Varna Property Investment

by Ian Hunt.
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Varna is a significant trading centre, commercial sea port and is situated on the northern Bulgarian coast. Varna and the surrounded resorts of Golden Sands, Sveti Konstantin, Albena and Balchik offer some of the best soft sandy beaches in Europe.

The area has become an increasingly important summer holiday destination with many visitors from the UK, Germany, France as well as the traditional visitors from Russia and other parts of Eastern Europe. The economy in Varna is strong and it is experiencing large investments in major new city centre projects, including residential and commercial developments.

The average salaries are rising strongly and a professional person will be receiving double or even triple the salary from 5 years ago. The joining of Bulgaria into the European Union in January 2007 has added to this inflation which is set to continue. The property market for holiday homes is also strong in Varna.

Balchik to the north is surrounded by three golf courses and the magnificent Albena resort with superbly maintained beaches have attracted significant investment from foreign buyers in these areas. This also looks set to continue with the emphasis on high quality construction near the beach, or properties that offer lifestyle opportunities, further away from the main investment areas.

Interest rates are currently around 6% but the Bulgarian lev is tied to the Euro. It is expected the lev will be replaced by the Euro in 2009. This will lead to a parity in interest rates making Bulgarian property more affordable in the future and therefore a good time to buy property in this expanding market.

Bulgarian property is relatively inexpensive to build, approximately 700 Euro per sq m. This is about 40% less expensive than in the UK. However, with the cost of building rising rapidly in Bulgaria, it will not be possible to build in 2010 at the current real estate market price average of 1000 Euro per sq m in 2007.For more information about Varna or Bulgarian property investment go to: bestbg.co.uk and pamporovo-ski.com

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