Wednesday, 7 July 2010
Bulgarian accession to the EU. The green light for the serious investor?
Bulgaria has recently met all the causes and articles for accession to the EU. Full entry is scheduled for early 2007. The country will immediately benefit from worldwide acceptance and a massive investment from the European Community.
Bulgaria is at present a relatively poor country. The average monthly wage is just €280. Membership of the European Community will ensure that the transportation network, domestic and commercial utilities sector, labour rates as well as the fiscal and banking systems will all be brought into line to mirror their more prosperous European neighbours.
With the increasing prosperity, along will come the private and corporate investors eager to cash in on the country's new found wealth. Over the past three to four years, Bulgaria has seen consistent rises in the property market between 20 to 30%. A few pioneering investors have taken advantage of this increase but have tended to be either the long-term corporate investor or highly speculative property gambler.
Entry into the European Union have seen the property prices of new member countries almost double within a one to two year period. Ireland, Hungary, and even Spain are prime examples of this phenomenon.
Bulgaria is set to be no different. Property prices and the cost of living are amongst the lowest right across the European states. Massive price increases are predicted within the next 12 to 18 months to echo prices amongst other member states.
The country itself offers a vast selection of city, coastal, mountain and rural investment opportunities.
Sofia, the capital, is experiencing massive corporate investment from companies relocating to take advantage of the low labour and rental cost:
The Black Sea Coast, with resorts such as Sunny Beach, Golden Sands and St. Vlas, experiences higher summer water temperatures than the Mediterranean along the Spanish mainland. Tourism is increasing massively year on year as is the number of visitors investing their own home in the sun.
The mountain resorts, Borovetz, Pamporovo and Bansko offer the longest ski season in the whole of Europe. Prices for ski apartments are around 70% cheaper than other popular European resorts and property purchases are booming.
Existing rural properties can often be purchased for less than the price of a car. Hardy purchasers can expect huge bargains, huge potential and tiny prices.
Many experts agree with www.investmentpropertybg.com that prices are due to surge over the coming months in anticipation of accession. Returning holidaymakers, impressed by the value for money and excellent selection of properties that Bulgaria offers, will further fuel the property boom. The time for the serious investor to take advantage is now.