Real estate boom
As in the real estate boom after the entry of Bulgaria into the EU took off. Just remember the period after the Polish entry into the European Union. A similar situation has real estate market in Bulgaria. A square meter price is still so attractive that it is worth the investment.
- It is also worth to observe that in the case of Spain from the date of entry into the EU property prices increased by 800%.
- In 2007, property prices have increased on average by 23%. The increase in prices depend on location and the attractiveness of real estate.
- It is still a place with lowest real estate prices in Europe. You can have a house on the Black Sea for 700 EUR per square meter. The price increase in Bulgaria seems promising, in comparison to the real estate prices in Poland, particularly in the seaside area. In Poland, a square meter of an apartment in Hel Peninsula costs about 20 000 PLN [i.e. 5200 EUR]; the tourist attractiveness of the location, maintenance costs, season duration are far better in the Balkans.
- Great improvement of the quality of workmanship and décor of the interiors and land development. Professional and experienced international developers operate in the real estate market. The real estates are usually available in three standards: turnkey, turnkey with bathroom and kitchen furnishings, or full standard [furnishing and equipment]. The first standard means only the lack of furniture – it includes painted walls, tiled floors, panels and carpets, complete bathroom fittings, internal doors, etc.
- Many international investment funds invest in the Bulgarian real estate market – it additionally stimulates the demand.
- Great underestimation of the Southern Coast area – it is the area of potentially highest profitability.
- It may take only three days to purchase [including travel and formalities] – the day of the week does not matter here.
- The average yearly income from rental reaches the level between 4 and 10%.