Property Select - Overseas Property News

Bulgaria recommended to investors

Fri, 4 Apr 2008 00:00:00 GMT

Property investors from the UK have been advised to consider purchasing a residence in Bulgaria.

According to Balkan Holdings, the eastern European country is still a "valued destination" and a strong investment market.

However, he stated that foreign property buyers need to know what they are doing and where to look in order to get the highest returns.

Chris Northam, managing director of Balkan Holdings, recommended that prospective investors look towards the Bulgarian countryside, as houses in rural areas tend to be cheaper.

He commented: "You're looking at [spending] anything up to €50,000 euros."

Mr Northam added that with the continued effects of the credit crunch on the European economy, this could be a safer bet than buying an off-plan apartment.

This comes after the Global Property Guide revealed that house price inflation in Bulgaria outpaced anywhere else in the world last year.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

First-time buyers consider foreign investment

Wed, 26 Mar 2008 00:00:00 GMT

Investing in foreign property is becoming an increasingly popular option for cash-strapped first-time buyers (FTBs) in Britain.

According to a study by Fair Investment Company, more than half of FTBs in the UK have either bought or considered buying a home overseas.

The firm stated that many are choosing to look abroad because of the current slowdown in the British property market.

James Caldwell, director of Fair Investment Company, said this has made some FTBs reluctant to invest at home while the impact of slowdown is still being felt.

Furthermore, he cited the high price of property in the UK as another factor that is driving people overseas.

Mr Caldwell commented: "They can sometimes find cheaper property prices and a lower cost of living, which could make buying their first home more affordable."

He added that some countries offered both bargain properties and a comparable standard of living.

First-time buyers were recently advised by BuyAssociation to make sure they have an exit strategy if they wish to sell their property on at a profit.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Investors urged to consider eastern Europe

Mon, 17 Mar 2008 00:00:00 GMT

Eastern Europe still presents a variety of possible investment opportunities, according to an expert.

Neil Lewis, founder of advice group Property Secrets, stated that while some markets were starting to slow down, other parts of the continent have yet to be fully tapped into.

This means that overseas property investors can still get good returns without travelling to a long-haul destination outside of Europe.

Speaking to the Times, Mr Lewis highlighted the Romanian capital Bucharest as one possible option, along with the Bulgarian city Sofia.

He told the newspaper that both locations are still in their initial period of rapid growth, which means prices has not begun to level off as in many other European cities.

Mr Lewis commented: "What you should bear in mind is that these are emerging markets, but emerging within a very safe political and therefore economic environment."

This comes after the Global Property Guide revealed that house prices in Bulgaria rose by nearly a third last year.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Bulgaria has reduced cost of living

Mon, 10 Mar 2008 00:00:00 GMT

Bulgaria has been identified as one of the cheapest countries in the whole of Europe.

A study by Teletext Holidays revealed that the average price of a pint of beer in the eastern European country is 49p.

By contrast, a comparable beverage would cost more than three times this amount in Spain.

A similar trend was identified with the price of a three-course meal in Spain, which is worth more than twice the amount it goes for in Bulgaria.

This could help to explain why the country has become increasingly popular among leisure travellers from the UK.

Bulgaria's emergence as a major holiday destination has in turn transformed it into a hotspot for overseas property buyers.

Ash Makkar, spokesperson for Teletext Holidays, remarked: "People are becoming more adventurous when it comes to booking a trip abroad."

This comes just over a year after Bulgaria was admitted into the European Union.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Bulgarian property investment 'continues'

Thu, 28 Feb 2008 00:00:00 GMT

A growing number of foreign investors are expected to enter the Bulgarian property market for its moderately-priced apartments and to take advantage of the growth in high-end projects, it has been claimed.

Prices for property in Bulgaria now range between €800 (£611) and €1,200 a sq m in new developments and this is attracting the attention of Romanians, Poles and Russians, the Financial Times reports.

Last year, purchases of property and land for development accounted for 40 per cent of Bulgaria's €5 billion in foreign direct investment. This year, the economy is expected to grow by five per cent.

Brian Conneely, of West Properties International, told the newspaper: "There is a swing now from budget properties to those in better locations, of good build and good management."

In recent years, investment has been targeted at building apartment compounds, which were then sold on to foreigners who, in turn, then rented them out to holidaymakers and residents, according to Propertywisebulgaria.com.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Golf fans head for Bulgaria

Mon, 18 Feb 2008 00:00:00 GMT

The creation of new golfing facilities in Bulgaria may be likely to boost its appeal among overseas property investors.

