Now could be the time to buy in Bulgaria, but buyers should study all the potential risks, Graham Norwood advises in an article published by Independent.
Bulgaria appears there as the typical example for an explosion of interest in Eastern Europe with prices startlingly cheap, especially for new homes, the feature says.
It gives several examples of property prices along the Black Sea coast quoting a two-bedroom new house outside Varna at the cost of GBP 70,000 and a maisonette almost on the beach in the same region offered for GBP 95,000. Even cheaper properties can be found in high-density resorts being built close to the coast, the author claims.
Relatively low prices such as these, along with estate agents' talk of 40% rises per year, have triggered worries of a price bubble, Independent points out. But analysts suggest most buyers just want a low-cost holiday home or a long-term investment and that, so far at least, the high volume of ongoing building has not undermined price gains made by early buyers.
However, the ratio of sales and re-sales has been on behalf of the latter, suggesting the majority of buyers keep them for a length of time.
Some UK-based agents believe a lot of our investors are people who have bought in Western Europe where prices have reached a peak and are now looking at the next best emerging market.
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