The Strong Pound Effects on Property Investment in Bulgaria
Are you thinking of buying a property in Bulgaria this year? Maybe you are craving a holiday home in Sunny Beach or Bansko? Well now is the time to take action. As the pound continues to grow against the Euro (1.40 € to the pound at the time of publication), It make sense to get more for your money while you have the chance.
Pound at its strongest for 7 years
Statistical data shows that many UK citizens have invested in Bulgarian property until hit by the recession. Fast forward to today and the situation is starting to look very different. Foreign investors have spurred the property market back into action, in the popular hotspots such as Bansko. Basically, all data seems to suggest, if you don’t act now to purchase your holiday in Bansko, you might left disappointed in the end as Bulgarian property has suddenly become significantly cheaper for buyers from the UK, and it is not unreasonable to imagine that demand may suddenly increase from British buyers. Coupled with low interest rates, the greater value of the pound means that for most UK nationals property in Bulgaria is now more affordable that it has been for many years. Considering the number of UK buyers who were seriously thinking the investing in property in Bulgaria a couple of years ago, this fact that pound is at its strongest for 7 years, even the most cautious investors must consider that the strength of pound against the euro makes a pretty convincing argument.
In fact at the moment, Bulgaria (Bansko) has the cheapest holiday homes in Europe.
Buy property in Bansko, Bulgaria
Property prices in Bansko are at the bottom line in the moment. The surge in interest amongst British buyers is rising, just like it did so many years before. This leaves many with renewed interest, considering many backed out during economic crisis. The euro has weakened against the pound amidst the troubles between Europe and Greece. This has caused a massive boost in spending power for UK buyers.
You probably know Bansko as one of the most famous Ski resorts on the Balkans and Eastern Europe, but Bansko is becoming all year round Resort. The small town has registered great tourist boom last summer offering a great opportunities and activities such as: Mountain Cycling, Mountain Climbing, Rafting, Horse riding, Hot mineral springs and lots of festivals, concerts and other cultural events. Rehabilitation of infrastructure has begun and now most of the streets and amenities are under reconstruction. Modernization of the ski lift is also in process.
At the moment you have the possibility to purchase furnished studio apartment for 12,000 Euro. Ready to use one-bedroom apartment with a fireplace for 18,500 Euro. And apartment with two bedrooms for 29,000 Euro. Price levels vary from 300 euro per square meter up to 360 euro per square meter for a furnished property.
If you want to buy property in Bansko, now is the time to act to ensure a lower end investment, as waiting too long may result in purchasing at regular or above market prices. And of course there is no guarantee that the exchange will continue to be so favorable.