Amidst a global cooling of the property market, residential prices are forecast to grow by up to 25% nationally and up to 32% for new apartments for sale in Sofia in 2008. In view of the forecast ,rising prices following the county’s accession to the European Union, the sellers on the house market decided to play a wait-and-see game,slowing down supplies and pushing prices up.
For the time the Russians and Scandinavians are the most enthusiastic property buyers,followed by the British and Irish home hunters mortgage credits grew by 67% in 2007 as compared to the previous year and rumors of a speculative bubble in domestic lending following the severe credit crunch that the United States faced are ruled out due to Bulgarian wage increases and rise in employment.
Bulgaria was also confirmed as the hot spot for Britons and Irish buying a holiday home abroad. According to Shamrock Consultancy Services, the former communist state has risen to third most popular destination for foreign bolt holes, behind only Spain and France. Bulgaria leapt ahead of Florida, Portugal, and Dubai after marketing the Black Sea coast for summer holidays and inland mountain ranges for skiing.
The country is currently being touted as the best place to buy, a country where you can get more for your money than in Spain, Portugal, or Greece while enjoying the kind of lifestyle that was affordable in Mediterranean Europe 30 years ago.
With the Black Sea coast averaging nearly 300 days of sunshine a year and a good meal for two with wine costing less than euro 8, Bulgaria has also been voted the UK’s favourite holiday hot spot. The cheap prices mean it is ideal for holiday home buyers or investors with limited budgets. But since Bulgaria joined the EU in 2007, second home owners can expect the value of their properties to soar.
The report also showed Florida’s attractiveness as overseas property investment is falling after a year in which the dollar rose against the pound forced prices up in the sunshine state. Bulgaria is booming. The Bulgarian Beach and Ski resorts are reminiscent of Spain,Portugal and Italy 20 years ago; investors are buying in their droves and there is similar activity in Bulgarian ski resorts.