According to AFP, the government in the eastern European country is keen to attract more affluent leisure travellers from overseas.

This has led to the creation of leisure attractions specifically aimed at this market, such as golf courses in desirable locations.

Kancho Stoychev, who is opening a golf course along the Black Sea Coast in June, said that this could be an "extremely important" means of attracting people with more disposable income.

He told AFP: "If a regular tourist usually spends about €50 to €100 a day, a golfer might spend €400 to €500 euros."

This would also create more demand for rental accommodation in Bulgaria, particularly in the top end of the housing market.

As a result, such a purchase could potentially be very lucrative for investors in popular golfing areas.

Meanwhile, the Novinite news agency has stated that the government will reveal its plans to boost golf in Bulgaria towards the end of next month.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Investors buy eastern Europe property

Fri, 15 Feb 2008 00:00:00 GMT

Eastern Europe is becoming more and more popular with British property investors, according to new figures.

Statistics from Holiday-Rentals showed that while traditional European markets such as Spain were still dominant, less-established markets were attracting an increased level of interest.

Bulgaria was highlighted as one location that had seen a significant surge in the number of holiday home buyers from the UK in recent years, along with Croatia.

Holiday-Rentals attributed this to a number of factors, such as the growing popularity of eastern Europe with holidaymakers.

The organisation added that both countries also offered highly affordable property prices and high capital growth rates.

Improvements in the level of accessibility was cited as another reason for its greater popularity, as eastern Europe is now much easier to reach than it was several years ago.

Earlier this month, the Croatian National Tourist Office revealed that 275,000 British holidaymakers visited the country last year.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Bulgarian property market set to grow this year

Wed, 23 Jan 2008 00:00:00 GMT

House prices in Bulgaria could increase by as much as 15 per cent this year, industry experts have predicted.

According to local real estate agency Address, the country's housing market is set to experience substantial growth during 2008, BBJ reports.

Speaking at a news conference, representatives of the firm said they expected property values across Bulgaria to rise by at least ten per cent over the next 12 months.

The rate of house price inflation was tipped to be as much as 15 per cent in some parts of the country.

Although this appears to be a fairly high figure, Address said this meant the Bulgarian property market was beginning to level off after several years of fast growth.

According to the Global Property Guide, the eastern European country saw the highest rate of house price inflation in the world during 2007.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Growth in Bulgarian housing market continues

Tue, 22 Jan 2008 00:00:00 GMT

A Bulgarian media outlet has reported that house prices across the country are continuing to increase.

The Novinite news agency said the average price of residential property went up by almost fifth during 2007.

Values were found to be at a national high in the city of Varna, as they were 19 per cent on the figure recorded a year earlier.

High demand for property in Bulgaria was cited as the main reason for the increase, along with the maturation of the market.

The level of demand was described by Novinite as "brisk", while it added that the country's housing market was "developing".

This means that foreign property investors who purchase a Bulgarian property could benefit from considerable capital growth.

According to the Global Property Guide, the eastern European country saw the highest rate of house price inflation in the world during 2007.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Britons 'head abroad for new experiences'

Mon, 21 Jan 2008 00:00:00 GMT

Britons are using their trips abroad as an opportunity to take in new experiences, an expert has said.

Claire Lilley of Holiday Which? magazine stated that people were less content to spend their holidays lying on a beach since they now went overseas more frequently.

This was said to have resulted in a growing desire to take part in new activities and to go to countries they had never visited before.

Although established markets such as Spain were identified as consistently popular holiday destinations, other parts of Europe were found to be attracting a growing level of attention.

Ms Lilley commented: "Eastern Europe is still booming - places like Bulgaria and Turkey are on the agenda a lot more."

This could mean that these two countries become more popular with overseas property buyers, as their growing appeal could make them potentially lucrative markets for investors.

According to a recent poll by A Place in the Sun magazine, Turkey is currently the third most popular market among buyers from the UK.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Bulgarian property investment 'could be lucrative'

Tue, 8 Jan 2008 00:00:00 GMT

Overseas property investors may be set to see a high rate of capital growth in Bulgaria, new figures have suggested.

According to the Global Property Guide, the eastern European country saw the highest rate of house price inflation in the world during 2007.

This means that people who bought the property before or at the beginning of the year could possibly sell it on at a profit.

Therefore, a Bulgarian property investment could potentially generate strong returns, especially if this trend continues during 2008.

