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2014 and 2015 were good years for the housing market in Bulgaria. Bulgaria is a traditional country in a lot of ways. But there has been a lot of interest in Bulgaria and it is slowly emerging as a major overseas property hub.
There has been a lot of attention given to Bulgaria by British and Irish buyers. But the biggest buyers of properties in Bulgaria have always been both, middle class and upper class, high net worth Russian buyers.
Russians have always had a strong interest in Bulgarian properties. This can be attributed to the fact that there are many cultural similarities between Russia and Bulgaria and during the pre-1991 period, they were a part of the same Communist bloc.
Indeed, Russians have purchased hundreds of thousands of properties in Bulgaria, both villas and apartments. You will find a number of Russian buyers at Sunny Beach, which lies on the Black Sea Coast and is the most popular beach resort in Bulgaria and quite possibly the best beach resort in Eastern Europe.
Russians have purchased over 40,000 apartments at Sunny Beach and there is a strong Russian community in Bulgaria. Russians have always felt welcome here and are treated very well by locals. There does not seem to be any discrimination of any sort against them.
St Vlas, Burgas, Varna and Nessebar are other popular places in Bulgaria that are frequented by tourists and international property hunters. Of course, the capital of Bulgaria, Sofia, is very popular with tourists and is a major overseas property destination.
Property prices in some of the overseas property hotspots in Bulgaria have risen by 10 percent in both 2014 and 2015. The positive growth rate has continued in 2016 as well.
What makes Bulgaria such a hit with overseas property hunters is that no matter by how much the prices rise here; they will still be very affordable compared to similar properties in London and Paris. Where else in Europe, for example, can you buy a decent two-bedroom apartment with all modern amenities for no more than £15,000? Only in Bulgaria!
Now, let’s give you a few quick tips to sell property in Bulgaria fast!
Tip #1: The importance of marketing your property overseas to reach out to cash rich Russian and, possibly, Chinese buyers cannot be emphasized enough. However, the local Bulgarian real estate agents lack the connections and don’t have the skills to market your property overseas. That’s why it is so important to hire UK estate agents specializing in overseas property transactions to find a buyer for you. This way, you are likely to sell your overseas property faster, at the best possible price.
Tip #2: Set a realistic price for the property. If you are looking to sell your overseas home faster, then don’t price it higher than you should. Buyers are very smart about these things and they have all the tools they need to know what the property is truly worth. Set the price at around 5% higher than what comparable properties in the area are selling for, not more than that.
Tip #3: Take care of the property; make sure that it looks at its best when buyers come visiting. Work hard on renovating the property without extending your budget too much to do so. In particular, pay attention to the kitchen and the bathroom, because that’s the first thing that prospective buyers look for. Get a professional photographer to take attractive pictures of the property, to be used for the marketing.
Tip #4: Let’s assume that you have found a buyer and agreed to a price. Now, do you have all the paperwork and documentation in order? The sales deed, utility bills, floor plans, housing surveys and the other things that will be needed during the transaction? This is very important, as if any of the documentation is amiss, that could lead to the buyer walking out.
That’s about it. Hope you found the information given here useful, do get in touch with us if you would like to know more about selling your overseas property online in Bulgaria. Contact the experts today to sell property in Bulgaria fast.