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Bulgarian Mortgages

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BULGARIAN PROPERTY PRICES STILL RISING

Residential property prices in Bulgaria continue to rise, despite forecasts of doom.
The average price of dwellings rose 31.55% in the year to Q1 2008 (15.21% in real terms).

Sofia, previously a laggard, is now surging ahead, with a 35.21% residential price increase in 2007.

Bulgaria now has a second wind. Bulgaria was the fourth most popular destination for Britons who were buying overseas property last year, according to the Association of International Property Professionals. 75% of UK mortgage brokers expected to see an increase in the number of UK buyers looking to buy in Bulgaria in the next 3 years, according to a February 2008 survey by the NatWest International Personal Banking League of Buying Abroad. Bulgaria is also the number one destination of choice for Russian buyers - who often buy properties the Brits sell.

Acquiring property in Bulgaria is a simple and straightforward process. But foreign non-residents cannot acquire freehold land directly, only a structure e.g. apartments and condo units on a plot of land.

Source: Global Property Guide

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