Property investment in Bulgaria
Bulgaria is a country which has been successful in achieving a consistent economic growth in the past few years. Despite economic and political changes it has undergone, it is slated to become a member of the European Union which will enable to stabilize the currency and look forward to a better conducive environment for economic growth. This reason itself has caused the foreign direct investment to grow exponentially in the past few years, crossing the $2bn mark in 2004. This foreign direct investment has leapfrogged the Gross Domestic Product which makes it very clear that Destination Bulgaria is emerging and any investment in immovable properties would only appreciate in the near future and highly probable that it would do so in the long run.
The property prices have increased by as much as 25% in the past year, which implies that rents also are on the upswing. Big investors and holiday corporate companies are invest more and more, since the rental income would increase substantially. Small investors are already making a fast buck of about 40-50% appreciation on the property they own, by offering resale of complete/ semi-complete developments.
Furthering this boom, the Bulgarian government is working on a legislation to enable freehold ownership of land and property by foreigners. This step is being taken looking at the trend of construction quality and development and success of pioneer investors in the recent past.
Compared to other nations of Europe, the development costs in Bulgaria with respect to labor, land, taxes, utilizes etc. are cheaper. As a result of which, a supply void could be created to hike prices and gains. As more and more multi national companies are entering Bulgaria, the job market is looking up and so is the demand for rental houses and apartments.
The property acquiring process in Bulgaria is simple, since foreigners acquiring properties in Bulgaria was not allowed and is changing.
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