Bulgaria Property Shaky on Capital, Better on Buy to Let
Property Abroad News
Bulgarian property prices are likely to fall another 10% according to Industry Watch, as quoted by Stroitelstvo Gradut, a Bulgarian weekly.
The analytical firm said that the lack of foreign capital investment inflows coupled with a slow lending process would continue to put downward pressure on prices for the foreseeable future.
According to the Knight Frank index of global property prices the decline is slowing. The quarter on quarter fall in Q1 was 12.4%, it was 9.7% in Q2, and it was 5% in Q3.
There is also evidence to suggest that Bulgaria may start to see resurgence in foreign demand towards the end of this year, according to foreign based UK agents, especially in the UK. Already it has appeared in our top 10 charts of most popular locations several times in the past year, as a result it was 9th most popular country for 2009 overall.
Buy to let investment in overseas property started growing again in the UK in November. As a buy to let investment, the low prices of property in the capital Sofia means that some pretty impressive rental yields can be gained. However, as with many countries in the region corruption is a major issue and if one plans of letting residentially finding a good and trustworthy letting agent to handle the affairs.
There is also an upcoming ski resort on Pamporovo that offers holiday apartments off plan for less than GBP 15,000. These stand a good case for 4-6% yield holiday lettings.
Text source: novinite.com
Image: BGNES
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