Demand Remains High Leading to Steady Price Increases
Almost 40 000 Britons currently have property in Bulgaria and the demand remains high leading to steady price increases. According to James Knight CEO for Knight International and a leading expert in international property.
Knight quoted UK daily The Independent that said that Bulgaria featured as one of the most attractive destinations for property buyers where one could still buy flats worth 34 000 euros.
The article went on to say that, "it is increasingly difficult in the UK to gain profit from property deals on rental purposes. Interest rates in the UK increased five times from 4.5 per cent to 5.75 per cent while rental prices grew insufficiently."
This is the main reason why Britons search for investment opportunities in Eastern Europe and especially in new European Union member countries like Bulgaria. Knight stressed the importance of carefully selecting the developer whether buying off plan or one that is completed.
Not all of the 40,000 people owning are having a positive experience. When people in the UK became aware of the great natural resources of the country including over 250 miles of beautiful coastline then many people leaped before they looked. The internet stimulated a great deal of interest in the country. Unfortunately you only get a part of the picture looking at a computer screen. Many people made fast spontaneous decisions that they now regret .This was prompted mainly by the desire not to miss the boat.
Inexperienced property developers wishing to capitalise on the interest in the country in some cases made promises that they couldn't keep for whatever reason,and there will be people that are disappointed. We all have "I wish I wouldn't have" stories. This doesn't take away from the fact that Bulgaria is a beautiful country, offering the visitor a myriad of things to see and do and great opportunities to make sound investments.
"You have to be careful as to who you listen to", Knight said, "pick an expert who has a successful track record, knows the principles fundamentals and concepts and most importantly is interested in you".