Bulgarian Property Price Fall Creates Attractive Opportunities for UK Overseas Property Investors

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The Post Office recommends that UK overseas property investors regularly sending money abroad should shop around for best deal on international currency transfers

Colliers International research has revealed that property prices in Bulgaria, particularly in the capital Sofia, are experiencing a significant fall , with some boroughs in the capital having seen year on year price decreases of up to 19 per cent . These prices, combined with the strength of sterling against the Bulgarian lev, means that Sofia may offer UK overseas property investors an attractive opportunity, with Bulgaria ranking in international property portal Primelocation's top ten searched-for countries by UK nationals .

The Post Office is reminding any UK residents looking to invest in overseas properties in Bulgaria or any other country around the world that they will may need to send regular payments to cover mortgages and bills using international bank transfer services. Conducting regular international bank transfers can prove expensive for people especially if commission fees are incurred on each foreign money transfer transaction.

However, these overseas bank transfers can prove costly, as many UK high-street banks typically charge unfavourable rates of exchange and apply commission fees on international bank transfer transactions. Furthermore, overseas destination banks may also levy a fee for foreign money transfers.

However, the Post Office reminds overseas property owners that there are ways to avoid these international currency transfer costs. For example, the Post Office's Overseas Property Money Transfer service offers a simple and secure method of foreign money transfer between UK and overseas bank accounts. The Post Office service offers 0% commission on overseas bank transfers and customers can fix a competitive rate of exchange when sending money abroad for up to a year.

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