Bulgarian Property – Market Update 17 March 2006

Authored By: Tim Wright

Brits moving permanently to Bulgaria

It has been reported that many Brits are falling for Bulgaria 's charms with a growing number choosing to move there permanently. In recent years investment has been the main driving force behind the number of Brits buying property in the country but many have decided to buy and live outside the Sunny Beach area and a few miles inland as well as other village areas around the country.

There are a number of factors for those choosing to move but the low cost of living and the seemingly peaceful surrounds are the most likely reasons so many Brits are making the move. Many have also been able to rent out there properties back in the UK , and live very comfortably off the rental income in Bulgaria .

As more companies relocate to Bulgaria to take advantage of the low wages and to strategically place themselves for the countries' expected accession to the EU in 2007, many British employees are expected to relocate with their employers. Tourist areas have seen recent year-on-year growth of between 25% up to as much as 100% however those opting to live in to move permanently prefer to be based inland.

Many Brits are buying around the Veliko Turnovo region with home prices starting as low as GBP 10,000. There are still cheaper homes available however many will require additional funds to provide for renovations. The move is been made by both retirees who find they can make their pension stretch a lot further and younger people looking for new business opportunities and finding it difficult to get on the property ladder in the UK.

EU Final word on Bulgaria to be known soon

Oli Rehn, European Enlargement Commissioner is soon expected to present his report on Bulgaria Romania's accession to the EU in January 2007. It is generally believed that the planned memberships will go ahead however the accession treaty does contain a safeguard clause allowing membership to be postponed by one year if further reforms in each country are deemed necessary.

Tim Wright is an international property investor and regular article contributor. He is the author of "Bulgarian Property - The Overseas Buyers' Kit" available at www.bulgarianpropertybuyer.co.uk

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