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Are you also concerned in investing in Bulgarian Property?
Having browsed other forums, I have noticed the concerns that people seem to have in relation to the purchase of properties in Bulgaria. I shared the same concerns when I was looking to buy properties in this country. Initially, I was wary as to who to trust and wondered whether estate agents in Bulgaria were ripping foreigners off.
I also felt uneasy about the valuations of real estate properties and that they were over valued. These, as well as many other worries made me hesitant about investing my money in Bulgaria property. My main consideration was as to whether or not Bulgaria was the right country in which to invest my money. I mean, after all, there are so many other countries from which one can now choose.
Fortunately, because of the type of work I do I had some time on my hands, so I decided to fly out to Bulgaria and research the real estate market. I didnÃ¢â‚¬â„¢t just want to trust everything I read on the Internet, especially as the majority of sites advertising properties were run by estate agents. After all, they are in the business of selling properties and can make any property look appealing on web pages.
Hence, I wanted to carry out my own market research to avoid being ripped off by some unscrupulous estate agent. I soon discovered that in terms of value for money of the properties and the CountryÃ¢â‚¬â„¢s low cost of living, along with the possibility of Bulgaria being part of the European Union in 2007, I had made the right decision to invest in Bulgaria, as opposed to other countries.
As tourism in the country is continually expanding, Bulgarian citizens are becoming wealthier, mortgages are opening up the real estate market, and soon, when Bulgaria joins the European Union, funds will be available for infrastructure investment. With all this activity in the market place, real estate values will continue to increase year on year but at a slower rate then before.
Having decided that investment in Bulgarian property is for them, the current problem most buyers face is which agent to use, as there seems to be so many of them popping up everywhere. Anyone can be a part of the real estate game in Bulgaria, as there is no real training or legal requirements to set up an estate agency practice as in the UK. One just needs to open an Internet site, partner with a Bulgarian estate agent, and bingo youÃ¢â‚¬â„¢re in business.
The best advice I can give is to locate a UK agent that specialises in the area you intend to invest. I have my favourites because I have good reports from visitors to my site. Just be careful who you trust. Ask basic questions as to how long they have been in business? Can they provide details of satisfied customers? Are they part of any estate agency industry regulation?
Finally donÃ¢â‚¬â„¢t put all your eggs in one basket Ã¢â‚¬â€œ spread your investment risks over other countries too. For example, I am looking into buying in Turkey and Thailand. Cyprus is also a good market to invest. I have heard that Morocco is an up and coming market too.
However, at the moment my money is in Bulgaria as I feel this is the number one country for property investment and capital growth.
Best of luck with your property investment goals
Bulgarian property advice - Detailed information and advice on the most lucrative areas to invest in Bulgaria. Learn how to get around, get a flavor of the language, history, culture and more.
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