Bulgaria Property Moves Upmarket Away from its Traditional 'cheap 'n' cheerful' Image
Bulgaria’s Black Sea coast and ski region of Borovets have been attracting the attention of wealthy European and Russian investors for new luxury properties.
Cheap holidays, cheap skiing, cheap flights, cheap food and drink, and no exception cheap property – cheap has been a primary attraction for many foreign investors moving into Bulgaria. However, change is becoming apparent with property investment news reporting an increasing number of foreign investors looking for high-end opportunities. The capital, Sofia, is home to the majority of the country’s 200,000 millionaires, and Zoe Dare Hall of The Telegraph suggests that British property buyers, who make up 67% of all foreign buyers in Bulgaria, may be missing out on some promising property investments.
Generally, property prices have remained very competitive with current averages ranging between £550 and £1,170 per square meter, according to Colliers International. However, there is increasing evidence of the growing demand for larger and more luxurious properties, frontline or within close proximity to ski centres. Additionally, rising demand is originating from foreigners working for multinationals in Sofia and from Bulgaria’s emerging middle class, for properties within commuting distance to the capital. This growing demand for top-end properties is stimulating developers to push up quality levels in new properties, with a number of developments now offering good design and build qualities.
Kevin Prior of Obelisk comments “Luxury properties are still within the affordable range of many overseas buyers compared with more traditional markets such as Spain or Portugal". Obelisk is currently promoting two-bedroom, Alpine-style villas from £115,000 at Seven Lakes in the spa town of Dolna Banya, only an hour from the capital Sofia.
Supporting the increase in luxury living, Bulgaria is in the process of a number of investment projects to upgrade facilities with some lavish ski developments taking place in the mountains - the £345 million Super Borovets project, a mammoth development project, is just one. Spa tourism is also on the up leading the way towards attracting more upmarket investors and holiday makers. Since Bulgaria's EU accession foreign buyers' confidence in the country has grown.
To British buyers, Bulgaria may still primarily be a destination for low end investment rather than a second / holiday home or luxury investment, but with rising demand and supply of quality new builds, British overseas buyers may be forced to reconsider the market and look to why the rest of Europe views Bulgaria so differently.
To see the original article from The Telegraph, please click here.
For more information on Bulgaria property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email press@obeliskinternational.com
Cheap holidays, cheap skiing, cheap flights, cheap food and drink, and no exception cheap property – cheap has been a primary attraction for many foreign investors moving into Bulgaria. However, change is becoming apparent with property investment news reporting an increasing number of foreign investors looking for high-end opportunities. The capital, Sofia, is home to the majority of the country’s 200,000 millionaires, and Zoe Dare Hall of The Telegraph suggests that British property buyers, who make up 67% of all foreign buyers in Bulgaria, may be missing out on some promising property investments.
Generally, property prices have remained very competitive with current averages ranging between £550 and £1,170 per square meter, according to Colliers International. However, there is increasing evidence of the growing demand for larger and more luxurious properties, frontline or within close proximity to ski centres. Additionally, rising demand is originating from foreigners working for multinationals in Sofia and from Bulgaria’s emerging middle class, for properties within commuting distance to the capital. This growing demand for top-end properties is stimulating developers to push up quality levels in new properties, with a number of developments now offering good design and build qualities.
Kevin Prior of Obelisk comments “Luxury properties are still within the affordable range of many overseas buyers compared with more traditional markets such as Spain or Portugal". Obelisk is currently promoting two-bedroom, Alpine-style villas from £115,000 at Seven Lakes in the spa town of Dolna Banya, only an hour from the capital Sofia.
Supporting the increase in luxury living, Bulgaria is in the process of a number of investment projects to upgrade facilities with some lavish ski developments taking place in the mountains - the £345 million Super Borovets project, a mammoth development project, is just one. Spa tourism is also on the up leading the way towards attracting more upmarket investors and holiday makers. Since Bulgaria's EU accession foreign buyers' confidence in the country has grown.
To British buyers, Bulgaria may still primarily be a destination for low end investment rather than a second / holiday home or luxury investment, but with rising demand and supply of quality new builds, British overseas buyers may be forced to reconsider the market and look to why the rest of Europe views Bulgaria so differently.
To see the original article from The Telegraph, please click here.
For more information on Bulgaria property investment, and to find out about Obelisk’s latest projects, contact Obelisk free on:
0808 160 0670 (UK) or 1800 932 514 (IRE)
Email info@obeliskinternational.com
Visit our website: http://www.obeliskinternational.com/
Press Office: Tel: 0808 160 1005 or email press@obeliskinternational.com
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