With the UK property market cooling off and rate hikes looking certain, property investors are now looking outside the UK for their investments.
Bulgaria is set to join the EU next year, this combined with cheap resources have turned it into an attractive proposition for International property investors. Bansko is one of the favourite locations, once a small rural community it now resembles a large building site; it has even been given the nickname ‘Little England’. It all started in Bansko with the introduction of the ski gondola in 2002, from then it has not looked back. With Bulgaria’s fortunes set to change and property value 5 times cheaper than France, there is little wonder that property investors worldwide are now taking an interest.
The amount of developments planned at Bansko is now viewed as excessive, this has led to a suspension of planning permission for any future developments in the area. This and the sheer demand have over inflated the property prices in the area, currently a 1 bedroom apartment is selling for approx ฃ50,000. Still this is viewed as cheap compared to property at other European ski resorts.
A good rental income from these properties is possible due to the cheap cost of living in Bulgaria, an example is, a pint of beer currently costs in the region of 40p. The only downside to renting an apartment would be the competition form the other 1000’s of apartments. The amount of apartments could also prove problematic for any investor looking to sell in the future.
My own research has made me look away from Bansko, recently I came across a ski-golf development at the foot of the Rila Mountains, just a few miles away from the ski resort of Borovets. The development due for completion in 2008 is being constructed around a Nicklaus golf course. The Private gated complex will have restricted access to property owners and their tenants.
As this development combines golf and skiing it is viewed as a great potential for any property investor. There is no wonder the off-plan villas are being snapped up.
Peter Arkwright recently retired from the military; he is now the Managing Director of Bizseller4u Ltd - Providing business solutions in sales, advertising, funding, debt collection and recovery plans
For details on this development visit www.bulgariasfinest.com
If you would like any more information on this subject then please visit our website at www.bizseller4u.com
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