Is it worth buying cheap property in Bulgaria

Buyers' interest in cheap property in Bulgaria is driven by many factors. One of them is the desire to own an affordable studio, apartment, or house by the sea or in the mountains, in a calm European country where you would like to spend time regularly.

So, is inexpensive housing in Bulgaria  a risk or a good investment?

Affordable property, a familiar mentality, a comfortable climate, the sea, quality of life, food and much more attract foreigners to buy property in Bulgaria both for holidays and for living with residence permit/permanent residence status. For pensioners, Bulgarian legislation separately lays out grounds for relocation — why not take advantage of such an opportunity...

Over the past 20 years, investment in holiday property on the coast or in the mountains of Bulgaria has mainly been the preserve of buyers from the former CIS countries, Israel, Europe and America. However, in the last few years, interest in buying holiday property among Bulgarian buyers has been growing. 

The trend is quite logical and is driven by objective factors:

• Prices for country property have fallen to attractive levels.
• Access to finance has been made considerably easier. Banks are ready to lend for the purchase of holiday property, and mortgage rates are at a record low – 2.7% per annum.
• Property in major cities has seen a serious rise in prices, which in turn has restored the image of property as a safe investment.

Let us consider the most common enquiries about inexpensive property options today:

Urban property

Purchasing an apartment or a house in a large city, where all the necessary infrastructure for permanent residence, work, study and so on is in place, is an investment and quite a serious step towards moving to the country. The most sought-after cities are  Sofia and Plovdiv, and on the coast — Varna and Burgas. 

Buying cheap property in major cities is possible, but the choice will be concentrated in residential districts and the suburbs. For example, in the suburbs of Varna, the price per square metre will start from 650–700 euros. 

Buying an inexpensive apartment in Varna itself is also possible, but you need to trust a specialist who can competently tell you about each of the districts and weigh up the pros and cons of the properties.

By buying cheap apartments in the city at the excavation stage from the owner/developer, you can save up to 30% off the price and receive an instalment plan. At the same time, the risks must be spelled out in the preliminary contract, in the “obligations and penalties” section. If everything is drawn up properly, the buyer will come out ahead. It is a good investment, because new property can always be easily sold or rented out on a short-term or long-term basis, meaning the capital can be put to work over whatever period you decide. 

Holiday property on the coast 

Attractively low prices, plenty of advertising offers with beautiful photos, offers in various currencies: prices in roubles, hryvnias, euros, leva — what is the catch?

You can often come across such offers on the market: “Buy apartments in Bulgaria in a complex near the sea at a price of up to 10,000 euros”.

So why is the price so low? There are reasons for it. The most common ones are: location (3 km from the sea), the complex has not been commissioned and does not have Act 16, or the quality of construction.

Our company will talk you out of buying unprofitable property in order to avoid problems and difficulties in reselling later on. 

Resale property on the southern coast of Bulgaria leads the way when it comes to low and affordable prices. Sunny Beach is the largest resort, where you can choose property to suit any pocket — from budget to luxury.

When purchasing housing on the coast, it is important to weigh up three criteria: price, location, quality.

Buying a cheap village house in Bulgaria

House prices start from 5,000 euros. Such houses are usually located more than 100 km from the sea or in the mountains towards Sofia.

When considering this type of property, pay attention to who your neighbours will be — this is important.

There are good villages in the Dobrich region, near Tervel, the village of Novokameni, where only Bulgarians and a couple of English people live. Houses cost 5,000–6,000 euros, the village is clean, with good roads, and it is an excellent place for raising animals or agricultural work.

When purchasing property, risks can be classified in various ways: your personal risk, economic risks, and so on.

Any good property broker will tell you that risks are nothing to be afraid of — you simply need the right choice of strategy in order to  minimise them and thus choose an approach for a profitable purchase.

The choice of a promising region for investment is important, and by no means the most expensive or the cheapest. Here, location, land and construction indicators for its development, demographic criteria and so on are of paramount importance.

The main factor determining the price of a property and the prospects for its development is the intended permanent use of the property, which is divided into three main categories — residential properties, dacha plots, and offices and commercial premises.

And last but not least is the choice of the type of property to invest in, depending on the strategy you have chosen. It can be a house, a dacha, an apartment, an office, a shop, a plot of land, an atelier or a studio.

There are many other circumstances that play an important role in choosing a property: the number of bedrooms, the condition of the property, a garage, a garden, a swimming pool and so on. All of these are considered individually, in the context of a specific transaction linked to a pre-selected investment strategy.

Bulgaria Avenue will be delighted to help you choose an inexpensive property, on favourable terms and with prospects for the future, so that you are pleased with your choice in our hospitable country of Bulgaria.