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News: Brits blitz Bulgaria

Tue, 04 Sep 07

Almost 40, 000 Britons currently have property in Bulgaria and the demand remains sufficiently high to lead to a steady price increase, claims the Sofia Echo...

The Independent said that Bulgaria featured as one of the most attractive destinations for property buyers where one could still buy flats worth 34, 000 euro.

Brokers quoted by the paper however warned that investors should no longer expect quick and easy returns.

It is increasingly difficult in the UK to gain profit from property deals on rental purposes. Interest rates in the UK increased five times from 4.5 per cent to 5.75 per cent while rental prices grew insufficiently.

This is the main reason why Britons search for investment opportunities in Eastern Europe and especially in new European Union member countries like Poland and the Czech Republic.

Brokers also advise property buyers to double-check tax rules, rental income and capital gains in overseas countries and be sure that they do not sign any documents they do not understand.

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