The US sub-prime mortgage debacle which started in late 2007 has led to stresses in the real estate industry internationally. There are a few regions that are weathering the crises just fine.
Morocco, Bulgaria and Spain have proved particularly popular with buyers is the Eastern Europe. Bulgaria joined the EU in Jan 2007 (along with neighboring country Romania) and has plenty going for it as a holiday destination, with beaches, ski resorts and vibrant cities, but then so do many countries in Europe, so what makes Bulgaria such an attractive proposition for British buyers? Well, the number one factor that attracts British buyers to Bulgaria is the price.
In established holiday a favorite such as Spain, property has long since risen beyond the reach of the average Joe, but in Bulgaria, it's still possible to buy holiday cottages, apartments and villas extremely cheaply; a quick Google search reveals property in rural areas that can be found for as little as £15000 - a sum that would get you little more than a garden shed in Western Europe. For around £30,000 - it's possible to pick up a ski apartment in Bansko or Borovets, Bulgaria's premier ski destinations.
According to Dalia Baciulyte, international broker with Glenn Wright Homes “Lenders have been quick to get in on the Bulgarian boom - creating special mortgages for Bulgaria property purchases, and Bulgaria will account for 25% of all overseas mortgages by the year 2020, suggesting that Bulgaria's charms won't be wearing off any time soon.”
It isn’t easy to buy abroad, language barriers, differences in local law and currency fluctuations that create hurdles for foreigners. The best thing that buyers looking to purchase outside of their home country can do, is find tap the services of an experienced brokers such as Dalia.
Contact:
Dalia Baciulyte
(954) 600-2373