Low property prices make Bulgaria an attractive investment

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As many eyes begin to look east when it comes to seeking out new property investment opportunities in Europe, Bulgaria is becoming an intriguing prospect due to its burgeoning tourist industry and extremely low property prices in comparison with the majority of the Eurozone.

There is a wealth of potential renovation projects that could yield very good returns when the relatively low cost of labour and building materials is also taken into account.

The country is littered with vacant and abandoned property, some of which is rich in architectural and cultural heritage.

Recent figures issued by the National Statistical Institute showed that at the start of 2012 property prices in Bulgaria were 38% lower than their peak level in 2008 and throughout the year they had begun to rise slightly.

Paradoxically, popular destinations like Sofia and Bansko actually saw a decrease in sales prices, meaning that there are a range of different investment scenarios across the regions of the country and that everywhere prices remain affordable.

The reason for the proliferation of potential non-urban redevelopment and refurbishment projects is that many rural areas are seeing villages all but abandoned as their residents move to cities and towns for work in Bulgaria’s developing industry sectors.

Historical property in Bulgaria could be the next unlikely boom area for holiday homes as money continues to move eastwards over the continent whilst the wealth of Russia looks to making property purchases outside of its own borders.

Some abandoned properties in the country may have been constructed using skills that are no longer widespread and specialist craftsmen may be needed to sympathetically finish work. This not only helps local economies but helps keep traditional methods alive for future generations.

If you do consider purchasing property in a country such as Bulgaria, it is vital to consider how funds would be transferred.

A currency transfer specialist will be able to handle all the necessary work and ensure that you reap the benefit of the best rates available.

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Low property prices make Bulgaria an attractive investment

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