Growth in the country's housing market was found to have outpaced every other nation in the world, including fast-growing economies such as Lithuania and Estonia.

However, the prevalence of eastern European countries in the list of the highest-ranked countries highlights the extent of interest in the region as a whole.

The figures in the Global Property Guide account for Bulgaria's first year as a member of the European Union.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

'Good year' for eastern Europe

Mon, 24 Dec 2007 00:00:00 GMT

Overseas property investors in eastern Europe have benefited from continued growth in these markets, according to a newspaper report.

UK-based publication the Telegraph stated that 2007 had been a "good year" for the region, due to it experiencing further economic expansion.

This was said to have been a positive development for owners of property in eastern Europe, as it had contributed to a boom in many local housing markets.

Furthermore, the Telegraph stated that the growing economies in popular investment hotspots had made the resident population increasingly wealthy.

The publication said their growing affluence had led to greater demand for high-quality accommodation among local people.

This means that overseas property buyers will have a wider choice of desirable properties to choose from.

Earlier this month, property author Andrew Regan credited the aviation sector with helping to boost the popularity of eastern Europe among Britons.

He stated that cheap flights had helped encourage people to visit countries such as Bulgaria, as they were now affordable and easy to reach.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Airline adds extra Bulgarian flights

Tue, 18 Dec 2007 00:00:00 GMT

Overseas property investors in Bulgaria are set to receive a boost from the launch of new flights from London.

Next month, easyJet will begin operating services between Gatwick Airport and Sofia seven days a week.

The route was introduced in November on a three-times weekly basis, but the budget airline has said the strong levels of demand have led to it increasing the frequency.

Although other carriers offer passage to the country as well, the swift response illustrates the importance of Bulgaria to the aviation sector.

Since airlines began operating services to Bulgaria, it has attracted considerable attention from both holidaymakers and foreign property buyers.

According to property author Andrew Regan, the growth of cheap flights has helped make the country a more desirable investment area.

Writing for Huliq.com, he added that its appeal had been further boosted by its recent entry into the European Union.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Cheap flights 'have opened up Bulgarian market'

Wed, 5 Dec 2007 00:00:00 GMT

The aviation sector has been credited with helping to boost the popularity of Bulgaria among Britons.

Property author Andrew Regan stated that cheap flights had helped encourage people to visit the eastern European country as it had made it affordable and easy to reach.

He said this had resulted in a surge in the number of British holidaymakers choosing to visit Bulgaria.

Mr Regan added that overseas property investors had also become aware of the country at the same time, as it had a number of positive attributes to offer.

For example, Bulgaria was praised for its infrastructure improvements that had taken place to accommodate the influx of visitors.

In addition, Mr Regan said that the growth in tourism had led to the creation of new properties in desirable areas, creating the chance to purchase both a good holiday home and a lucrative investment.

The comments come only weeks ahead of the first anniversary of Bulgaria's accession to the European Union.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Bansko to benefit from infrastructure improvements

Tue, 13 Nov 2007 00:00:00 GMT

Authorities in the Bulgarian town of Bansko have announced that a series of infrastructure improvements will take place across the area.

Alexander Kravarov, mayor of Bansko, said that money from the European Union will be used to upgrade local facilities and buildings in the popular tourist hotspot, reports the Sofia Echo.

He stated that the some of the rural roads in the municipality were "fourth-class" and needed to be improved, particularly those that connected villages outside of the main urban centre.

Meanwhile, St Trinity Church in the old quarter of Bansko will receive some of the money, which will be used on restoring the building.

This should significantly enhance the desirability of the region to holidaymakers and overseas property investors, partly because house prices will be likely to rise.

Bansko has recently become a highly popular area among winter sports fans due to its good skiing facilities.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Investors urged to get professional advice

Wed, 7 Nov 2007 00:00:00 GMT

Prospective investors in eastern Europe have been urged to get independent legal advice before buying a property.

Amanda Lamb, presenter of Channel 4's A Place in the Sun, stated that if people were thinking of buying a home in Bulgaria or Romania, it was important to get professional assistance.

She told Female First that most of the "horror stories" she had witnessed while working on the programme had involved people who had not received financial advice and got into trouble as a result.

Ms Lamb said it was especially important for people who were investing in less established markets in areas such as eastern Europe.

She commented: "There is chance to make money in those countries but you just have to be careful if you do buy there that you get your good independent legal advice."

