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Bulgaria will become a mainstream retirement destination for Brits over the next 10 years, Paul Collins, BuyAssociation consultancy company managing director said, as quoted by retiretothesun.com. Interest in Bulgaria has been increasing since the country managed to improve transport links and healthcare services, Collins said. The number of Brits who want to retire in Bulgaria and are considering the purchase of home there is constantly growing. However, Bulgaria is still an emerging market and it could take another five to 10 years before Brits see the country as a serious retirement destination, Collins said.
www.retiretothesun.com
June 25 2007 |
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Brits who want to participate on the UK property market should start with buying elsewhere in Europe, where prices are more affordable and chances for scoring a bargain and good investment returns are greater, The Independent reports. The current average cost of a home in the UK is 196 745 pounds. In Bulgaria a two-bedroom apartment could be purchased for 40 000 pounds. Continental Europe is luring British first-time and second-home buyers not only with cheaper property prices, but with the rise of budget airlines as well. The UK Office for National Statistics' data show more than 256 000 households own property abroad. The number has doubled in the past seven years. More than half of these properties are in Spain and France, but new European property hotspots are coming into fashion. The Independent says Bulgaria is the "in" destination today. In the first three months of 2007, foreign companies and individuals bought properties in Bulgaria worth 310 million euro, compared to 190 million euro for the same period last year. The Independent cites research by the Royal Institute of Chattered Surveyors about the rate of the price growth in 26 European countries. In first place was Krakow, Poland, with a striking 58 per cent property price hike over one year. Poland itself registered a 33 per cent increase. Second and third come Denmark and Bulgaria with growth of 22 and 20 per cent, respectively. Croatia is also set to be a future property hotspot destination, The Independent says, citing a report by Savills. Harriet Meyer, The Independent
June 10 2007 |
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The Black Sea Property Fund Limited (BSPF), which specialises in the financing and sale of off-plan apartments in Bulgaria, announced plans to build a holiday village in Bulgaria's Borovets. The fund will invest $74.4 million, web site skirebel.com reports. The web site said Borovets used to be Bulgaria' leading ski resort before the rise of Bansko and now it is undergoing expansion and upgrade "to make up lost ground". The complex in Borovets will consist of retail, spa and restaurant areas. It is set for completion by the opening of the coming 2007/2008 winter season. BSPF acquired two plots in Borovets - a 53 047 sq m parcel for four million euro and another one worth 10.5 million euro. BSPF's Manager views the Borovets region as a particularly attractive area, especially in light of the Super Borovets redevelopment programme, designed to boost infrastructure in the area.
www.skirebel.com
June 7 2007 |
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Foreigners bought real estate worth 310 million euro in Bulgaria in the first three months of 2007. The sum was 63 per cent higher than that for the same period in 2006, Russian property site prian.ru reports. Bulgarian National Bank data showed that foreign citizens invested 1.13 billion euro in real estate in Bulgaria in 2006. Mainly UK citizens and people from Luxembourg, US and Greece purchased property in the country, prian.ru reports. Greek newspaper Imerisia reports that Greek funds are a major player in real estate investment in Bulgaria. Greek companies provided 7 per cent of the total property investment in Bulgaria between January and March 2007. Greek investments reached a total of 21.7 million euro. www.prian.ru
May 31 2007
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House prices in Latvia, Estonia, Bulgaria and Lithuania are rising faster than anywhere else in the world, with national markets remaining unaffected by the current slowdown in the US, according to new research. The Knight Frank Global House Price Index found that annual price growth in Latvia was 61.2 per cent in the first quarter of 2007, compared to 44 per cent a year ago. But investors are starting to turn from the capital Riga to other locations around the country, study authors advise. Estonia, Bulgaria and Lithuania all enjoyed growth of more than 20 per cent during the first three months of the year, the report notes, echoing recent findings in relation to Eastern European markets. Earlier this month it was reported that Bulgaria was now the third most popular country for property buyers from the UK, taking 7.7 per cent of the market. Investors from the UK and Ireland now constitute four out of every five external buyers. Lithuania, meanwhile, has revised estimates of first quarter growth up from 7.1 per cent to 8.3 per cent as GDP continues to exceed expectations. realestatetv.tv
May 30 2007 |
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Bulgaria is still a magnet for UK property buyers, an Association of International Property Professionals (AIPP) report says. The country ranked third in the AIPP chart of the most popular foreign property markets, UK knightfrank.com reports. Bulgaria’s position is phenomenal, AIPP says. It holds 7.7 per cent of the foreign property market. Only traditional favourites like Spain and France rank ahead of Bulgaria. Agents say that investors hoping for profit from property re-sale should cool their expectations because of the oversupply, which dampens future price hikes. AIPP says that the Spain is expected to become even more popular among UK property investors, as real estate in the country became more affordable. The US is also a future hotspot, because the weak dollar makes property an inexpensive investment. knightfrank.com
May 30 2007 |
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The volume of the property investment market is expected to grow to $3.7 billion by 2011, as compared with the current $1.7 billion. Deutsche Bank property subdivision PREEF said in a recent report that the investment market of business property in Eastern Europe would grow by 100 per cent by 2011, investor.bg reported. PREEF defined the investment market of business property as such properties that are owned by professional investors who keep the property for investment purposes. The property investment market in Romania currently amounts to six billion dollars and it is expected to double by 2011. PREEF data showed that Bulgarian assets that have the potential to be transformed into investment property total $5.4 billion, with those in Romania amounting to $23 billion. The total volume of the property investment market in Bulgaria is $16 billion and that of Romania is $62 billion. The figure for Europe as a whole is $9.2 trillion. 14 Aug 2007 |
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