In the third quarter of last year, Bulgaria came out as the country with the highest capital growth. This was a full three points in front of Singapore, in second place.
According to the Daily Express, 26 November 2008, with the new passenger terminal at Sofia Airport, served by budget flights such as Wizzair, Bulgaria has become even easier and cheaper to get to resulting in even more interest in the Bulgarian property market.
The article goes on to confirm that EU membership is paying off.
In its first three months as an EU member, Bulgaria has seen average prices rise by more than nine per cent compared with a fall of 1.8 per cent in our favourite second home destination, Spain.
EU membership has increased the confidence of investors and holiday home buyers. Nearly 30 percent of all property sales in Bulgaria are to foreign nationals, who also realise this market’s potential.
Investors both large and small, looking for long term investments to add to pension portfolios, tend to be purchasing in towns in the south east. The growth in prices in areas such as Yambol municipality, and more specifically the town of Elhovo, has been staggering. According to Paul Watchorn, bed and breakfast establishments, rental properties and shops are extremely good investments at the moment.
According to Managing Director Paul Watchorn, people are a little disillusioned with pensions and savings in the UK at present. Most people are buying property and simply sitting on it, while others are having their properties managed, to get maximum returns. Paul sums it up like this, “tell me where else people can invest their money and expect up to 30 percent growth pa. Bricks and mortar has always been a sound investment, and currently, Bulgaria is still affordable”.