This comes after Steve Williams, UK ambassador to Bulgaria, told the Sofia Echo that the majority of local people believed that investment from countries such as Britain had been beneficial to the economy.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Bulgarians 'welcome overseas investment'

Tue, 6 Nov 2007 00:00:00 GMT

Overseas property investment in Bulgaria has been welcomed by local people, according to the British ambassador to the country.

Steve Williams said that the majority of Bulgarians believed that investment from countries such as the UK had been beneficial to the economy.

Although he stated that the popularity of the country among foreign property buyers had led to prices being pushed up in some areas, this was not said to be a problem for local people because of the availability of housing.

Speaking to the Sofia Echo, Mr Williams added that Britons who had chosen to relocate to Bulgaria were settling in well.

He commented: "The growth of English-language publications, including the Sofia Echo, is testimony to the burgeoning English-speaking community, which I welcome."

Mr Williams also highlighted many of the visible signs of economic growth in Bulgaria, such as strong commercial activity and the available range of shops, goods and services.

The comments come almost a year after the country became a full member of the European Union.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Bulgaria attracting British tourists

Mon, 5 Nov 2007 00:00:00 GMT

Hundreds of thousands of Britons have chosen to visit Bulgaria in the year to date, according to official figures.

Statistics cited by VisitBulgaria.net showed that between January and September 2007, the country received approximately 410,000 arrivals from the UK.

This is up seven per cent on the same period of 2006, while the majority were said to be holidaymakers.

Bulgaria's popularity also extended to other countries in Europe, with a large number of German and Romanian visitors also recorded.

The country's appeal among different nationalities could prove to be a strong motivation for overseas property investors to consider it as a viable option.

Last month, investment specialist Amar Sodhi told the Telegraph that Bulgaria's popularity as a holiday destination all year round makes it a good option for overseas investors, as rental accommodation is in continuous demand.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Service sector boosts Bulgarian economy

Mon, 24 Sep 2007 00:00:00 GMT

Growth in Bulgaria's economy is being largely driven by the tourist trade, according to new figures.

The country's National Statistics Institute said that the burgeoning service sector, a consequence of Bulgaria's popularity as a holiday destination, was helping to drive the economy.

Figures cited by the Sofia Echo showed that in the last year, the country's gross domestic product (GDP) rose by 6.4 per cent.

GDP for the first half of this year was recorded at 24.5 billion Bulgarian leva (£8.8 billion), the newspaper stated.

The figures could be good news for investors in the Bulgarian property market, as it has been largely driven by the country's appeal among holidaymakers.

Earlier this month, bosses at the Zlatni Pyasatsi resort were quoted by the Sofia Echo as saying that the country was especially popular with Russian tourists, as well as people from Germany and the UK.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

'Many nationalities' taking holidays in Bulgaria

Fri, 21 Sep 2007 00:00:00 GMT

Bulgaria has become an increasingly popular tourist destination for people from all over Europe, experts have said.

The manager of the Zlatni Pyasatsi resort stated that people from countries as diverse as Russia and the UK were choosing to take their holidays in the country, reports the Sofia Echo.

Bulgaria was also found to be highly popular among people from the UK, although the market share of Britons holidaying there was said to have dropped slightly this year.

However, many people were also reported to be flying in from the Scandinavian countries of Norway and Sweden for their holidays.

This news could be a positive development for the country's overseas property market, as it highlights Bulgaria's broad appeal and growing tourist trade.

According to a recent report by UK-based newspaper the Independent, approximately 40,000 Britons have now invested in Bulgarian property.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Sofia 'offers investment opportunities'

Mon, 17 Sep 2007 00:00:00 GMT

People planning to invest in Bulgarian property have been urged to look at the capital city Sofia.

Analysts at Property Secrets said that investors would be heavily reliant on factors such as the weather and the tourist industry if they bought property in coastal areas.

However, the firm stated that there would be millions of potential tenants ready to live in rental accommodation in the city for 12 months of the year.

Simon Tweddle, chief analyst at Property Secrets, added that city areas could also be better as there tended to be an excess of property available in coastal regions.

He commented: "If you invest in the city you've got more than two million people who can potentially rent your property from you."

According to figures from the Royal Institution of Chartered Surveyors, approximately 200,000 households in the UK own at least one property abroad.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Aviation 'boosts overseas property market'

Wed, 12 Sep 2007 00:00:00 GMT

Routes offered by low-cost airlines could indicate future investment hotspots, according to experts.

Overseas buyers were told by Obelisk International that if they knew where cheap flights were travelling to, this could contribute to the success of their investment.

