property in Bulgaria.
Another risk for investors is the lack of secondary market, where they could resell and capitalize on their investments. The growth of real estate prices in Bulgaria is predetermined by the strong domestic demand.
Of 260,000 real estate transactions last year, 76% were made by Bulgarian citizens. Thus foreign investors might experience difficulties in exiting their investments in case they are willing to.
More news:
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Bulgarian-Spanish co to build wind park in Varna area
Interservice Uzunovi, Miller to team up for retail park project
Property market heats up in Bulgaria's resorts
EU ENTRY TURNS BULGARIA’S RESORTS INTO HOT PROPERTY AREAS
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