[size=55:2frcm38d]Balkan insight

Bulgaria Ranks High for British Seeking Second Home

The Bulgarian market has attracted 1.3 per cent of the searches for properties abroad at the site of Right move Overseas in January, while their number increased by 40.5 per cent over December.

Britons continue to be most attracted by the idea of taking out a foreign mortgage for a property in Spain, the ranking shows.

Australia, New Zealand and Canada have recorded the highest increases in the searches for properties on the site, up by a whopping 114 per cent, 91 per cent and 80 per cent.

"
We're still seeing healthy traffic and interest for quality properties, particularly in more authentic areas;
smaller towns, inland locations and less resort style apartments,"
Robin Wilson, head of overseas at Right move, said.

Owning a second home abroad was once the preserve of the super-wealthy, but in the past decade a heady combination of TV property shows and cheap mortgages has convinced an estimated half a million Britons to buy their own place in the sun.

The value of UK-owned foreign property investments peaked at GBP 58 billion in 2008, up from GBP 10 billion in 2000.

Recently, however, British owners of second homes overseas have been putting their properties on the market due to falling rental income and weakness of sterling.

The number of Britons who put up their property in Bulgaria for sale nearly doubled from 2009 to 2010, data of realtor Bulgarian Properties show.

buying in bulgaria is the easy bit, property is much cheaper than elsewhere and you get a lot for your money, but its the reason for buying that is being questioned, if multiple buying for rent purposes will find the market inconsistent, or for an investement for a bigger return in the short term will not happen, the global crisis has seen to that, if you have bought for the long term and enjoy what bulgaria offers then this choice is probably the right choice and maybe in the future you may find a profit to your investment, but you will have to wait, thats how it seems right now.

starlite wrote:

buying in bulgaria is the easy bit, property is much cheaper than elsewhere and you get a lot for your money, but its the reason for buying that is being questioned, if multiple buying for rent purposes will find the market inconsistent, or for an investement for a bigger return in the short term will not happen, the global crisis has seen to that, if you have bought for the long term and enjoy what bulgaria offers then this choice is probably the right choice and maybe in the future you may find a profit to your investment, but you will have to wait, thats how it seems right now.

Agree with you there Star - so many people buy as investments but then realise their mistake when it is too late and then have to sell for half what they paid in the first place. I know we would never get the money back we spent on our property, but we live and learn. If I had to do i all over again I would certainly not buy however, if I were considering moving to BG then rent long term for at least two years.

Oddy