(PRWEB) March 1, 2006
With 40% increase in property values over the last year and the same predicted for this year, Bulgarian property sure looks like remaining a hot investment.
With Bulgaria now in the EU, interest is sky high. There are still a lot of great bargains to be had, as property values remain very low compared to most of Europe and still has a lot of catching up to do. You just need to know where to find them.
But with everything, there are good buys and bad buys. Good guys and bad guys. For the beginner looking for a holiday home in the sun or snow or someone just looking for a pension investment, Bulgaria is hard to beat at the moment. There's no argument there.
But all this activity has attracted a lot of property 'sharks', who are already in Bulgaria swimming around looking for prey.
To avoid all the pitfalls that exist in the highly profitable but risky property investment market, information is the answer. The more you know, the less likely you are to be conned or duped into buying the wrong house in the wrong area.
Peter Skuse (http://www.bulgarianinvestmentproperty.blogspot.com), a successful UK Property Developer who has been buying property in Bulgaria for years will be the first to admit it wasn't all plain sailing.
"When I first came out to Bulgaria three years ago to buy property and even though I have been a developer for many years, I was ripped off by so called professionals and bought the wrong types of property in the wrong locations. It's very easy to do. Now I use estate agents and solicitors I can trust and only buy houses from profitable locations."
Peter Skuse started writing his personal blog about buying property in Bulgaria after meeting hundreds of investors over the last couple of years in Bulgaria with real horror stories about being ripped off.
"I was meeting people every day that had been ripped off or mis-sold property. There are a lot of sharks out here and you do have to be careful. So I decided to start my blog as a resource for people to go to and get some independent advice and recommendations about buying property in Bulgaria. I'm not saying I have all the answers, as I'm still learning myself, but I think people could do a lot worse than checking out my blog before buying in Bulgaria."
Currently, you still need to form a Bulgarian company in order to purchase a house with land. It's not difficult with the right Solicitors, but it still puts off a lot of new investors. Bulgaria is the EU now, but the rules won't relax for a few years yet. But Peter Skuse had an added word of warning;
"Just make sure you do the research so you don't get your fingers burnt."
The Bulgarian Government has passed a Bill that limits the new construction taking place on the Black Sea coast. This is good news for both conservationists and property developers alike. As Peter Skuse points out;
"Bulgarian property developers have been concentrating on the coast and the ski resorts. Property values in these areas have risen dramatically and huge gains are no longer to be had there. By stopping development on the coast, developers are turning their sights inland towards the rural villages and towns. This is where I buy. Look for locations one to two hours from an International Airport like Varna. Accessibility is very important. Watch the property values go up as developers and buyers are forced to look away from the coast. You can still get property for under £15,000 at the moment, but I don't think the good ones will be around for much longer."
"Research is the key to being successful at anything and property development in Bulgaria is no exception. Learn from someone whose done it and knows what they're talking about."
Peter Skuse's free personal blog on buying investment property or a holiday home in Bulgaria can be found at: