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| The Bulgarian Dream |
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There aren't many places in the world where you can buy property for less than £10,000. Inland Bulgaria is one. It might sound an unusual choice, but this former communist stronghold is becoming a property. Step inland and you enter a slower world, where traditional Bulgarian life is treasured and beautiful landscapes remain unscarred by large-scale developments.
For anyone wanting a holiday home with a difference or contemplating upping sticks permanently, inland Bulgaria is worth a look. 'Though Black Sea coastal resorts were the preferred option for most British buyers over the past seven years, there has always been a market for rural inland locations. The northern and southern slopes of the Stara Planina mountain range, which cuts across central Bulgaria, attract most attention, particularly Veliko Tarnovo, the old medieval capital, and surrounding villages.
Veliko is a picturesque historic university town on the edge of the Yantra river, which carves a deep ravine through the centre. Since peaking in 2008, prices in Bulgaria have plummeted and are among the lowest in Europe. Prices have fallen by 50 per cent on the coast, in ski resorts and rural areas, but in urban areas, such as Veliko, capital Sofia and Rousse, close to the Romanian border, the fall has been around 20 per cent. Away from the coast, two and three-bedroom village houses in need of modernisation cost about £10,000 or even less.
Prices have reached rock bottom, therefore they can’t go much lower, so now might be the time to buy, accourding to analysts. It seems the worst is behind us and people are starting to dip their toes back in the market, looking to snap up bargains before prices increase. It's not only due to foreign buyers, Bulgarians have started purchasing in villages, so demand is increasing.
It seems now that the market has changed. Speculative buyers snapping up two or three houses have been replaced by lifestyle buyers looking to live in Bulgaria or bag a holiday home.
David and Jo Canfield moved to Bulgaria from Harlow, Essex, in 2008. They live in Kapinovo, a peaceful village ten miles from Veliko Tarnovo. Seeking a quieter life, they bought a four-bedroom, detached home with a quarter of an acre of land for £12,500. A further £40,000 has been spent bringing it up to scratch. Jo, who retired in 2006, and David, who returns to Britain regularly to work as a taxi driver, are happy with their lot.
So are the Watsons, a few miles down the road in Tserova Koria, a village of 350 inhabitants in the heart of Bulgaria. 'We wouldn't return to Britain. Here, the cost of living is lower, the life is slower and everyone is friendly,' says Jane Watson.
Rental income is realistic in urban areas with universities, such as Sofia, Varna and Veliko Tarnovo, which has about 20,000 students. Rental opportunities in the countryside may be less certain, but a growth in rural tourism offers opportunities, as Bill and Jane Watson have found. They opened Natures View, a rural guesthouse, in 2005 after moving from Bristol. Originally looking for a holiday home, they were so impressed with inland Bulgaria they decided to move permanently. Their ramshackle detached house cost £8,500, and a further £60,000 has been spent turning it into an attractive guesthouse. 'We have a 360- degree view of mountains and a lake - it's stunning,' says Mrs Watson. They've enjoyed one of their busiest seasons, having been full from May to September. 'Tourists come from all over Europe; this year we've had to turn people away.' Bulgaria is full of beauty. As soon as you move away from the coast, you find lush, green, rolling hills, deep valleys and wooded hillsides.
It might be just a matter of time, too, before these regions have their own airport. Currently, international flights arrive at Sofia, Varna, Plovdiv and Bourgas, all around three hours from Veliko Tarnovo. Discussions have taken place about opening nearby Gorna freight airport to passenger traffic. Moderate growth should be seen over this period in the near future. Growth is likely to be strongest in urban areas. A company can be checked using internet forums, such as my bulgaria.info.
Now, in the wake of the credit crunch, a glut of empty properties, half-built apartment blocks, lack of rental income and general disillusionment has tainted Bulgaria's reputation on the world property stage. And that's a shame, because the country has much more to offer than the man-made concrete jungles scattered all along its pretty coastline. Generally, one of the most common problems associated with buying in Bulgaria is establishing clear ownership. Another obstacle is that foreigners can buy houses, but not the land they stand on. This is overcome by setting up a company to legitimise the ownership of land. A condition of Bulgaria joining the EU in 2007 was for this restriction to be removed, but it is still in place. Until it is changed, buyers pay around £350 to set up the company, and then submit an annual tax return via an accountant at a cost of approximately £170. Despite such issues, life in rural Bulgaria is 'free from the hassles of modern living'. Village life centres on self-sufficiency, something the rest of Europe lost more than 100 years ago. People are hospitable and generous, there's a respect for elders and absence of yob culture.
Source Name: http://www.dailymail.co.uk
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| Monday, Dec 20, 2010 |
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| » RENTALS |
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| Office Space |
€ 395 |
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| Location: |
Veliko Tarnovo |
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