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Is it possible to make a lot of money by selling overseas property fast in Bulgaria? Yes, certainly, here are 3 things you should know about the real estate market in Bulgaria.
#1: Real estate prices in Bulgaria have shot up by 12 percent over the last six months.
Indeed, property prices in Bulgaria have been making a sharp upward move lately. The average price of an apartment in Sofia, for example, is 1,000 per sq m. There is a lot of interest in apartments in Sofia, so much so that there is a real shortage of supply in the market, which has shot up the prices.
Real estate agents in Sofia and elsewhere in Bulgaria say that the demand is so high that there is a real shortage of apartments for sale here, which is consequently pushing up prices.
A Sofia based estate agent, Iliyana Vasileva, explains, “Since the beginning of the year, there has been a deficit in the supply of quality real estate in all segments. We are not just talking about small apartments! Let’s say a nice, brick, three-room apartment with a garage. There is no choice and no supply of such offers.”
This presents an excellent opportunity for those who are looking to sell overseas property quick in Sofia and elsewhere in Bulgaria.
#2: There has been a major increase in demand for properties along the Black Sea Coast.
The Black Sea Coast in Bulgaria is quite long, extending to up to 350 miles. There are a couple of fast growing cities here, Burgas and Varna. Property sales in Burgas have risen by 12 percent over the last 12 months, while those in Varna have only increase by 1 percent.
Other areas such as the town of Byala and Balchik have been doing very well. In Byala, home sales have shot up by 18 percent and in Balchik by 9 percent. In popular beach resorts such as Sunny Beach, there is a real property boom, the likes of which has never been seen in Bulgaria before.
Russian buyers are the biggest buyers of homes and apartments along the Black Sea Coast. Most buyers are in the age group of 25 to 40. However, local real estate agents have reported a slight decline in Russian interest because of the fall in the value of the rouble and the strict restrictions placed by the Russian government on civil servants buying properties abroad.
#3: Over 8 million foreign tourists visited Bulgaria in 2016.
Bulgaria has emerged as a top tourist destination in Eastern Europe with over 8 million foreign tourists visiting the country in 2016. In fact, Bulgaria is Europe’s fastest growing tourist destination.
There is a real interest in Bulgaria as it is an oasis of calm in a volatile region. There is no political violence in Bulgaria unlike its neighbour Turkey, and the economy is quite stable, and there is no financial crisis of any sort as in Greece. That’s why Bulgaria has also emerged as a top overseas property destination.
Contact us today to buy or sell property in Bulgaria fast and free from stress.