Bulgaria's real estate market has been on its rise over the last few years, with prices of Bulgarian properties rising by 30.6 per cent in 2007, but their growth is expected to continue at a more moderate pace this year, home and property portal homemove.co.uk said on March 3.
Many people were eyed Bulgaria for holiday investments due to its natural landscape, the beaches, the coastline along the Black Sea, historical attractions, skiing opportunities.
In its guide to buying property in Bulgaria, the portal warned about the fact that buyers paid the bulk of transaction costs, which can reach 25 per cent of the total purchase price, and sometimes even more.
Properties in rural areas offered little rental income, if any, and were better investments for individuals who seek a retirement house. Typically, these properties sell at tempting prices, it said.
Other shrewd investments could be struck in mineral spa regions or in some of the historic cities, like Veliko Turnovo. Currently, non-residents cannot buy land in Bulgaria, but they will be allowed to do so, as well as inherit it, starting from 2014.