So will you snap up a hot property or be left in the cold?
The real estate market at present
Article by John Hayes
AN estimated 80,000 Brits are expected to invest in foreign bricks and mortar over the coming months, and while destinations like Spain and France remain popular, it's the relatively new markets of Central and Eastern Europe that are attracting much of the attention. Bulgaria, with its choice of beach and ski resorts and advertised property prices more akin to the secondhand car market than real estate, is really pulling in the crowds. The number of Britons buying property in Bulgaria in 2005 rose by 77 per cent on the previous year. With the promise of entry into the European Union in 2007 or 2008, an increase in flights to the country's regional airports by low cost carriers, and analysts' expectations of a 15-20 per cent rise in property prices over the next year, demand is set to soar. Bulgaria's capital city Sofia and the country's ski resorts, such as Bansko and Borovets, offer a positive investment opportunity. Bansko has the potential to become a leading ski resort and is also set to benefit greatly from Bulgaria's bid to host the 2014 Winter Olympics. Stuart Law, chief executive of Assetz, a group of property investment advisers, agreed that ski locations perhaps offer a better investment opportunity than the beach resorts, favouring the Pamporovo area (Bulgaria's third largest ski resort) over Bansko. Mr Law said that when investing in any foreign property, "It's about buying in the right development, with the right views, with the right amenities and the right infrastructure". Mr Law believes a rental market does exist in Bulgaria for the right developments, because the country is becoming a more popular holiday destination. Many experts agree that Eastern Europe offers some excellent long-term prospects if investments are chosen wisely. Short-term rewards may be limited to those who can afford to simply enjoy their own holiday home, without worrying too much about their investment paying for itself through the rental market. http://www.yorkshiretoday.co.uk/(24.01.2006)