By Tem Pearson
Bulgaria has gained a great deal of press recently as being a
location ideal for property investment. Much of the
relates to the rapidly growing Black Sea coastal resorts.
The Black Sea area, as a coastal holiday destination, is seen
as among the best in Europe and possibly even in the world.
Bulgaria is ideal for families, as the sea is renowned for
being hospitable for swimmers and paddlers of all ages and
abilities. The sea is calm and clean with gently sloping
beaches, allowing for easy access and safe shallow bathing. As
well as being particularly calm and inviting, the Black Sea is
also half as saline as the Mediterranean.
Water temperatures in the area are extremely favourable. With
more than 240 hours of sunshine during the months of May and
September and an impressive 300 hours of sunshine in both July
and August, it is hardly surprising that the temperatures
rarely drop below 17 degrees Celsius and are often closer to
Anyone looking to invest in a coastal property will not be
short of choice, as the coastline extends for more than 378
kilometres and offers a wide range of property opportunities.
The fastest growing areas are currently the luxury four and
five star resorts with well-appointed apartments, although
there is also no shortage of village- style properties for
purchasers looking for something a little different.
As a foreign purchaser, it is most likely that you will head
towards the large resorts that offer financial benefits and
excellent infrastructure. The most notable of the resorts are
Golden Sands, Albena, Sunny Day, Sunny Beach and Dyuni Holiday
Village. All of these offer the ideal holiday base and most
include sports facilities, a wide selection of entertainments
and family-friendly hotels and restaurants.
Other resorts that are well worth a visit include Kiten,
Sinermorets and Shabla. These are smaller resorts that may not
offer the same extensive facilities but nevertheless have the
benefit of a relaxing, quiet stay away from the mainstream
tourist trail. An advantage of purchasing a property in these
resorts is that many of the holidaymakers will rent such
properties for several weeks, thus reducing the costs of
servicing your property.
Prices and Rental Prospects
Prices on the Black Sea coast have sky-rocketed, recently, and
this is likely to continue when Bulgaria joins the EU in 2007.
A one bedroom apartment in Golden Sands could cost anything
from around 20,000 Euros upwards, depending on the facilities
that the individual property offers.
One of the huge advantages of purchasing in this area is the
structure that exists for the rental market. Many of the
developers are acutely aware that most of their clients will
looking to rent their new apartments to tourists, during the
peak months, in order to recover a healthy profit. With this
mind, there are a wide number of guaranteed rental schemes in
place, which offer investors the security of knowing what
return will be for the first year or so. When looking at these
schemes, it is important to conduct your own independent
research, as the guaranteed return may not be similar to what
you would achieve in the long run, when the guaranteed period
Pay particular attention also to issues such as servicing
costs. Amenities including pools and indoor entertainment
are a wonderful selling point to tourists; however, they do
at a price. If you are planning on using the company from
you purchase to let and manage your property, you should be
certain that you obtain exact details of communal expenses. A
management company will invariably take a percentage cut on
your rental income; find out if this cut is taken before or
after such essential costs are paid.
As with all foreign purchases, it is vital that you obtain
independent legal advice; this is particularly important when
buying off-plan or using just the one company as vendor,
agent and management company.
The Black Sea is tipped as the next Costa del Sol, which
doesn’t seem impossible; however, make sure that you do not
caught up with the holiday atmosphere and end up parting with
more cash than you ever intended!
About The Author: Providing essential information on buying
Bulgarian property, Tem Pearson is dedicated to offering all
the necessary information for people looking to buy property
for full details. ©2006.