Bulgaria and Cyprus were cited as two examples of countries that had benefited from the growth of the sector, as increased accessibility had led to greater demand from tourists and investors.

Keith Prior, investment director at Obelisk, commented: "The fierce competition and price wars between the airlines can ultimately equate to higher rental prices as the consumer saves on travel costs."

He added that many of the areas serviced by low-cost carriers tended to be "up and coming" markets, meaning that they were likely to provide strong returns for investors.

Recently, regional airports were praised by the Airport Operators Association for making overseas travel more convenient for many people.

Property Select offers a comprehensive selection of overseas property, news, members club and reviews of the latest property developments.

Surge of interest in Bulgarian Black Sea

Wed, 5 Sep 2007 00:00:00 GMT

More buyers are opting to buy properties in the Black Sea region of Bulgaria, a new study has found.

According to Green Life Property Development, investors from countries as diverse as the UK and Kazakhstan are choosing to tie up money in local properties, reports Focus.

The report added that Russians were also entering the market in increasing numbers, with many opting to buy holiday homes in the region.

As a result, the relative ratio of English-speaking investors to those fluent in other tongues was found to have changed radically, despite the growth in numbers of both groups.

Green Life said that whereas English-speakers accounted for eight out of ten investors in 2006, they now made up a minority of 20 per cent.

Various differences between the two groups were also highlighted, especially regarding their attitude towards property investment.

Russians were said to be less price-conscious than Britons, who were described as being keep especially keen on acquiring bargains.

According to a study by Foreign Currency Direct, almost a quarter of Britons have thought about purchasing an overseas property.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Piraeus launches interest-only mortgage

Fri, 24 Aug 2007 00:00:00 GMT

Piraeus Bank London has launched a new interest-only product designed specifically for the Bulgarian property market.

The product is only available to Bulgarian and British nationals.

The bank has released the mortgage in response to rising demand for Bulgarian property among Brits. In the last few years, over 30,000 Brits have purchased properties with the majority of these being off-plan investments.

"The low property prices in Bulgaria have made the market extremely appealing for investors," Irini Tzortzoglou, head of retail banking, commented.

"Many are buying properties off-plan with a view to obtaining capital gain and rental income from tourism once completed. Offering a finance product which combines a ten-year interest only period and one which takes into account up to 30 per cent of projected rental income is highly exciting for investors."

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

Bulgaria 'lucrative' in right areas

Thu, 9 Aug 2007 00:00:00 GMT

The Bulgarian property market can be a very lucrative one to invest in - but buyers have to make sure they purchase in the right area, as some parts are close to "over-development".

This is the opinion of Simon Walker, sales director at Off Plan International. He says that investors have made huge amounts of money out of Bulgaria, but urges caution for those just entering the market.

"Bulgaria was one of the first countries that could be exploited. It's a new market, the country itself is cheap living, the property was very cheap in the beginning - half the price it is now, if not more so," he commented

"People that got in on Bulgaria in the very, very beginning have made a hell of a lot of money, predominantly in buying land to make more money.

"[Bulgaria] was a hotspot and people jumped on the bandwagon. There are lots of people developing there and this is why there are some areas in Bulgaria that are getting potentially close to over-development," he went on.

Mr Walker did go on to say that there are still limitations on development - meaning there are still numerous opportunities for investors looking to plough funds into the market.

Property Select offers a comprehensive selection of overseas property in Bulgaria, news, members club and reviews of the latest property developments.

'Unique is the way to go', buyers advised

Tue, 7 Aug 2007 16:59:46 GMT

People considering investing in a property overseas should carry out their own research and make sure that they buy something that is a little "different", one expert has said.

Mark Stucklin, spokesperson at Spanishpropertyinsight, says that investors would also benefit from buying into a "liquid" market - where they will be able to sell quite quickly, as people want to buy there.

"Do your own research," Mr Stucklin advises.

"Look for liquid markets - don't go for an offplan apartment in a Bulgarian resort because you'll never be able to sell it," he adds.

"It helps to find unique types of property - look for something a bit different. There are a lot of two-bed apartments with very similar characteristics in one area - then when you come to sell everyone else will be trying to sell the same thing as you," he goes on.

Mr Stucklin says that, when considering which property to buy, investors should try and imagine who would be willing to purchase their home - as "if all you're left with is selling the cheapest there is, that is not going to be a good investment".

Property Select offers a comprehensive selection of overseas property in Spain, news, members club and reviews of the latest property developments.