CHAPTER EIGHT: Property Investing in Bulgaria

As one of the most rapidly advancing nations in Europe, Bulgaria has become a byword for international property investment. In fact, Bulgaria is probably the most popular property investment destination for British and Irish buyers, who between them invest in thousands of properties in Bulgaria each year. And many of these investors have done well with an average property price increase in 2004 of 47.5 per cent.

At present, Bulgaria is one of the least populated European states. It is approximately the size of England, but with a population of only eight million people. As well as eleven blue flag beaches, Bulgaria has 354 km of Black Sea coastline, 37,000 km of hiking paths in the mountains and a series of almost unpublicised Roman, Greek and Thracian historical attractions, including nine UNESCO world heritage sites.

Within the property market, Bulgaria is turning towards a better standard of development; only granting planning permission to the highest quality projects and taking care to protect the national parks and natural resources which have proved such an attraction. Over the past four years the number of foreign tourists to Bulgaria has increased almost 50 percent, with numbers from the EU growing by nearly 90 percent.

The world trade organisation forecasts that by 2010 Bulgaria will be visited annually by 20 million tourists – making it one of the world’s most promising international tourist destinations.

Together with Romania, Bulgaria will be the next country to be accepted into the EU. Bulgaria has fulfilled the conditions for…