Official figures show that property prices rose by 24% (up to 100% in some areas) in 2003. The increase in property prices exceeded 100% in many areas in 2004! The property boom is spreading and is expected to reach its peak in a couple of years’ time, after Bulgaria joins the EU in 2007. Lower interest rates and the straight-forwarded state foreign policy are considered among the main reasons. Most aspired are the High Quailty Apartments, which have seen a huge increase.

Low prices compared to Europe:

Bulgaria is a country with extremely low real estate and land prices compared with Western European and most Eastern European states.

EU membership:

Bulgaria has received an invitation to join the EU in 2007. This combined with the removal of certain remaining constitutional restrictions on foreign investment in land (due to its incompatibility with EU membership) should cause a further upward surge in property prices.

Easy purchase process:

The harmonisation of Bulgarian legislation with that of the European Union means that the actual process of a real estate transaction in Bulgaria is not that much different to the procedure that exists in other European countries, although there are still some major differences that need to be more defined if the market is to develop in a meaningful way.

Lower costs:

The costs associated with property transactions in Bulgaria are generally much lower than in developed economies, as are the running costs or the costs of refurbishment or improvement. All properties are bought freehold and more than 90% of occupied residential property is owner occupied.

Tourism:

Following Bulgaria's transition to a market economy, the development of the retail property market has been difficult, but steady. With the initiatives to increase tourism, a large number of new construction projects have already been commenced along the Black Sea coast. In 2003, the tourism income increased by 21% - over 4 million visitors. The British tourists increased by over 40% in 2004! The growth in tourism is expected to be maintained in the forthcoming years.

Value for money:

Property and land prices are without doubt good value in Bulgaria. This may be due in part to the general historic neglect of its assets and also because the Bulgarian currency (Lev) is undervalued. In addition, the current restriction on foreigners to own land is further affecting the liquidity of the market.

Natural resources:

Located in the Southeast part of Europe, Bulgaria enjoys four different seasons: energetic spring, adventurous summer, colourful autumn and enigmatic winter; and over 1500 hours of sunshine from early May to late October. The climate allows nice summer vacation at the seaside, and beautiful winter holidays in the ski resorts.

High mountains, deep valleys, lakes and rivers, green forests, grassy foothills, fertile flatlands, sea coast bays and sandy beaches can still be discovered unspoiled. Modern cities, rural villages, fancy cars, donkey-pulled carts, old monasteries and ancient ruins make Bulgaria a bridge between rich past and challenging future.